October 21, 2014

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The Economy in 2007, Emergent Issues, Property Values, Expanding Markets

| 12/1/2006

William Heffernan
President/CEO
TotalBank

Technology Invesments

Banking is based on technology. If we don't stay abreast of the situation, we're going to be behind the eight ball. We're in a dynamic community, where younger people are becoming customers. If we don't have all the necessary tech support, my assessment is we'll fall behind.

But the problem with technology is that it's costly, takes time to learn and is complicated. So we focus on support. We have 17 people in IT supporting our Internet, mainframe and input, output and data processing.

We just concluded a strategic planning meeting of executives from across the bank. Our emerging strategy was to refine long-term technology plans in order to set priorities, know where we're going and revisit the issue as needed. We're keeping up with customer expectations and getting into new areas. One begets the other. We don't seek to be a pioneer -- we can't afford that. Whatever system we choose has to be tried and true.

Tags: Dining & Travel, Banking & Finance, Healthcare

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