November 20 — Sageworks, a financial information company that offers lending, credit risk and portfolio risk solutions to banks and credit unions, announced the release of Agile Bankers – How Community Banks are Addressing Disruption, Risk and Growth. The free eBook provides insights into how executives from institutions ranging in asset size from $320 million to $1.9 billion are tackling various challenges as they steer their banks into the future.
The eBook, written by research specialist Mary Ellen Biery, features interviews with Sageworks Client Advisory board members, who reveal shared pain points community bankers face, from technology disruption and compliance issues to challenges tied to portfolio and staff growth.
The eBook outlines:
- How community banks across the country are leveraging technology to streamline daily tasks even as grapple with technology disrupting traditional banking services
- How to tackle growth challenges, such as staffing, and best practices for relationship management
- How to conquer compliance issues and navigate regulatory burdens.
Community banks play a critical role on Main Street and in the U.S. economy. However, these institutions also face disproportionate challenges compared to large and online-only financial institutions, such as increased regulatory burden and limited spending power. Despite the challenges they face, executives in this eBook express optimism for the future of community banking and shed light onto the ways their institutions have navigated such challenges.
“It’s critical to have community banks as part of the local ecosystem, but they are facing a perfect storm of competition, regulatory burdens, growth challenges, changing customer views and in some cases, outdated technology,” said Sageworks President Jay Blandford. “This eBook gives the insiders’ view of how some forward-looking institutions are tackling these issues.”
The first section of the eBook outlines how community banks are dealing with disruption, especially as fintech providers expand and grow in popularity.
The bank executives interviewed for the eBook are:
- Duane Abadie, president and chief credit officer of First Bank & Trust in New Orleans.
- James Anthony, president and chief executive officer of Martha’s Vineyard Bank in Edgartown, Mass.
- Thomas Bugielski, president and chief executive officer of Republic Bank of Chicago.
- John Jones, chief executive officer and a director of First National Bank of Layton in Layton, Utah.
- Karen Makowski, executive vice president and chief risk officer of Chemung Canal Trust Company of Elmira, N.Y.
- Lauri Stewart, president and chief executive officer of Seattle-based Sound Community Bank, subsidiary of Sound Financial Corp.
With greater online competition, community banks must find new ways to develop and enhance customer relationships, and this section provides commentary on how these institutions have leveraged fintechs to become more customer-centric. Following the technology disruption section, bankers provided insights regarding the compliance and regulatory issues that community banks face. Regulation and compliance continues to be a major pain point for community bankers, and this section explains how these bankers have lightened the burden through key technologies. The final section of the eBook discusses how financial institutions are able to steer their banks toward growth by implementing a careful balance of technology and human touch.
To learn more and download the free eBook, visit Agile Bankers – How Community Banks are Addressing Disruption, Risk and Growth.