that landscape is a massive challenge for executives in banks across the country.
Te pandemic only exacerbated this challenge. We witnessed the convergence of numerous forces that metaphorically pushed an already large snowball down a very steep hill. First, customers rapidly moved to online channels during the pandemic, with some providers seeing 200% jumps in app downloads and usage during 2020. Tat effect spanned demographics
“Categories of innovation investment by Missouri banks today do not mirror what those investments are likely to look like in the next three to five years.”
and geographies. Second, banks upgraded existing infrastructure or rolled out entirely new platforms to accommodate remote customers and staff. We proved we could move mountains to keep our customers connected with their banks. Finally, we saw venture capital dollars initially freeze and then rush headfirst into fintech, setting incredible funding records along the way. Tese fintech companies are largely looking for bank partners and, to many, the pandemic opened doors to conversations with banks that might not have been interested in digital transformation three years ago.
For many banks in Missouri, the solution to all of this chaos seems simple when written on paper: find the right partners to help you build for the future. Te complexity of identifying those partners, and even identifying the categories they represent, is much more challenging than is captured in those few words. It implies strategic prioritization, human and capital resource allocation and, perhaps most importantly, a coherent vision of what the bank will look like in five years.
Our vision at the Missouri Bankers Association is to be a strategic resource for our bank leaders as they
attempt to determine the right path forward for their institutions. Banks are constantly searching for insights and data to inform their decisions, but the vast majority of data on these topics exists at a national or regional level. For that reason, in October 2021, MBA launched the first Fintech Benchmarking Survey in Missouri. Te goal of this survey was to identify where Missouri banks are currently investing in digital innovation and where they envision innovating in the next three to five years.
What we found was fascinating. You can read all of the details in our
THE MISSOURI BANKER 15
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