New technology: but will it break the bank? No, even a small community bank can afford it, argues an Iowa Bank. While technology is an expense, it can also deliver big cost-savings.

• Author: Link, Todd J.
• Position: Premier Bank ltd

PREMIER BANK IN DUBUQUE, IOWA, is an example of a community bank that has competed successfully by offering its customers innovative banking technology.

Many community banks are reluctant to follow such a technology strategy because of the perceived expense. Premier Bank, with assets of $250 million, has been able to afford advanced digital services through the operational savings achieved as a result of their use.

Here are some of the cutting-edge services that the bank offers:

* Mobile banking with expanded functions such as consumer remote deposit capture. SMS text messaging, and app-based platform and alerts.

* Remote deposit capture for businesses.

* Personal financial management tools for consumers and advanced automated clearing house processing and business cash management resources for small businesses.

* Online bill pay as well as person-to-person payments, with instant messaging for support.

* An advanced bank website that functions across multiple platforms and devices and also has educational programs.

The bank recently rolled out an advanced cash management product for commercial customers and consumer remote deposit via smartphone.

Why has Premier Bank chosen the leading-edge technology route? The bank believes that mobile, online, remote deposit capture and the like are playing an increasingly important role in attracting and retaining customers. For many years, it was the large national banks that had a lock on technology deployment as a result of their expansive financial resources, technology developers and IT infrastructure. But today, new technology offerings from industry leaders are affordable, scalable and readily deployable. The wait time for new products to come to market has begun to decrease, and the functionality continues to improve. As a result, community banks have a better opportunity to compete on technology with larger banks.

Part of the bank brand

Premier Bank, which has three locations, started as a de novo 15 years ago. Its customers are representative of the community, with a mix of both commercial and retail clients. Dubuque is a progressive city, and the bank's investment in technology and electronic channels has helped it to attract tech-savvy members of the community as customers.

[ILLUSTRATION OMITTED]

[ILLUSTRATION OMITTED]

Offering state-of-the-art technology has been an important element of the bank's brand from the onset. Premier Bank was among the first financial institutions in the Midwest...