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Six standout community bank tech projects

Community banks have a challenge — their customers expect them to be as tech-savvy as any other company they encounter, but their budgets pale in comparison to, say, the $9 billion JPMorgan Chase earmarks for tech each year. In our recent Community Bank Tech Projects series, we looked at the way a handful of banks chose to invest their precious resources over the last year. Here is a roundup of those projects.
Debra Keats, chief retail administration officer at The National Capital Bank

National Capital Bank, Washington, D.C.

Perhaps it was pent-up demand, but adoption of the $416 million-asset bank’s mobile app has been swift. Since the 2016 rollout, 25% of National’s online bank users are also active on the app, said Debra Keats, the bank's chief retail administration officer. The bank’s research suggested the national average was 20%.
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Provident Bank, Jersey City, N.J.

Community banks with big retail bases have to offer options as good as its much larger competitors. The $9.5 billion-asset bank last year added one of the current “it” features in mobile banking for consumers: an on/off switch for debit cards.
Kent Guadian, president and CEO at Two Rivers Financial.

Two Rivers Financial Group, Burlington, Iowa

The $704 million-asset bank opted to replace its core banking system because the company was putting so much time and effort into keeping the antiquated system running that it risked diverting attention from customers, said Kent Gaudian, president and CEO.
Thomas Hill, chief information officer, Live Oak Bank.

Live Oak Bank, Wilmington, N.C.

The $1.2 billion-asset bank is known as one of the industry’s more technologically sophisticated players, but until last year its cybersecurity defenses were decidedly dated. In 2016, the bank turned its attention to fixing its patchwork approach to cybersecurity to make things faster. “In the world of cybersecurity you really need to know everything, and quickly,” says Thomas Hill, Live Oak’s chief information officer.
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NBT Bancorp, Norwich, N.Y.

The $8.79 billion-asset bank has spent the last three years upgrading its consumer-facing digital products, including a tool that allows customers to see all of their accounts, including those at other institutions, at the same place.
Lynn Carson, chief operating officer, Bank3

Bank3, Woodland Mills, Tenn.

Entrepreneurial bankers bought a $12 million-asset bank with a core system that was about to sunset. A new core has helped the bank grow more than fivefold in less than a year, says Lynn Carson, chief operating officer of the bank.
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