bankingciooutlook

How Technology Enables Community Banks to Deliver Excellent Digital Experience

Banking CIO Outlook | Wednesday, August 25, 2021

Trust in online services has developed as a result of the expansion of eCommerce and online purchasing, and digital channels are increasingly considered as the current method to conduct many things.

FREMONT, CA: A complicated array of challenges confronts community banks. New technologies are changing what is possible, larger banks are heavily investing in customer engagement programs, and COVID-19 has expedited the digital push. However, community banks have different demands than large banks; they require technologies that complement, rather than replace, the human touch.

New Banking Habits

While protocols to slow the spread of COVID-19 are coming to an end across the United States, customer habits have altered, maybe permanently. Many people have higher expectations and have grown accustomed to using remote banking. Community banks can meet their customers where they are with current technologies and provide engaging experiences that enhance engagement and loyalty.

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Although pursuing a total technology renewal may be impractical in the short term, there are numerous things a small bank may do to boost consumer involvement. Much may be learned from larger institutions that have offered key consumers technology and training to get them started with internet banking. While providing consumers with technology may be beyond most community banks' budgets, it demonstrates the value of customer interaction, especially during difficult times.

Making More of eSignature

Customers have grown accustomed to doing more remotely in recent year. Many people now work from home and have developed new online habits. Trust in online services has developed as a result of the expansion of eCommerce and online purchasing, and digital channels are increasingly considered as the current method to conduct many things.

Since the start of the epidemic, the number of community bank clients using the internet and mobile has surged by more than 50 percent, and this transition represents a once-in-a-lifetime chance to extend eSignature. Community bankers may simply get remote signatures on papers, which are subsequently automatically archived in a storage management system.

This can be a game-changer for many community banks, and it can be delivered fast and at a low cost. In fact, it is usually significantly less risky than manually printing, wet-signing, mailing, sending, and then scanning signatures. An iterative, multi-day procedure can be transformed into a secure same-day event with eSignature.

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