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.
The banking industry is completely changing (and fast!) due to this global pandemic. While banks are typically slow to adopt technological changes, the pandemic has accelerated this process by years. Digital offerings are not just conveniences anymore, but legitimate necessities for customers now. This adaptation can be more difficult for community banks with more limited resources than it is for large banks, but community banks still want to be players in the game.
The modern community banker is caught in the crossfires of remaining traditional and being expected to adapt to accommodate a new generation of customers. Let’s face it—community bankers are expected to be all things to all people. Many community banks are juggling trying to serve rural customers with no internet access or even an email address, while simultaneously meeting the digital needs of younger and more fast-paced lifestyles.
Experts have been predicting a coming recession long before Coronavirus was on the world’s radar, but nobody was quite expecting the global health pandemic that is currently wreaking havoc on America’s economy. Current economic trends are being compared to those of The Great Recession of 2008. While there are some discrepancies between the two, this still leaves bankers with a little bit of an advantage in knowing what’s suspected to come— many loans are going to become criticized.
Summer will be ending in just a few short weeks and perhaps the craziest, scariest, most uncertain school year of our lifetime will begin, affecting not just school-aged children and their families, but employers, coworkers, friends, relatives, everybody. While the whens and hows are still up in the air, it is for certain that school will resume next month one way or another.
Jobs in STEM (science, technology, engineering, mathematics) fields have grown faster than the overall growth of employment in the U.S. Since 1990, overall employment has grown 34 percent while STEM jobs have grown 79 percent, according to data from Pew Research Center.
Research by The National Center for Women & Information Technology shows that, as of 2018, 57 percent of professional occupations are held by women, but only 26 percent of the 17.3 million people working in these fields are women. Needless to say, women in tech are the minority. I had the opportunity to chat with April Wolfe, a member of our Install team at Teslar to talk a little bit about what it’s like to be a woman working in the technology field.