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Sponsored by: Mascoma Bank
March 14, 2024

Embracing Change: Navigating Technological Transformation for Enhanced Financial Management

We all know Ben Franklin’s famous phrase, “nothing is certain except death and taxes.” I would argue to Ben that in addition to death and taxes, we will always have change. And there is no better way to see that in action than working with a bank. 

Kelly Dorsey, CTP | SVP & Manager, Treasury & Business Services | Mascoma Bank

No matter what kind of relationship you have with your bank, chances are you’ve experienced some kind of change in the last decade. Perhaps your bank’s name has changed; maybe your business grew and you are working with a different banker; maybe the way you interact and communicate with your bank has changed. Given the ease and speed with which we get information, coupled with evolving consumer expectations, it’s no wonder the banking landscape has transformed so much in a relatively short period of time. Particularly when it comes to technology.

In some ways, we are making up for lost time.  For a long while, bank technology was stagnant. Only recently have financial institutions begun asking people what they want, instead of telling them what they will get. The way people can so easily order groceries, clothes, or even a car has forever changed the way consumers interact with any service or product providers – and has elevated the expectations we have of banks.  

When it comes to banking technology, we are no longer just talking about smart ATMs or mobile banking as a means of expanding delivery channels. That’s old news and table stakes. We are now talking corporate transparency, real time payments, and AI – all of which apply to each of us, across all industries and professions. 

State of the art banking platforms can now automate routine tasks, improve efficiency and provide enhanced control and security. If you aren’t utilizing solutions like Positive Pay, reconciliation services, proprietary and cutting-edge merchant processing programs, or investment sweeps to boost your overall cash management strategy – you are not leveraging your bank to the fullest potential.  However, you cannot enjoy any of these benefits without first accepting there will be a change, albeit a good change, in the way you and your team complete certain banking tasks.  Ultimately, the right bank technology can enhance your day-to-day operations and give you more autonomy over your banking practices.  

My advice as a person who sits on both sides of the proverbial table (as a business owner and user of commercial banking solutions, as well as a banker who specializes in treasury cash management strategy): Start by asking your banker what new solutions or services they have launched that could be of benefit to you.  Ask about their technology roadmap and what solutions are in development.  Bring your banker into your company and describe your accounting workflow; ask them to recommend technology that can streamline the work and add additional security to your processes.

Technology can make or break the experience you have with your bank.  Choosing a banking partner that is both innovative - and who will work with you to navigate the plethora of solutions and services available- is critically important.  As a banking partner to my clients, I believe it is my responsibility to ensure their money is safe, their liquidity needs are being met, and they have access to maximized earnings options. To do those things well, I leverage technology. Your banker should, too.