- In a few days, the lights come up on the annual FinXTech Summit, a program that explores ways for banks to delight customers, generate top-line growth and enhance bottom-line profits through partnerships and investments in technology companies.
PHOENIX — When I last stepped foot in Arizona, it was to host Bank Director’s annual Acquire or Be Acquired Conference. The January event attracts a hugely influential audience focused on mergers, acquisitions and growth strategies & tactics. While there, we noticed quite a few presentations explored how and where financial institutions might invest in, or better integrate, digital opportunities. So, as a complement to Acquire or Be Acquired, I’m back in the desert to dive deeper into myriad ideas for banks to improve profitability and efficiency with the help of technology firms.
As we prepare to host our FinXTech Annual Summit at the Phoenician, take note: smart banks are investing and/or partnering with technology companies because they realize it’s cheaper and faster than building something themselves. Further, the largest banks in the U.S. are rapidly evolving with advances in artificial intelligence across chatbots, robo-advisors, claims, underwriting, IoT and soon blockchain — all of which add another layer of potential to further shake-up traditional business models. In fact, there was a palatable sense among bankers at AOBA about the evolution in financial technology.
Nonetheless, many banks, especially those between $500M and $30Bn in assets, are on the outside looking in — and this is where FinXTech’s Summit story begins.
From exploring data to leveraging cognitive computing to gaining efficiencies in backroom processes, this year’s event surfaces a number of potent ideas. For instance, we shine a light on how bank leadership can truly unleash the potential of a technology partner. Further, we pull current quotes and issues like these to discuss and debate:
One thing I love about customers is that they are divinely discontent. Their expectations are never static — they go up. It’s human nature. We didn’t ascend from our hunter-gatherer days by being satisfied. People have a voracious appetite for a better way, and yesterday’s ‘wow’ quickly becomes today’s ‘ordinary’
— Jeff Bezos, Founder and Chief Executive Officer
Likewise, we share our takes on key acquisitions — like JP Morgan’s acquisition of WePay — while identifying how institutions leverage newer technologies to improve efficiency ratios and in some cases, boost franchise valuations.
In a sense, FinXTech’s Summit serves as our “in-person” bridge between banks and qualified technology companies. For those joining us, we’ll touch on various products and services for security, data & analytics, infrastructure, lending, mobile banking, payments and regtech while convening an exceptionally senior audience of 200+. Throughout the event, I’ll share my thoughts via Twitter, where I’m @AlDominick and using #FinXTech18. Finally, I’ll author a daily update on this site with my observations from the conference.