Technology is ingrained in nearly every aspect of a bank's operations and long-term strategy. How much should the board be involved?

When automation was first introduced into banking decades ago, its purpose was straightforward: to keep banks from drowning in paper. It was obvious that as institutions grew they could no longer process paper checks manually or keep track of new accounts on paper. Technology was a mechanism for keeping the back office in order.

Fast-forward to this century, and the meaning of technology has undergone a transformation. At a time when people purchase movie tickets, make dinner reservations, check airline flights and purchase big-ticket items, all without the aid of a live representative, technology likewise has become essential to interacting with banking customers. In essence, it has emerged as a vital link between the bank and its increasingly tech-savvy clientele, as well as a foundation for strategic and operational change.

This article is republished from Bank Director magazine. Download the full article below.