should help you evaluate what you’re doing right now to either stay on par with other banks in Missouri or to differentiate yourself as you evaluate new partners.


Finally, it should be no surprise that cost and core challenges are major constraints on what banks feel capable of accomplishing in this arena. However, it’s also important to realize that the second biggest constraint our banks reported was “staff knowledge/competency.” Te vision and strategy you develop for your bank is only as real as the people you have to help you accomplish it. You should begin asking today if you have the right


people in place to help your bank thrive in three years. How are you developing and retaining competent staff? What kinds of competencies will you need in new staff? People will continue to play a critical role in the ways banks operate, even if their roles change to manage the kinds of complex relationships our banks will need moving forward.


Regardless of how you feel about fintech and digital innovation, the snowball will not roll back up the hill. Does that mean all customers will move online? Absolutely not. Will relationships with consumers and businesses still matter? Tey absolutely


will. In some ways, those relationships may be more important than ever before. None of that changes the fact that banks around Missouri are investing in digital innovation today and only see more investment tomorrow. Te choice you have to make is whether your bank will be a leader or a laggard.


   


 


THE MISSOURI BANKER 17





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