Embracing Technology and Building Resilience
Technological disruption is no longer a future concern in today’s rapidly evolving world—it’s happening right now. As community banks, we’re no strangers to change, but the pace and scale of this disruption, particularly in areas like artificial intelligence (AI), digital banking and advanced data analytics, demand a new level of resilience from all of us.
The Growing Skills Gap Challenge
Here’s the reality: To stay competitive and continue serving our communities effectively, we must be prepared for what’s coming. Yet, many of us feel the pressure of a growing skills gap, especially regarding emerging technologies. It’s a problem that’s not unique to our industry—businesses across the board are grappling with it. However, for community banks, this challenge hits particularly close to home.
What’s at Stake for Community Banks?
A recent report predicts that by 2026, 90% of organizations worldwide will feel the sting of the IT skills crisis. Delays, quality issues, and revenue losses could cost businesses upwards of $5.5 trillion. For community banks, the stakes are just as high. How do we bridge this skills gap and build the resilience we need to thrive?
Shifting to a Skills-Based Mindset
The answer lies in shifting our mindset. Instead of relying solely on traditional banking experience, we need to look at skills. Whether we’re hiring new talent or investing in our current teams, focusing on specific skillsets—especially those related to emerging technologies—will be critical to our success.
Up-Skilling and Re-Skilling for the Future
This means up-skilling and re-skilling our people. We need to equip our employees with the tools and knowledge they need to navigate new technologies and meet our customers’ evolving needs. It’s not just about keeping up—it’s about staying ahead.
Building Resilience Through Learning
Building resilience in the face of disruption isn’t easy, but it’s essential. By embracing a skills-based approach and committing to continuous learning, we can close the skills gap and ensure that our banks remain strong, adaptable, and ready for whatever the future holds.
Let’s not just weather the storm—let’s lead through it. With the right focus and investment in our people, our community banks can continue to be pillars of strength and service in the communities we proudly serve.
Contact us today to get started!