Sign Banking Presentation Kentucky Computer

Industry sign banking kentucky presentation computer

in the 1920s customers associated banks with large ornate buildings with elaborate architecture secure vaults and a firm handshake smartphones and electronic transfers were science fiction in a world dominated by face-to-face transactions in today's fast-paced society banks are now challenged to expand from their foundations into the current technological trends that customers are demanding 77% of Americans have a smartphone and the average person visits a bank branch just once or twice a year community banks which have always focused on providing excellent customer service are now forced to rethink the customer banking experience one such Fame located in the heart of central Kentucky has expanded its mission of providing excellent customer service by implementing many of the latest banking technologists central bank finds its roots in the horse capital of the world the first branch was opened in downtown Lexington Kentucky in 1938 and since then Bandon throughout the Bluegrass region and Northern Kentucky the history of this Bank is unbelievable it's been in the Kincaid family since 1946 that we started right here in Lexington we're the largest bank here in Lexington hometown bank community we're the third largest in the state we are in Northern Kentucky Louisville and surrounding counties you and those markets have really paid off to us as well a couple things are happening in the banking industry right now we're seeing a lot of consolidation and it's not that the banking industry in total shrinking it's just as the number of banks that we have a shrinking and there's many forces that play into that one of them is technology providing technology services is kind of expensive so you have to reach a certain level to even have the capacity to offer some of the services that are being requested by consumers today so just the speed of transactions is important today consumers are wanting information particularly about their financial condition and the financial services quicker they want them through their smartphones so a lot of things we're playing in right now a wife in tech and and offering financial services through technology is becoming so critical to the banking industry these days community banks must invest wisely in new technologies that continue to transform the customer banking experience central bank has become a leader among its peers and competitive with national banks we're in a local market we have to defeat the global markets so we have to spend a lot of time a lot of money and a lot of energy to make sure that we have the products and the systems that we can handle all that and we do we've got a great staff they're well-trained and we spend a lot of money on technology the fundamental need is to have information about their finances and to receive assistance that hasn't changed if anything people want more help today in trying to understand how to make the most of their money but how they go about banking has changed radically instead of writing checks and coming in to the branch to deposit them many things are done electronically today either using debit cards credit cards mobile banking or online banking we're seeing tremendous growth in the use of mobile and online banking simply because it's available whenever and wherever the customer is this growth has come from millennial customers who find mobile and online banking very attractive they look for technologies but they also wanted a banking center to go to when they have an issue so they want to be able to open their account online they want to be able to deposit checks from their phone they want to be able to do everything that they can do without coming in so that's what we're trying to keep up with is that ever changing technology we're and keeping up with with their needs and their once as a banking customer as a college student I'm always on the go I'm always busy and being able to do things like mobile deposit where I can just take a picture of the cheque right then and there and put it into my bank account is really really convenient and it also really helps that I can pull it up on my phone whenever I want to and check my account balance right down in there know whether it's at five o'clock in the morning or you know 10 o'clock at night you can make a deposit so if it really is more convenient and it's it's very secure so we make sure that we take that into consideration when when doing all these projects also we find that customers will live in central Kentucky establish a relationship but then maybe they move to take a new job or they go away to school something occurs then they can continue to bank with us because they're banking electronically often the funds are deposited to their account electronically they pay their bills electronically they had a debit card and they had mobile banking so they can bank literally anywhere in the world we call that banking locally and serving globally it's banking on your own terms at this point so if you want to come into the branch and open an account you can if you want to do it online you can if you want to do a transfer online you can do that if I wanted to pay you money for lunch today I could do that you know all through the use of technology but it's really depends on what you want as a customer even small businesses are taking advantage of a banking technologies offered by central bank one such business is foggy a local mortgage lending company because of the customer service we know for simple banks located we know where their main office is if I have an issue I pick up the phone and I call hey I need your help they help me I'm ecstatic over the technology having to go out every day and go to the bank can do you electronically allows us to go home with our day as a result of its continued dedication to implementing new technologies designed to improve the customer experience central bank has achieved record earnings performance in 2017 broke 2 billion in assets and has made high earning young professionals ages 25 to 30 for its highest growing customer segment when we implement technology we have to number one and we have to put the resources and the money behind that because if we don't we can't be competitive and we I would say we're probably as good in technologies in Eubank in this country community banks don't often have the capital to develop new technologies internally and partnering with fintechs is highly risky so smaller banks commonly use established third-party vendors to offer these new technology services however using third-party vendors to offer these technologies does come with its own set of risks and challenges cost of the new technologies and the new applications and things like that just can be phenomenally expensive and then the development time and effort put into them so that way we find a third party that we can partner with that we trust we work with them and that gives us an opportunity to have a product that pretty much is competitive with the larger FIS and allows us to bring it to market in pretty much the same timeframe when someone thinks of a bank it thinks of security and with the FinTech company the same standards may not be adhered to and that's one of the things banks when they partner with FinTech companies have to make sure that if they're giving authentic our third party service provider or vendor access to their customers information they have to make sure that's being maintained in a secure manner that it's not being hacked and if the information is hacked that one the bank's can be notified of it but then also - they're going to let the customer know hey your information has been exposed and we the bank or whoever exposed the information is going to take responsibility for that with the dynamic and enhanced sophistication of threat actors and of the malicious codes that's being thrown at our banks it's a 24/7 job there's no downtime there's no time to relax the cybersecurity scorecard is something that we track and present to the board to show the number of attempts and what we block and what types of traffic we have to completely negate from our network to keep us safe and we present that on a monthly basis so they understand the threat and what we're doing from a control perspective central bank has become a market leader among its pure banks by listening to the needs of their customers and judiciously investing in the best technology to meet those needs continuing this trend of improving the customer making experience by implementing emerging technologies is essential for central bank to remain competitive expanding digital communication and recruiting millennial talent who understand emerging technologies will give central bank an edge as they move into the future of community banking you [Music]