The Small Bank Advantage: Stay on Your Tech Toes
Step-Drag, Pivot, Jab, Duck, Pivot, Block…
In a boxing match, the boxers constantly move about in offensive and defensive maneuvers. Within these ever-changing movements, one thing remains the same: they stay “on their toes”. Boxers keep weight off the heels of their feet for heightened balance, fluidity, agility, and responsiveness. In the same way, community banks that stay vigilant (not relaxing onto the heels of complacency) can attain balance with growing regulatory requirements, fluidity in a growing technological landscape, agility to implement new solutions, and responsiveness to their customer’s changing needs.
Being bigger is not always better, especially when it comes to change. Community banks don’t have the advantage of being paired with their own weight class, but they do have the boxer’s advantage against their heavy-weight, “big bank” competition. They can adapt and stay responsive with a faster turnaround to some of banking’s major opponents:
Round 1: Regulatory Requirements
Every time regulatory committees meet, new regulations are sent forth and expected to be complied with quickly. These regulations must be adhered to with a swift responsiveness. Staying alert and having solutions that are adaptable prevents getting sucker-punched, allowing for modification on an as-needed basis.
Round 2: Technology Needs
As customers become more tech-savvy, they require banking solutions to meet their needs. In our growing technological world, it is hard to predict what people will flock to and thus it is necessary to stay alert and ready to change. Having a core banking platform that will grow with technological changes, personalized for your bank, is a requirement in this day and age.
Round 3: Security Threats
Security threats are rampant and will only continue to increase in magnitude and voracity with time. Don’t let these threats tag-team you, defend against them with a solid security plan. This includes everything from multi-level authentication, internal security protocols, and solid back-up plans.
By having a great banking core solutions provider in their corner to assist and give advice on the fancy footwork and strategies they need to be flexible, responsive, and innovative. Thus, they must consistently stay “on their toes” to knock-out both larger, more inflexible big banks and the major challenges in today’s banking industry.
About Insite Data Services
IDS data application hosting services combines secure and cost-effective core banking applications, enterprise-class servers and storage, and proven virtualization technology. IDS hosts all of the bank’s servers in secure data centers that use state of the art security systems including identity verification and biometric scanning. Insite Data Services also offers IDS On-Time, a full-service solution dedicated to back-office bank processing. These operations experts allow partnered banks to focus on their most important asset, their customers. For more information visit www.insitedataservices.com.