A few weeks ago, I was out in our pasture and watched some of our cattle chowing down on a bale of hay. I chuckled as I snapped this picture of that young Black Angus heifer sitting there relaxing, without a care in the world. As hay fell all over her, she appeared to be in heaven, happy and at peace.

I don’t claim to be an expert rancher, but I know that preparation is critical to the cattle surviving the winter. If I don’t have hay and feed, they will be more prone to disease and other ailments and may not survive the colder months. If I wait to stockpile feed, hay and medicine, the prices will be astronomical in the middle of winter.

Similarly, preparation is vital to success in life and, especially, business. With the economy, elections, pandemic, riots, and the overall state of uncertainty globally, nothing is more critical to our companies’ success and longevity than good, solid preparation.

Prepare to be a Technology-Driven Bank

COVID-19 accelerated digital transformation in banks, retail and many other areas. While technology in banking used to be considered a means to an end, it is now intricately woven through the fabric of a bank’s operations.

Generally speaking, every process and workflow in a bank involves technology. That also means that, with the better use of technology, banks can optimize their operations and workflows to produce better outcomes.

Many bank leaders are not committing enough resources to digital transformation, which will produce innovation and growth. Banks need to find ways to deliver their services faster, ways to make faster decisions with a remote workforce, and ways to decrease the friction that consumers and businesses have while working with your bank.

Like no other year, 2021 is the time to invest in technology and transform your organization to meet your customers’ changing needs and behaviors.

Prepare for the Worst Security Threats the World Has Ever Experienced

JMARK monitors threats at a regional, national and global level, and the rise in threats throughout 2020 and leading into 2021 dwarfs previous years. The increase in attacks is mind-boggling.

According to IBM, the average cost of a security breach in the United States is currently $8.19 million per incident. It is hard to prepare and invest in the future when someone in your organization clicks a link in an email that sets you back $8 million. And no, insurance will not cover all that.

I.T. security, just like technology, has to be woven into the fabric of a bank. Training, monitoring, policies, processes, controls, and much more are all a part of this fabric. Security is so important because even a small breach can destroy positive momentum when there is not much room for setbacks.

Prepare for the Unknown

Many businesses and banks that thrived during the last year did it because they had already prepared for the worst. They had developed backup and disaster recovery plans that addressed scenarios that occurred, such as mobilizing a remote workforce. They had equipped themselves with policies, processes, software, and technology that allowed them to collaborate and operate securely in a distributed fashion.

The purpose of a backup and disaster recovery plan goes beyond helping to mitigate the effects of an actual disaster; they are in place for all kinds of incidents, from a sudden power outage to a data breach to a tornado. Beyond that, a good backup and disaster recovery plan will guide strategy and help with selecting software and hardware resources. It will also guide your policies and processes, not just during an incident but well before.

A good backup and disaster recovery plan or continuity plan is like excellent security; it allows you to maintain forward momentum when there is no room for setbacks.

Prepare for the Future with the Best Ally by Your Side

With technology being so critical for banking and business success, banks need to have the best possible partners by their side to supplement their workforce. A great technology partner understands the banking industry, and they are proven experts in I.T. security.

The right partner will listen to your goals, learn about your technology pain-points, and guide you toward success with
appropriate technology strategies. The right partner will have the credentials, history, and testimonials from many other banks. The right technology partner protects you and makes you aware of shortcomings in your technology, and will help you overcome those weaknesses.

Summary

As we move into more uncertainty in the coming months, I hope you can embrace the benefits that technology can bring to your business and life. Times are changing, but technology is the single most significant factor to help a bank adapt, overcome, and succeed no matter what is thrown at it. If you’d like to learn how JMARK can help your bank reduce its risks, increase its profits, and decrease its expenses with technology, let’s talk!