July 2023

The back-office is an integral part of any financial institution that takes care of essential business functions. But it’s often the least visible, most overlooked area when innovation projects are proposed.

As digital payments and online transactions increase, the risk of bad actors fraudulently using these channels is growing as well. The United Nations estimates that 3% to 5% of the global GDP — around $5 trillion — is laundered each year across the world. Fraudsters steal billions of dollars annually from organizations and individuals in the U.S. alone.

Community bankers are so much more than financial providers; we are leaders who strive to use our strength to do what’s right for our customers and communities. To them, we are advisors, partners and friends, and sometimes that means our actions need to be as much about what we don’t do as what we do.

We celebrated Independence Day, and I couldn’t help but reflect on the vital role community banks serve throughout this country. We represent Main Street America, creating a firm financial foundation for our nation’s consumers, small businesses, municipalities, local governments and more. It’s a position community banks take seriously, and one we are honored to hold on behalf of the communities we serve.

Again, this past May, a contingent of ICBC bankers traveled to Washington, D.C. to participate in the Independent Community Bankers of America’s Capital Summit. The purpose of the summit is for state community bank associations and their members to meet with their U.S. Congressional delegation and regulatory agencies, and to discuss and advocate for current issues that are particularly relevant and important to community banking.