Most of what I’ve read about AI in community banking sounds crazy…and mostly it is.
On our final day of the Teslar User Conference, and to wrap up my four-part series on the future of Teslar, we walked bankers through what AI really means for community banking, from Teslar’s perspective.
Integration is easy. It’s seamless. A flip of a switch. Blah blah blah… and all the nonsense that every bank vendor says. In part 3 of my four part series lets dig into integrations a little deeper.
As I continue this four-part series leading up to the Teslar User Conference, I want to spend the second segment on what I see as the biggest issues with consumer lending in banking.
Banking has never moved as quickly as the innovations that are reshaping it, and we’re in a time of insane technological advancement right now.
As the team at Teslar prepares for the upcoming Teslar User Conference (October 7-9), I thought I would share where we see the future of bank operations is headed, and how it impacts Teslar’s roadmap.
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Excellent customer communication is the pinnacle of community banking. However, a new precedent for speed and digital offerings for your commercial customers has been set since the onset of the Paycheck Protection Program. Will people want to go into a bank branch to apply for a commercial loan when they were able to carry out the entire PPP loan process digitally? Now that these digital expectations have been set, there’s no going back. Bankers can’t revert to doing things the same way they did before the pandemic. It’s just not an option.
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Community banks have always been good at creating lifetime customers, but evolving technology and customer demands can complicate your ability to satisfy customers post-pandemic. There is a running joke in the banking industry that the pandemic took five years of technology growth and pressed it into one. With the additional demands put on bankers by the Paycheck Protection Program (PPP), that joke is one hundred percent true. Now that these digital expectations have been set, there’s no going back. Bankers can’t revert to doing things the same way they did before the pandemic. It’s just not an option.
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Community banks today are finding themselves under mounting pressure. The battle for deposits is more critical than ever before, new entrants to the space are creating unprecedented competition, customer expectations continue to climb and technology is evolving at a rapid rate. Not to mention, these institutions are expected to effectively manage and maintain regulatory requirements, security protocols and growing their portfolios – all within set budgets.
We want to welcome Bank of Grand Lake to the Teslar Family. Join Us!
Teslar has been selected to participate in the ICBA ThinkTECH Accelerator, an innovative program designed to bring the best in fintech innovation to community banking.
Teslar would like to say thank you for a great 2018. We saw amazing growth in 2018, thanks to you, our customers. We will do everything we can in 2019 and beyond to help support you, your customers, and your communities.