Every bank seeks to build a business that is relevant and influential into the next generation. Is your organization prepared for generational continuity? What is your bank’s succession plan? Without a clear succession plan, banks can be vulnerable.
Leadership succession is a constant challenge for community banks. Far too often, banks have a deficit of strong executive talent capable of leading the company through its next chapter. This leaves community banks open to regulatory scrutiny and undesirable acquisition which would ruin the bank’s legacy.
People are the biggest asset to banks seeking staying-power. Technology continues to have an impact on how people bank and it’s increasingly becoming a key factor in both attracting and retaining top talent.
One Illinois bank executive noted that recent college graduates would prefer to work as a barista at Starbucks instead of as a professional at a bank due to the progressive perception Starbucks exudes, regardless of the financial and career advantages that a position at a bank offers. Positioning your bank as forward thinking by leveraging modern technology can flip the perception in favor of your bank, thereby attracting top talent from future generations to preserve your legacy.
Technology has been used as a store of information and knowledge for centuries and is constantly evolving. Properly leveraged technology can streamline your bank’s critical processes such as lending and account onboarding, ensuring they are correctly followed. It can also record institutional information and capture data that will prove invaluable to future executive leaders, as they continue to build upon your bank’s legacy. The institutional knowledge and data captured through technology can support the bank through an executive transition, while ensuring seamless workflow during succession.
One 40 year veteran community lending executive refers to flexible technology partners as a great opportunity to ‘download’ his experience and knowledge for decades to come. Future generations will not have the same experiences as prior generations but that does not mean future generations cannot benefit from the experiences of its predecessors.
Building your business and ensuring your bank’s future success could be a bumpy ride. Vetter is committed to your bank’s goal of seamless succession by being at the forefront of technological advances, and we are by your side for the long haul. We equip community financial institutions with the expertise and technology that ensures successful generation continuity by acting as a store of knowledge and processes. Vetter provides advanced training and marketing materials that will support and foster your growth while empowering you with the regulatory and compliance standards your expect. Vetter will ensure that your bank remains relevant to the next generation.