A recent article highlighted new technology in community banks and credit unions and its importance to their customers. The article, which ran in a BISA OneSource Special Edition on Investments, reported that although small financial institutions often are thought to be technological laggards, community banks and credit unions across the country are introducing certain digital features ahead of big banks.

For instance, Chicago's Wintrust Financial is the first U.S. bank to allow customers to get cash from the ATM using a mobile banking app, and Boston's Radius Bank allows customers to input data using their smartphone camera to open an account. Bankers increasingly are looking to become tech aficionados, no matter the size of their organization, in response to customer demand. Thomas Ormseth, senior vice president of noncredit services at Wintrust, says, "The reason technology matters to our company is that our customers are looking for technology. So it's just what we have evolved into our culture." However, smaller banks tend to be playing catch-up because they are dependent on their core vendors -- which can be slow to respond to customization requests -- and lack the resources to experiment with their own software fixes. But these financial institutions increasingly are co-developing innovative digital features, focusing on improving cybersecurity and analytics, and forging close relationships with vendors.

CFS/SPF helps financial institutions stay ahead of the technology trend by developing efficient and flexible products that meet consumer demands and foster mobility. Our account management system, dataVISION®, provides advisors and managers complete remote account management with access to processing, client history, reports, calendars, client documents and more. Our latest technology release, BuildMyProfile™, allows clients to fill out profile forms directly online and instantly transfer them to their advisors without having to use fax or email. BuildMyProfile™ recently won the BISA Technology Innovation Award. We also offer our SendMyDocs™ mobile app, which clients use to snap pictures of signed documents on a smartphone or tablet and securely send them to their investment representative.

We’re proud to help “main street” financial institutions harness the power of technology to compete with bigger brands. If you have any questions about our many technology enhancements, contact us today!

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Bank Technology News (02/26/15) Wisniewski, Mary