Tag: Fintech

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Push, Push… Push, Push

Last October, I journeyed to Austin, Texas, to watch my first Formula One race. Like many, Netflix’s wildly popular Formula 1: Drive to Survive drew me in. That series dramatically increased the popularity of the sport in the United States, with plenty of drama on track — and off. 

Inevitably, the show takes viewers inside a showdown between two cars jostling for points, separated by mere milliseconds.

While being out front has its advantages, so too does drafting your competition. Personally, I love watching/hearing a team’s crew nonchalantly imploring its driver to “push, push… push, push” over the radio. This call to click the push-to-pass mechanism on a race car —which provides a temporary jolt of speed — typically results in the hunter becoming the hunted.

So yes, speed, competition and risk-taking is on my mind as we prepare to host Bank Director’s Experience FinXTech event May 5 and 6 in the same city as the Circuit of The Americas (aka COTA).

Much like Formula One brings some of the most ambitious and creative teams together for a race, Experience FinXTech attracts some of the most inspiring minds from the deeply competitive financial services space.

Now in its seventh year, the event connects a hugely influential audience of U.S. bank leaders with technology partners at the forefront of growth and innovation. Today, as banks continue to transition towards virtual or digital strategies, fintechs become partners rather than just competitors in the race to succeed. 

We’ll look not only at fintechs offering efficiencies for banks, but at fintechs offering growth and improved performance as well. As fintech guru Chris Skinner recently noted, “If you only look at technology as a cost reduction process, you never get the market opportunities. If you look at technology as a market opportunity, you get the cost savings naturally as a by-product.”

We’ll consider investor appetites, debate the pros and cons of decentralized finance and share experiences in peer exchanges. 

Throughout, we’ll help participants gauge technology companies at a time when new competitors continue to target financial services.   

Most Formula One races are won on the margins, with dedicated teams working tirelessly to improve performance. So too are the banks that excel — many of them with dedicated teams working with exceptional partners.

*I am delighted to return to Texas and see so many of my former friends and colleagues at Bank Director. Heck, I’ll tease Naomi Snyder (the editor-in-chief), that I found a way to use my original title for this piece I authored for BankDirector.com.

In addition, I’ll be on stage, rep’ing the team as a member of the company’s board of directors (and as a minority owner), perhaps in boots, maybe without a tie… Saying hello to so many friends from across the industry — like the team at Nymbus who graciously hosted me and some incredibly awesome folks in our industry last October at F1’s COTA race… and yes, flying the skull & crossbones for the team at Cornerstone Advisors.

This is an awesome annual event, and one worth following on social media if you’re unable to join in person. Check out @Fin_X_Tech on Twitter to keep tabs on the provocative conversations that inevitable take place.

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How Would You Define DeFi?

If I’d asked 100 different people at this week’s Acquire or Be Acquired to define DeFi, I’d bet $10,000 worth of ETH I’d get 100 different responses.

As I shared in yesterday morning’s remarks, decentralized finance is a complex area, with interest and usage growing exponentially over the past two years. Many aspects of financial services will be reinvented in a decentralized way — with numerous vendors working on new concepts. Given the current state of bank technology (coupled with a complex regulatory environment), financial markets are riddled with inefficiencies that new companies want to exploit.

Ours is a huge market being transformed by DeFi. But by no means the only industry being impacted. So as we wrap up our time in the Arizona desert, let me re-share one of my slides that shows changes taking place today.

Given the various investments taking place, and developments being announced, I encourage those 1,403 who joined us here to:

— Learn about smart contracts — and how these potentially replace banks and third parties in executing transactions.

— Tackle questions like “what are the benefits of incorporating blockchain technology into my services — and what are the inherent risks?”

— Focus on this year’s “wallet wars;” whereby wallet providers like Kraken, Crypto.com, MetaMask, etc. up their customer experiences to compete for clients.

Talking DeFi at #AOBA22

This year’s event made good on my early prediction that diversification, differentiation and decentralization would be major themes. To the third one, we are just scratching the surface in terms of what’s now — and what’s next.

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What To Expect at the 2022 Acquire or Be Acquired Conference

When Robert Iger joined The Walt Disney Co. as its new CEO in 2005, the company’s storied history of animation had floundered for a decade.

So Iger turned to a competitor whose animation outpaced Disney’s own and proposed a deal. 

The relationship between Pixar Animation Studios and Disney had been strained, and Iger was nervous when he called Pixar’s CEO, Steve Jobs.

The two sat down in front of a white board at Pixar’s headquarters and began listing the pros and cons of the deal. The pros had 3 items. The cons had 20, as the now-retired Iger tells it in his this Masterclass online. 

“I said ‘This probably isn’t going to happen,’’’ Iger remembers. “He said, ‘Why do you say that?’”

Jobs could see that the pros had greater weight to them, despite the long list of the cons.

Ultimately, Disney did buy Pixar for more than $7 billion in 2006, improving its standing, animation and financial success. In the end, Iger says he “didn’t think it was anything but a risk worth taking.” 

I read Iger’s memoir, “The Ride of a Lifetime,’’ in 2021, just as I began planning the agenda for our annual Acquire or Be Acquired Conference in Phoenix. Widely regarded as the premier event for the financial industry’s CEOs, boards and leadership teams, we are preparing to welcome nearly 1,400 to the Arizona desert this weekend.  His story resonated, and not just because of the Disney/Pixar transaction.

I thought about that line of risks worth taking… and was reminded of the leadership traits Iger prizes; specifically, optimism, courage and curiosity.

Many of this year’s registered attendees wrestle with the same issues Iger confronted at Disney. They represent important brands in their markets that must respond to the monumental changes in customer expectations. They must attract and retain talent and to grow in the face of challenges. 

While some look to 2022 with a sense of apprehension — thanks to Covid variant uncertainty, inflation, supply chain bottlenecks and potential regulatory changes — I feel quite the pep in my step this January.

I celebrate the opportunity with our team to return, in-person, to the JW Marriott Desert Ridge. With so many registered to join us Jan. 30 through Feb. 1, I know I am not alone in my excitement to be with people again in real life.

So what’s in store for those joining us? Conversations around:

  • Capital allocation.
  • Balancing short-term profitability versus long term value creation.
  • Managing excess liquidity and shrinking margins. 
  • Re-thinking hiring models and succession planning. 
  • Becoming more competitive and efficient.

Naturally, we discuss the various growth opportunities available to participants. We talk about recent merger transactions, market reactions and integration hurdles. We hear about the importance of marrying bank strategy with technology investment. We explore what’s going on in Washington with respect to regulation, and we acknowledge the pressure to grow earnings and the need to diversify the business.

As the convergence of traditional banking and fintech continues to accelerate, we again offer FinXTech sessions dedicated to delivering growth. We unpack concepts like banking as a service, stablecoins, Web3, embedded finance and open banking.

Acquire or Be Acquired has long been a meeting ground for those that take the creation of franchise value very seriously — a topic even more nuanced in today’s increasingly digital world. The risk takers will be with us, which is great company to keep. Indeed, “there’s no way you can achieve great gains without taking great chances,’’ Iger says. “Success is boundless.”

To follow along with this year’s event, I invite you to bookmark this blog, visit BankDirector.com and search #AOBA22 on LinkedIn and Twitter.

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Creating Options

Earlier this week, I welcomed officers and directors from across the United States to Nashville, TN. From a stage (and not a Zoom), I asked them:

What are your options as we head into the Fall? No, not your personal ability to buy or sell an asset or security.  Rather, the options you, as a leaders of your bank, see for the institution you are a part of today?

Strategically speaking, this is a fundamental issue for those in a leadership position to address.

Sure, there are topics that will dominate boardroom discussions — such as diversifying earnings streams and differentiating the bank’s reputation relative to others.

But let me ask you: who are your competitors? By extension, who are the peer groups that you should be basing your performance against?  Once answering these, what options do you know are available, right now, that can put space between your bank and their business?  Further, what options do you need to create in order to stay both relevant, and competitive in the months ahead?

Creating “optionality” is a concept that continues to rattle around in my mind. Indeed, it ties into the concept of franchise value and is one that members of a bank’s board need to prioritize. It opens conversations around delivery methods and channels, business relationships and partnerships — and yes, growth opportunities (be it organic or through acquisition).

As we talked about in Nashville, banks are under enormous pressure to prepare for an unknown future. Ahead of this year’s exclusive in-person event, I came up with three basic questions I find timely and relevant. Take a read and let me know if you agree.

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The SouthState Podcast: My Take On Banking, Leadership and FinTech

Last week, I had the pleasure of spending a few minutes with Tom Fitzgerald and Caleb Stevens on their Community Bank Podcast. Produced by SouthState’s Correspondent Division, the two dedicate their pod to helping community bankers grow themselves, their team — and their profits. For about 23 minutes, the three of us explored:

  • The hallmarks of a great business leaders;
  • The biggest trends I’ve observed in banking over the last 5 years;
  • The role of community banks (less than 1B in assets);
  • Who’s gaining traction in the bank technology space; and
  • How I feel about curiosity & empathy.

Oh yes, and I botched my ice cream analogy early on. As someone with a sweet tooth, I meant to reference Baskin & Robbins‘ 31 flavors of ice cream while talking leadership characteristics. As a child in Needham, MA, the idea that I’d have to choose between chocolate, coffee, oreo, cookie dough, etc posed a real challenge — especially as we’d go as a post-dentist treat! So when Caleb asks me about key facets of leadership in banking today, please understand my Covid-brain took me back to those fun childhood memories… which is how I wound up bellyflopping on the analogy!!

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Baseball’s Best… and FinTech Relationships?

The premier slugger and center-fielder for the Los Angeles Angels is an eight-time All-Star and three-time American League MVP — winning the award in 2014, 2016, and 2019 while finishing second in the 2012, 2013, 2015 and 2018 votes.

According to ESPN, he’s the best player going into this new season, based on his record for nearly a decade.

So, how did Mike Trout fall to the 25th pick in the Major League Baseball draft in 2009?

*And yes, I am still a die-hard RedSox fan… hello Big Papi!

Sure, there were some can’t-miss prospects alongside him. The Washington Nationals pegged Stephen Strasburg to be their ace — and selected him with the first pick. He’s no slouch himself — 112 wins, three All-Star games and a World Series title later, the organization has no regrets.

But back in 2009, 24 names were called before Mike Trout, this once in a generation player, heard his. Many of them never reached the majors, let alone Trout’s level.

Professional sports’ drafts are all about taking risks, dreaming big and building for a franchise’s future. These decisions ultimately impact wins, losses and financial futures of organizations for years to come.

For those charged with improving their teams, technology and delivery models, the implications of Mike Trout’s draft should give you pause. With so many technology companies stealing headlines these days, the question about “who’s next” in the financial technology space parallels what baseball teams go through each year.

Ask yourself: How do you and your colleagues look at what’s available? How do you evaluate a future potential fit? How do you commit to another business that can propel you forward, or leave you lamenting what could have been?

So much of a bank’s future depends on its leadership team’s ambition and appetite to take chances today. Inevitably, I find business leaders returning to two basic questions when it comes to a new potential business relationship:

  1. How can I drive new revenue with their support?
  2. How do I become more efficient with their help?

A baseball appears to have two seams; in reality, they’re 216 individual stitches. Similarly for banks, multiple small decisions add up to a big picture.

Just as baseball teams need to be realistic in terms of allocating capital, so do financial institutions when considering their tech spend. No financial services company can choose a relationship that guarantees success.

Like any good general manager, a banking leader needs to prioritize what’s the right fit for the team. Some banks and credit unions may modernize back-office technology, which has the potential to improve efficiency, reduce errors and free up resources for growth. Others may look at solutions that improve customer experiences or drive sales.

Regardless of where you are in your current approach to technology, you need courage to take the first step — and the discipline to take the next. While your team might miss on a Mike Trout, take comfort that there is more than one way to build a team.

Doing your own homework on who’s out there might just net you an MVP.

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Streaming Now: The AOBA Summer Series

Dreaming of a trip to Phoenix, and the Acquire or Be Acquired Conference, next January doesn’t seem so odd this summer.

WORKING FROM HOME — For decades, business leaders began to book their travel to the Arizona desert — for Bank Director’s Acquire or Be Acquired Conference — in early August. As evidenced by the nearly 1,400 at the Arizona Biltmore earlier this year, the annual event has become a true stomping ground for CEOs, executives and board members. Many laud it as the place to be for those that take the creation of franchise value seriously. I’ve even heard it referred to as the unofficial kickoff of banking’s new year.

Just seven months ago, Acquire or Be Acquired once again brought together industry leaders from across the United States to explore merger opportunities, acquisition trends and financial growth ideas.  With 418 banks represented, participants considered strategies specific to lending, deposit gathering and brand-building. They talked regulation, met with exceptional fintechs and networked with their peers under sunny skies.

Not one openly worried about a global pandemic.

Yet here we are, all of us dealing with fast-moving challenges and unimaginable risks.

So what can we do to help?

This is the question that proved the catalyst for our new AOBA Summer Series.  Indeed, we created this free, on-demand, compilation of thought leadership pieces to provide pragmatic information and real-world insight.

With CEOs and leadership teams being called upon to make decisions they have never been trained for, we realized the type of information typically shared in January has immediate merit this summer.  So instead of waiting until winter, this new Summer Series provides both color and context to the tough decisions — those with profound long-term consequences — that confront executives every day.

Ten videos comprise the AOBA Summer Series, with topics appropriate for the C-suite’s or board’s consideration.  Streaming on BankDirector.com, we talk about how important scale has become in the banking industry… how one’s technology strategy cannot be delegated… how it certainly seems that there will be banks that come out of this in a bigger, stronger state.  Here’s a screen-grab of what you’ll come across:

Screen Shot 2020-08-12 at 5.21.32 PM

In one-on-one conversations like these, we acknowledge how net interest margins are compressing — which will drive up efficiency ratios — and credit costs are climbing.  And we look at leadership, appreciating that many are leading in new, more positive and impactful ways.  In addition, this new series provides:

A SNAPSHOT ON CURRENT CONDITIONS
At our January Acquire or Be Acquired Conference, Tom Michaud, President & CEO, Keefe, Bruyette & Woods, A Stifel Company, provided his outlook for the industry. Now, we ask him to update his perspectives on M&A activity and share his take on the potential implications of the pandemic.  

HOW FINTECHS FIT
A growing number of technology companies have been founded to serve the banking industry.  Not all of them have what it takes to satisfy bankers.  During various sessions we learn how a variety of banks approach innovation — and the specific attributes a leadership team should look for in a new fintech relationship.

THE LEVERS OF VALUE CREATION
With nCino’s CMO, Jonathan Rowe, our Editor-in-Chief talks about the levers of creating value vis-a-vis the flywheel of banking. Together, they explain how certain technologies promote efficiency, which promotes prudence, thereby promoting profits, which can then be invested in technology, starting the cycle all over again.

Screen Shot 2020-08-12 at 5.21.46 PM

Hearing from investment bankers, attorneys, accountants, fintechs, investors and — yes, other bankers — about the outlook for growth and change in the industry proves a hallmark for Acquire or Be Acquired, be it in-person or online. 

As this new series makes clear, The future is being written in ways unimaginable just a few months ago.  We invite you to watch how industry leaders are making sense of the current chaos for free on BankDirector.com.

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Experience FinXTech As We #WFH

WASHINGTON, DC — By the time the NFL announced plans to host the draft from various remote locations, nearly every other sports league had postponed or canceled their events.

The decision raised eyebrows.

The NFL draft has become a must-attend in-person event, as evidenced by the record-breaking 600,000 turnout in Nashville, Tennessee, last year. As a fan, I wondered if the league was putting their own interests too far ahead of others by going forward with a new, unproven format just to keep to this activity on the calendar.

It turns out, the digital nature of the three-day event resonated in many positive ways. The draft was viewed by 55 million viewers over the three-day event, according to the league. Naturally, some of the viewership reflected an appetite for new, non-pandemic related content. But from a business perspective, it showed how migrating an in-person event entirely online could, in a pinch, work.

As we all try our best to live normal lives from our homes, the NFL’s success with the draft gives me confidence in our decision to go remote with our annual Experience FinXTech.

Much as the NFL drew a great audience to Music City last year, so too were we excited to welcome a stellar audience to Bank Director’s hometown in early May. Just as the NFL figured out how to provide viewers with new glimpses into their team’s futures, so too will our Experience FinXTech as we move online. Ours will just be in terms of how and where financial technology companies and financial institutions might develop relationships that beget future successes.

Experience FinXTech parallels the NFL draft based on the concept of team-building. Just as every NFL franchise faces its own challenges, so too does every financial institution. Indeed, the ever-expanding digital chasm between the biggest banks and community institutions remains a major strategic challenge in terms of talent, tools and dollars spent.

While there is no one-size-fits-all approach to building a team, there are lessons that executives and leadership teams might entertain from their peers during a program like this one. Indeed, we have heard and seen incredible examples of community banks pulling together to serve their constituents as best they can, however they can, during this time. This program allows us to share examples.

Bank Director’s desire to help community banks succeed in all circumstances provides an impetus for moving to video and webinars instead of waiting until the late fall to meet in person. Helping banks and fintechs get smarter about immediate opportunities to develop meaningful relationships is incredibly relevant. The time is now to assess a business strategy and make decisions that could reshape your institution’s future. Access to timely, verified and reliable information is something we didn’t want to delay in providing.

Indeed, Experience FinXTech will touch on areas where technology can assist banks to provide counseling, assistance and a personal touch to their existing and potential customers. In addition, we talk about authentication. The need to embrace the cloud. Filling in the missing pieces in the digital commercial banking product set.

Beginning on May 5, we take a pragmatic approach to new business relationships, collaborations and strategic investments. We offer virtual demonstrations to help viewers see proven technologies available to banks with regards to security, data and analytics, internal systems, lending, digital banking, payments, compliance and the customer experience.

With so many elements of our economy being challenged, we know our “next normal” will look very different from what we’ve become accustomed to. Connecting interests, and ideas, to help banks and fintechs navigate their futures is why we ultimately decided to offer this year’s experience online, for free, to anyone interested in joining us.

I look forward to welcoming people to this year’s Experience FinXTech and promise that references to certain NFL teams will be kept to a minimum.

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Thanks to the support of these companies, we are able to extend complimentary registration for Experience FinXTech. To sign up, please click here.

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Daily Briefing: Sunday at Acquire or Be Acquired

PHOENIX — When Bank Director first introduced our Acquire or Be Acquired Conference 25 years ago, some 15,000 banks operated in the United States. While that number has shrunk considerably — there are 5,120 banks today — the inverse holds true for the importance of this annual event. What follows are two short videos from our first day in the desert that surface a few key ideas shared with our 1,300+ attendees.

Three Interesting Stats:

  1. Of the 5,120 banks in the U.S., 4,631 are under $1Bn in asset size and 489 are over that amount.
  2. Two years ago, we talked about the sweet spot of banking being banks between $5B and $10B in asset size; now, its those with assets of $50B+.
  3. Digital channels drive 35% of primary banking relationship moves, while branches drive only 26%.

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  • Whether you are able to join us in person or are simply interested in following the conference conversations via our social channels, I invite you to follow @AlDominick @BankDirector and @Fin_X_Tech on Twitter. Search & follow #AOBA19 to see what is being shared with and by our attendees.
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    On the Horizon for Bank CEOs, Their Leadership Teams and Boards

    WASHINGTON, DC — Can community banks out-compete JP Morgan, BofA and Wells Fargo?  This is the elephant in the room awaiting 853 bank executives and board members — representing 432 Banks — at our upcoming Acquire or Be Acquired Conference.  The lights don’t officially come up on our 25th annual event at the JW Marriott Phoenix Desert Ridge until Sunday, January 27.  So in advance, three big questions I anticipate fielding in the desert.

    Does 2019 Become the Year of BigTech?

    As noted by H2 Ventures and KPMG, Amazon is providing payment services and loans to merchants on its platform, while Facebook recently secured an electronic money licence in Ireland.  Alibaba, Baidu and Tencent have become dominant operators in China’s $5.5 trillion payments industry.  Add in Fiserv’s recent $22B acquisition of First Data and Plaid’s of Quovo and we might be seeing the start of a consolidation trend in the financial technology sector.  Will such investments and tie-ups draw the attention of big technology companies to the financial services industry?

    Has the window to sell your bank already closed?

    When I heard the rumor that BBVA might be buying UK-based Atom Bank — one of the proverbial European challenger banks — I started to look at acquisition trends here in the U.S.  Case-in-point, we put together the following graphic in December for BankDirector.com

    ma-infographic-final_1

    We know that some community banks have been holding out hopes of higher pricing multiples or for a strategic partner.  These institutions might find the window of opportunity to stage an exit isn’t as open as it was just a few years ago. This doesn’t mean the window has shut — but I do think an honest assessment of what’s realistic, at the board level, is appropriate.

    Wither the bond market?

    A NY Times op-ed piece  posits that the bond market reveals growing cracks in the financial system.  Authored by Sheila Bair, the former chairwoman of the FDIC, and Gaurav Vasisht, director of financial regulation at the Volcker Alliance, it warns that “regulators are not doing enough to make sure that banks are prepared.”  While the duo calls for thicker capital cushions for big banks and tighter leveraged loan underwriting standards, I wonder how executives joining us in Arizona feel about this potential threat to our economy?
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    As the premier bank M&A event for bank CEOs, senior management and board members, Bank Director’s 25th annual Acquire or Be Acquired Conference brings together key bank leaders from across the country to explore merger & acquisition strategies and financial growth opportunities. If you’re joining us in the desert, I’ll share a few FYIs later this week. If you’re unable to join us in Phoenix, AZ, I’ll be tweeting from @aldominick and using #AOBA19 when sharing on social platforms like LinkedIn.

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    What (Bank) Directors Think

    Quickly:

    CHICAGO — Guess what?  As institutions continue to seek out growth and efficiencies through technology, they in turn expose themselves to new risks and liabilities. Understanding the two-sided nature of this proverbial coin reflects just one of the many nuanced conversations that took place during our annual Bank Audit & Risk Committees Conference.  If you’re not familiar with this exclusive event, we invite bank leaders from across the country to take a broad and strategic view at the risk landscape, while also focusing on specific actions to improve a bank’s performance.

    Indeed, our team put together an agenda filled with opportunities to improve existing audit and risk functions.  In addition, we surfaced new ideas around issues and topics such as cybersecurity, credit quality, blockchain, rising interest rates and financial reporting.

    Personally, I was thrilled to welcome more than 400 men and women to the Swissotel Chicago — with over 300 participants comprising bank CEOs, chairmen, board members, CFOs, CROs, senior executives and internal auditors.  Throughout our time together, we took the opportunity to pose a series of questions to this hugely influential and knowledgeable audience.  As we discovered, the increasing level of U.S. debt proved the biggest macroeconomic concern for this group by a wide margin.  Yes, we polled this group using an audience response device and found 52% placed this issue as their top concern — far outpacing the 15% who cited a potential recession and 13% who pointed towards a political crisis.

    Such in-person polling provides quite a bit of insight as to where we might be heading as an industry and an economy.  What follows are five additional survey results from this year’s event on how this experienced audience feels about various hot topics.

    Q: What do you think is the biggest risk to the industry?

    54% = Technology changes and FinTech
    20% = Recession risk and loan quality
    17% = Flattening yield curve
    6% = Pushed out by consolidation
    4% = Regulatory scrutiny

    Q: What are your expectations for deposit competition in your markets over the next year?

    78% = We face stiff competition; deposit pricing will be a key concern
    13% = Our ability to compete for deposits will improve as rates rise
    9% = Unsure

    Q: As rates rise, are you concerned about loan terms within the bank’s existing loan portfolio?

    50% = No
    35% = Yes, but for a short period of time
    10% = Yes, I’m deeply concerned
    4% = Unsure

    Q: What is your greatest concern about deploying RegTech within your bank?

    23% = Updates to internal processes / infrastructure
    22% = Cost of RegTech solutions
    21% = Identifying valid solutions
    17% = Vetting providers / third party management
    15% = Internal skills
    3% = Regulatory acceptance

    Q: Do you believe the bank’s board has the necessary level of cybersecurity expertise?

    78% = No
    18% = Yes
    4% = Unsure

    I’ll keep my observations on these findings to personal conversations… That said, from improving risk oversight, mastering new reporting requirements and staying ahead on compliance, this year’s conference provided practical takeaways for participants to bring back to their banks.  Curious to see what we covered?  I encourage you to take a look at BankDirector.com or search for @BankDirector and #BDAudit18 on Twitter.

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    The Best of FinXTech’s Annual Summit

    Quickly:

    • FinXTech’s annual Summit brought together senior executives from across the financial space to focus on new growth strategies and opportunities related to technology.

    PHOENIX — I’ve spent the past few days with bank leaders, technology executives, investors and analysts interested to explore emerging trends, opportunities and challenges facing many as they look to grow and scale their businesses.  So as I prepare to head home to DC after some wonderfully exciting days at Bank Director’s annual FinXTech Summit, a few highlights from my time in the desert.

    The 10 Finalists for 3 FinXTech Awards

    For me, one of the signature pieces of this year’s program occurred on Thursday evening.  Under the stars, we recognized ten partnerships, each of which exemplified how banks and financial technology companies work together to better serve existing customers, attract new ones, improve efficiencies, bolster security and promote innovation.  The finalists for this year’s Best of FinXTech Awards can be seen in this video.

    Winners of the 2018 Best of FinXTech Awards

    We introduced these awards in 2016 to identify and recognize those partnerships that exemplify how collaborative efforts can lead to innovative solutions and growth in the banking industry.  This year, we focused on three areas of business creativity:

    • Startup Innovation, to recognize successful and innovative partnerships between banks and startup fintech companies that have been operating for less than five years.
    • Most Innovative Solution of the Year, to highlight forward-thinking ideas, we recognized partnerships that have resulted in new and innovative solutions in the financial space.
    • Best of FinXTech Partnership, a category to recognize outstanding collaboration between a financial institution and fintech company, we based this award on growth by revenue, customers and/or reputation plus the strength of integration.

    The winners? Radius Bank and Alloy for Startup Innovation, CBW Bank and Yantra Financial Technology for Innovative Solution of the Year and Citizens Financial Group and Fundation for Best of FinXTech Partnership.  To learn more about each, check out this cover story on BankDirector.com

    Favorite #FinXTech18 tweet

    Well played with the ZZ Top reference — now we just needs to grow out that beard and drop a pair of RayBans into the shot.

    Favorite picture

    DSC03946.JPG

    Three timely (and paraphrased) comments

    1. COMMUNICATION is key…. said nearly every presenter.
    2. Make the tough call to kill bad tech or a bad relationship. You’ll lose customers if you don’t react quickly (h/t to our VP of Research, Emily McCormick).
    3. Change is the key to being valuable; start thinking and working like a startup (h/t @nabeelmahmood).

    Video Recaps

    During our time in the desert, we shared a number of videos on BankDirector.com.  The page with all videos can be found on FinXTech Annual Summit: Focusing on What’s Possible.  To get a sense of what these short videos look like, here is an example:

    Thanks to all those who joined us at the Phoenician.  For more ideas and insight from this year’s event, I invite you to take a look at what we’ve shared on BankDirector.com (*no registration required).

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