Innovating is no longer optional; it’s a strategic imperative. But that directive will look different for every community bank, which is why ICBA offers targeted resources to help community banks advance their individualized innovation agendas.
The strategic imperative
Consider that fintechs and digital banks captured 44% of new checking account openings in 2024. Nearly half (48.3%) of U.S. customers now use mobile apps as their primary banking method. Seventy-seven percent of U.S. customers prefer digital account management.
With data like this, the push for innovation is not hype; customer behavior and competitive pressures make it a requirement.
Individualized innovation
Good innovation solves a real pain point, supports strategy, creates measurable results, is executable with current capabilities, and can be governed safely. In short, it does not require a complete upheaval of infrastructure or a divergence from approach, but it does need a thoughtful take on how to create efficiencies or a better experience.
ICBA Innovation: Upcoming Opportunities
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ICBA Preferred Service Provider (PSP) Demo Series – On-Demand – View the latest live demonstrations and expert insights from companies that have earned the highest level of affiliation with ICBA through a rigorous due-diligence process.
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Alumni Showcase (AI Focus) – Sept. 24 – An hour-long event designed to offer quick overviews of AI solutions from ICBA ThinkTECH Accelerator alumni.
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Solutions Forum (Data Focus) – Oct. 1 – This 90-minute virtual event spotlights how community bankers and fintech providers use technology to drive performance through data-driven insights.
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Innovation Workshop – Oct. 28-29 – A virtual, two-day event that offers practical tools, peer insights, and proven approaches on how to strengthen innovation efforts and support long‑term growth.
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Solutions Forum (Fraud Focus) – Nov. 5 – This 90-minute virtual event investigates ways community bankers can partner with fintech providers to bolster their fraud mitigation efforts in today’s environment.
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Solutions Forum (Commercial and SMB Growth Focus) – Dec. 3 – This 90-minute virtual event emphasizes opportunities to debut new commercial and small-to-midsize business (SMB) products through partnerships with fintechs.
We are repeatedly seeing across the country that community banks are most successful when they focus on the high-friction areas that plague their banks and improve those first. The goal is not to throw out everything in the name of innovation; it’s about strategically removing friction where it matters most.
That’s where ICBA’s Innovation Workshop steps in to help community banks address their innovation agendas and learn how to apply concrete action steps to their banks’ strategies. The workshop focuses on helping community banks identify the next steps in their innovation journeys.
The fintech connection
Partnering to innovate serves as one significant step. Fintech collaboration has risen as an efficient, cost-effective way to enhance operations and customer-facing solutions. As the market has shifted, opportunities have grown for community banks to level up their infrastructure and customer experiences through partnerships.
“Fintech engagement is really about having an edge over the competition, and we're using it to focus on client experience,” says Quentin Leighty, president and chief financial officer at $627 million-asset First National Bank Colorado in Las Animas, Colo. “We want them to want to bank with us, and fintech solutions are allowing for that. The new technologies that are out there help us do our job even better,”
Leighty participated in our latest ThinkTECH Accelerator cohort (AP11) to interview and assess companies that might support his bank’s strategic plan. Not only was he seeking solutions to address today’s demands, but he also attended with an eye toward future needs.
“With the latest cohort, there was a nice variety of fintechs,” Leighty said. “With some of them, they addressed topics that aren’t pain points for us today, but I could see us getting to the point where I really need the solution. And that's helpful, too, to be looking forward, and not just thinking about how I put out a fire today, but when I get to that level of complexity, I know there are ICBA-vetted solutions out there that can help me with that issue.”
There’s no doubt that community banks are under pressure to offer the best pricing and user experience on consumer deposits and primary checking, small-business operating accounts, and commercial relationships. Fortunately, with the support of ICBA Innovation, community banks have the tools to rise to the challenge.
Whether it’s finding the right solution or charting a course for what’s next, we can help you strengthen your role in your community and extend your relationships in the process. Innovation is the key to retaining your position as a market leader, and it takes a commitment to innovation to ensure you remain your customer’s bank of choice into the future.
Kristina Morris is vice president of innovation investments at ICBA.