Cedar Valley Bank & Trust President David Coulter has enjoyed a career in banking for many years. During that time, he has witnessed considerable change in the banking industry. In the past 25 years, he has watched technology revolutionize the way banks do business, from the use of ATMs to the development of Internet banking. While these changes certainly make access to banking services more convenient, for Coulter and his CVBT employees, it’s the person holding the mobile device or accessing their account online that matters most.
Cedar Valley Bank & Trust is in the midst of making some important changes to the operations of their branches in La Porte City and Vinton. Some, like changes in personnel, will be easily noticed by the bank’s customers. Recently, the bank hired Matt Johnson to serve as Vice President and Vinton Branch Manager. Eric Coulter, after working as a teller in La Porte City for four and half years, will make the move to work in the Loan Department. And Wendy Riggle, longtime Branch Manager in Vinton, has transitioned into real estate lending, an area of rapid-growth for the bank, but also one ripe with regulatory challenges.
Other changes at the bank, while significant, will be less noticeable to customers. After years of managing their own computer servers, Coulter indicated CVBT has initiated the process of updating their core processor. When complete, the bank’s software will reside on servers that are cloud-based, which should simplify and expedite future system software updates. The bank is also updating its loan software.
Coulter acknowledged that the server and software changes are a “big undertaking for us.” He said some of the changes will freshen the look of CVBT’s online banking website at cedarvalleybank.com. Along with those changes, Coulter said the investment in technology will also allow the bank to be more responsive to changes in regulations and compliance.
Regulatory control is an area of concern for all banks, perhaps even more so for smaller banks like Cedar Valley Bank & Trust, who must respond to changes in regulations while lacking some of the resources larger banks may have at their disposal.
Cyber security is another big concern for banks. Coulter noted that great care is being taken by CVBT to insure the security of its data, as the bank makes the transition to cloud-based technology. He noted the process involves incorporating numerous safeguards into the system before it is launched.
Despite the challenges facing the banking industry in 2015, David Coulter remains enthusiastic about the future and the role Cedar Valley Bank & Trust will continue to play in the communities they serve. His mission remains a simple one:
“It’s about helping people,” he said.