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As a CEO or CFO of a community bank, you are well aware that mega banking institutions are investing heavily in innovative technologies designed to take customers away from you. Having serviced the industry for over 25 years, I've seen many changes, but none as profound as outlined in two recent articles highlighting the impact of FinTech.
For #CommunityBankers who are curious
"In the 1981 film, "Raiders of the Lost Ark", one particular scene consistently brings the house down: Indiana Jones, having survived an elaborate chase through a casbah, is confronted by a swordsman whipping through a flashy routine with a scimitar. Indy initially squares off against the deadly swordsman bearing only his trademark whip in his hands; then with a look of infinite fatigue and disgust, he casually pulls out his revolver and blows the bad guy away." (Credit for text: Snopes.com)
I’ll be honest, I was never a Twitter fan. I always thought, “I don’t have the time to sit on Twitter all day and read every single thing someone has to say in under 140 characters.”But then…I became a believer.
Yep, the 90s. It was all the rage and I jumped on board like a millennial on the Grateful Dead Fare Thee Well scene – I’m not sure what it’s all about, but I want to say I was there.
“Where is someone that will pay me 1.5X book?; that’s what my Interest Rate Risk model says my bank is worth.” That statement, along with “there is no way this bank could be sold for 1.5X book”, are two comments I’ve heard a few too many times lately from bankers and examiners. While I will let you figure out which group is responsible for each statement, both illustrate a somewhat common misconception that capital values (sometimes called “market value of equity”) from interest rate risk models are meant to reflect actual current and projected institution sales prices.
Plansmith has been building financial planning software for community banks for over 45 years. More than just coding keystrokes and calculations, though, we understand the real process of planning and build systems that seamlessly integrate into that process.
In the last post, we discussed the responsibilities and planning software opportunities of the Asset Liability Committee (ALCO), Investments/Funds Management, and the CFO. This post will address the role of the Community Bank's Branch/Department Managers, the Marketing Department, and the CEO/The Board.