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Symposium on Strategic Innovation Attracts Middle Market and Community Bank CEOs

11.28.12

Goodwin Procter recently hosted 75 CEOs and senior managers from middle market and community banks across the region at the inaugural Northeast Banking Symposium. The full-day conference, “Strategic Innovation in a Challenging Environment,” was sponsored by the Massachusetts, Connecticut, Maine, New Hampshire, Rhode Island and Vermont Bankers Associations.

The event focused on the strategic importance of managing innovation and technology to address challenges faced by banks serving the middle market and local communities.  In addition to a keynote post-election analysis by David Gergen, Senior Political Analyst at CNN, the program featured Dr. Ron Adner, Professor of Strategy, at the Tuck School of Business at Dartmouth College and Lee Wetherington, Director of Strategic Insight, at ProfitStars. For profiles of the speakers, please click here.

An interactive panel session discussed non-traditional and emerging technologies in banking, the “bank of future,” and how banks can creatively manage the increased costs of regulatory compliance.

Technologies discussed included new methods of making financial payments, technology-based methods for mining customer data to enhance product offerings (subject to legal and customer consent limitations) and trends in payment systems usage which have favored middle market and community banks.

“The day’s presentations and discussions pointed up the strategic importance of approaching innovation with the broadest possible perspective on all of the elements of the change equation. Participants also gained a better understanding when it is better to be a follower than a leader, and the potential advantages of strategic partnerships,” said William Mayer, chair of Goodwin Procter’s Banking Practice. “When combined with the discussions regarding technological trends in the industry, the Symposium offered middle market and community bankers ample food for thought on how to improve their competitive positions and weather current challenging conditions facing the industry.”

Goodwin looks forward to hosting another symposium sponsored by the Northeast bankers associations to address other topics that are on the minds of our clients and other friends in the industry.

For additional information on Goodwin’s legal service and information offerings for financial institutions, please click here.