The cliché that elections have consequences holds vividly true as we move into 2017. Financial institutions at all levels can look toward Washington for a shakeup in regulation, look to Silicon Valley for innovation in mobile technology, and look to Wall Street for further consolidation. These three trends will place new challenges and opportunities before community banks and their partners in services.
There are many metaphors for being overworked in the American lexicon. Plate spinning. Balls in the air. We could go on. They all seem to imply entertainment, but if you’re on the board of directors for a community bank, running and overseeing your IT department is hardly entertaining. Hackers, probes, natural disasters, constant regulatory changes, multiple platforms—it can all seem like too much for a community bank. As you investigate ways to outsource IT management, you may fear the plates will crash and all the balls will come tumbling down. What if your critical IT systems fail and customers flee? The reasons to outsource your IT management worries, far outweigh the fears.