7.5 Class Hours

Instructor: David L. Peterson

As FI executives look to meet current and future challenges, technology has become a great equalizer. Now more than ever, creativity and core competence in operations, payments, and technology is what differentiates community FIs for long-term success in the increasingly commoditized world of financial services. Join us for a candid review of the 4 technology trends that your institution has to get right and the challenges facing today’s emerging leaders. Learn what you must know now to leverage technology and capitalize strategically on the biggest opportunities for growing your institution.

• Understand the role of technology in the institution (since most students are not technology oriented due to role) and the ramifications of focusing on back office versus customer-facing applications.
• Discover the trends of how younger / future customers will likely want to access their institution. How are today’s community Fis addressing this demographic gap?
• Examine how AI and other emerging technologies can be safely deployed for certain applications, both internal and customer facing.  Explore the future of using AI to attract younger customers with financial wisdom.
• Nudge their thinking away from traditional, small-town thinking about what the role of the financial institution will be in the future.  Help them see ideas that might be somewhere off in the distance but at least get them thinking about doing SOMETHING that breaks out of 1970’s thinking about financial services.
• Provide a model for how they, as future C Suite members, will need to think about future technology decisions.

This class series will examine the following 5 critical banking technology trends:

Session 1: Predicting the Future / Your Customers and Your Core – examines the changing nature of who makes up your customers and what types of services they demand.  We will look at changing demographics; what expectations will future customers have for digital banking and the impact on retail banking operations. Then examine how your core system and its capability is designed and whether it meets a customer/digital strategic focus.

Session 2: The Virtual Branch / Customer Experience – will focus on the specific digital banking technology that will be needed to power tomorrow’s customers. We will further examine the role of the Customer Experience in attracting and keeping younger customers.   The technology to create interaction and engagement within virtual experiences and the transition from traditional banking technologies will be critical to keep the FI from becoming commoditized.

Session 3: Business Banking, Lending and Security – examines the technology that is focused on SMB and business banking. We further discuss new lending models and the non-bank competitors that want your best, most profitable customers. Finally, we talk about the security necessary to ensure that your customers trust that their data will remain private and transactions free from interlopers.

Session 4: The FI’s Role in Payments – will contain an extensive review of the current and future payment options that will power a financial institution’s strategic initiatives.  Payments is a franchise issue for all FIs and we’ll examine how emerging payment competitors threaten your franchise. Plus discuss faster payment options RTP and FedNow and provide insight into how and when these systems should be safely deployed.

Session 5: Adventures in AI/Making Good Technology Decisions – will complete the series with a look at how AI is shaping the future of banking technology. We’ll discuss the different AI models and provide a framework for evaluating future AI service decisions.  We will also wrap up the entire series with an examination of how you can advance technology at your institution. And ignite an innovation culture in you, as you strive to become a future leader of your institution.

 

Annual School Session

First Year Core Course

Competency: Innovation & Engagement