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The growth of computing power is a reality. However, we often overlook the real implications of what this means in the context of strategic and technology planning. So, from the standpoint of today, what can we expect computing power to be in the near future? How will this impact the typical financial institution?

Starting with a relative value of 1 (representing computing power), what will be the relative computing power ten years from now applying Moore’s Law? You may find this hard to believe, but the growth in computing power would be 3,100% in relative growth in computing power. By any formula, that is tremendous. Ok, let’s cut the timeframe in half and use five years as the growth period. The math assigns a relative value of 450%.

No matter how you look at it, computers will grow in speed and raw computing strength resulting in the ability to do many more things. Ultimately, in real terms, we will only be limited by our imagination.

From a strategic planning standpoint are we applying this same law to our planning for the future in regard to our financial institution? Most likely not! I would submit to you that most of your strategy plans and the consideration of technology is sequential and linear, meaning that next year we will need to replace X number of desktop computers, upgrade our Windows software, and sign a five-year vendor contract. If this is the case in your organization, no wonder you can’t keep up with the technology and you are frustrated with always playing catch up.

Real vision is only one part reality and four parts possibility. In other words, strategic vision is not so much, “what is” as much as it is, “what it could be”? So, at your next strategic planning session, when it comes to technology, consider the possibilities as opposed to the probable. You may surprise yourself and the competition!

About the Author
Dan Fisher is president and CEO of The Copper River Group, a consulting firm headquartered in Fargo, N. D., that focuses on technology and payment systems research and consulting for community financial institutions. For nearly 30 years, Fisher has worked in the financial industry using technology to improve the bottom line. He was CIO of Community First Bankshares (now part of BancWest), has served as a director of the Federal Reserve Board of Minneapolis, the chairman of the American Bankers Association Payment Systems Committee, and was a member of the Independent Community Bankers of America Payments Committee. Fisher has written numerous articles on banking technology and the payments system. He has authored or co-authored six books and recently published a book titled, "Capturing Your Customer! The New Technology of Remote Deposit." You can contact Fisher at dan@copperrivergroup.com.