The ability to compete in the future will require new systems, new processes and a new culture. One option is to build a successor bank that would be a network of only a few branches or a completely branchless offering separate from the legacy organization.

The future will require differentiation defined by customer experience and innovative offerings similar to what is being offered by fintech and big tech organizations. To get a perspective on the need to disrupt current banking paradigms, I interviewed Kevin Travis, executive vice president of Novantas. Travis shares the options available and the cost of inaction by current banks and credit unions.