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Overcome the fear of change and succeed in the 21 st century
Community bankers are rightfully smiling over higher earnings in the past few years. But despite the industrywide success, for some, there remains an underlying anxiety and fear about the future. The growth of regional banks, changes in customer demographics and the need to adopt new technology feed a feeling of uncertainty.
Rather than putting off decisions, many community banks take action by embracing change to remain competitive.
"I think fear is a great motivator," says Jimmy Tallant, president and CEO of Union County Bank, a bank with $390 million in assets in Blairsville, Ga. "I think we have to have it. In fact, fear causes me to get out earlier each day, stay out longer and become more successful. I don't want people working for me who don't worry about the consequences of becoming lax."
Don't Freeze, Take Action
Most community bankers find that their fears stem from the unknown. And their worries often boil down to one question: "Is my bank going to be okay?" This question is what holds back many community bankers from confronting several important issues. To prepare for tomorrow's competition, bankers must:
Be flexible enough to work within regulation but outside of the confines of "traditional banking." Working outside traditional banking, for instance, might mean creating an outside sales force.
Create a work environment where employees feel safe to take initiative. This means encouraging actions that generate learning, and accepting that learning often comes from making mistakes.
Attract the next generation of banking customers-those people now in their 30s and 40s-who want their banking services to be quick, flexible and accessible. These customers are inheriting the funds that make up the majority of deposits in many community banks. This new customer is technically proficient, not afraid to try new things and expects his or her bank to think and act the same way.
Challenge the growing strength of the big-bank Goliaths, which strive to entice this new generation of customers into their lobbies with capital, technology and brand name recognition.
Dan Speight, president and CEO of the $120 million-asset Citizens Bank in...