Pub. 2 2014 Issue 4

fall 2014 17 Third, ask each board member to iden- tify the specific technology areas that they would like to understand better. Then provide one-on-one or small group training. Some board members are visual learners who like examples while others learn better by reading. It is important to discern how each person learns best and provide them with the type of instruction that will help them absorb and retain the information. A good strategy for older directors is to explain technical topics in non-technical terms. I once worked with a board that was considering a proposal for increased bandwidth. Two of the directors could not grasp the concept until I said, “Imagine that that you are driving your car on Interstate 94 and all of the sudden traffic is reduced from four lanes to one lane.” There was an aha moment and the bank got more bandwidth. Fourth, have a technology-focused presentation at every board meeting and at every board retreat. Some of these presentations should focus on current issues like cybercrime, system upgrades, etc. while others address longer range strategic issues. Fifth, decide what type of bank you are when it comes to technology. Do you want to be on the bleeding edge where you will enjoy an early lead over your competitors by being the first bank in town to introduce something new? Do you want to be a quick follower that observes what other banks are doing and then copies those new technologies that seem to be working for them? Do you want to be a straggler and wait until the last possible minute to give your customers what every other bank offers? Finally, prioritize technology initiatives that enhance the customer experience and improve the bank’s bottom line. Every bank has limited resources and getting a double return on investment is a goal worth pushing hard for. A tech-savvy board is a successful board. n Some board members are visual learners who like examples while others learn better by reading.