A recent article from Banker & Tradesman (source: https://www.bankerandtradesman.com/the-relationship-between-banks-and-fintech-companies-may-start-shifting/) brings up a great point in the shifting dynamic of community banking and FinTech, which prompts the thought regarding the importance of leadership who can bring effective technology offerings to the banking community.
The article below and this important trend brought to mind two recent stories that we're shared when speaking with two different CEO's of New England based community banks. The first, was a general reaction of a recent CEO round-table held in 2018. This CEO noted that the topic of discussion was 'easy payment solutions' and naturally the main conversation was filtered around Venmo. Before launching into the conversation the host of the discussion asked the audience, 'who is familiar with the app venmo?' to a room of over 2 dozen leaders. This CEO noted that only half of the room raised their hand. In 2018. (Venmo has been around for years and is likely the top 5-10 most used app on the smart phone of anyone between 22-35). This lack of familiarity with such a critical tech offering opens the door to employees who can position themselves as not only experts in their field of banking, but also someone who can be an asset in taking an organization to the future... Which brings me to my next story. The other day I was sitting with a CEO discussing a critical hire that the bank will be looking to make. In this discussion I inquired about the possibility of succession planning being a part of this search. To not be too long winded on the details the CEO indicated that what once was an obvious succession thought (having someone in a commercial or business development heavy role running a bank) has now flipped to being focused on an individual who understands tech. Not your typical IT person running network cables and troubleshooting software, but someone who is a banker by trade (and at heart) that understands the ability for a community bank to thrive (and exist) 15-20 years from now will be based heavily on their ability to meet the next generation of banking consumers where they are. Confidently, in 2030 if a question is posed to a room of 25 CEO's regarding the most recent wave of tech offerings in their market you can bet that all of them will know exactly what that offering is and how to best implement or compete. As an executive recruiter posting a commentary my point is this -- if you are in the middle of your banking career, and you have aspirations to lead an organization, do everything you can to expose yourself to new projects, new conferences, new learning opportunities, and position yourself as not only a successful Commercial Banker, Retail Executive, CFO, or Risk expert - but also as someone who can guide and drive technology to keep your institution (or future institution) healthy and relevant.
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AuthorShane Smith is the Owner of BankerHire Archives
July 2023
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