banking industry - FinTecBuzz https://fintecbuzz.com Fintech News Wed, 11 Sep 2024 12:30:03 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.5 https://fintecbuzz.com/wp-content/uploads/2019/04/cropped-Original-black-FinTech-512-32x32.png banking industry - FinTecBuzz https://fintecbuzz.com 32 32 International Payments: Bridging the Gap in a Borderless World https://fintecbuzz.com/revolutionizing-global-payments-now/ Wed, 11 Sep 2024 12:30:07 +0000 https://fintecbuzz.com/?p=64718 Martynas Bieliauskas discusses the shift from traditional banking to agile, global solutions.

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As any West Berliner over the age of 40 can attest, you don’t need a coastline to feel like you’re living on an island. Yet, while the Iron Curtain is becoming a distant memory even in the minds of those it once divided, European businesses today face a similar barrier that makes it practically impossible to trade or engage beyond their borders.
This isn’t a physical wall: it is the failure of the established banking industry to provide fast, reliable, and affordable international payments.

Cross-border transactions have always been time-consuming and expensive, but in the pre-internet days, this never mattered much to most businesses. Today, however, any business of any size can potentially be a multinational – especially digital businesses, which typically look to the Web (and so, the world) for their customers, rather than just their local High Street. Yet while the internet has made commerce borderless, the banking industry hasn’t kept pace by supporting seamless international payments for all, strangling the global growth ambitions of digital-first businesses.

While most domestic transactions are seamless and straightforward, especially following the Open Banking revolution, all but the biggest enterprises face significant challenges in doing business beyond their borders. They must contend with slow, cumbersome, and costly international payments; indeed, for many digital businesses, the fees and charges can outweigh the value of the transactions they are trying to complete. Traditional banking systems are meanwhile plagued by delays, high fees, and unreliable processes. Transactions can take days or even weeks, and the associated costs can be prohibitive for SMEs that do not have the financial capacity to absorb such expenses.

This is bad news for everyone. The exclusion of agile, innovative businesses from international commerce undermines overall market competitiveness, reinforcing the dominance of large corporations and limiting consumer options. So why, given that technology has transformed so many other aspects of international business, have international payments failed to evolve?

Barriers to Efficient International Payments

The challenges of cross-border transactions go beyond simple data transfers. Effective international operations require specialised processes, including risk assessments, Know Your Customer (KYC), and Know Your Business (KYB) protocols. Banks must also navigate complex legal landscapes in various jurisdictions and establish relationships with correspondent banks and national regulators.

Traditional banks possess the capabilities to address these needs but often choose not to invest in the necessary infrastructure.
From a purely financial perspective, supporting the unique requirements of digital businesses, particularly those with international ambitions, may not seem profitable. Establishing the requisite systems, hiring experienced and expert personnel, and forming global partnerships demand substantial resources at a time when banks are already struggling to replace legacy systems. It may not be a priority for them now, but the emergence of fintechs specialising in cross-border payments is a warning shot across their bows.

Legacy-free challengers

While traditional banks may be hesitant to adapt, fintech is stepping into the breach. This new breed of financial service provider offers fast, reliable, and affordable international payments tailored to the needs of digital businesses. Free from the constraints of legacy systems, harnessing the latest technologies and – most importantly of all – investing in the required relationships and skills, these fintechs are designed to meet the demands of today’s global digital economy.
Traditional banks might view these fintech solutions as serving niche markets, but this perspective could change as digital businesses continue to grow. The COVID-19 pandemic, for instance, prompted companies of all sizes to re-evaluate their supply chains and explore new international markets, highlighting the need for efficient cross-border payment systems.

Banks can continue to promote their (domestic) open banking achievements, but without providing truly global services, their claims will increasingly fall flat. If the growing community of digital businesses question why their financial partners cannot support their international needs, adjusting their ad campaigns and marketing messages will be among the least of their worries.

The question facing the traditional banking industry is how long they can afford to maintain their parochial, inward-looking focus. When ambitious digital businesses feel like they’re living on an island, it’s only natural that they will start looking for a bridge to the rest of the world.

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Martynas Bieliauskas, CEO, Klarpay AG

Martynas Bieliauskas is a fintech entrepreneur, investor and a well-versed technology and operations specialist with emphasis on emerging technologies and trends.

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Lendbuzz Welcomes Steve Linehan to Board of Directors https://fintecbuzz.com/lendbuzz-welcomes-steve-linehan-to-board-of-directors/ Tue, 16 Jul 2024 14:00:53 +0000 https://fintecbuzz.com/?p=62145 Lendbuzz, an AI-based fintech company that helps consumers obtain better access to credit when purchasing a vehicle, is proud to announce Stephen Linehan has joined its board of directors, serving in the role of chairman of the audit committee. Mr. Linehan brings over forty years of experience in the financial services industry as a CFO and public company corporate treasurer. Mr. Linehan most recently served as the CFO of Fair Square Financial, a private equity-backed...

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Lendbuzz, an AI-based fintech company that helps consumers obtain better access to credit when purchasing a vehicle, is proud to announce Stephen Linehan has joined its board of directors, serving in the role of chairman of the audit committee. Mr. Linehan brings over forty years of experience in the financial services industry as a CFO and public company corporate treasurer.

Mr. Linehan most recently served as the CFO of Fair Square Financial, a private equity-backed credit card company focused on the near-prime segment. As a founding member of the executive team, Mr. Linehan helped lead the build out of the company’s platform and execution of its strategic growth plan, culminating in its sale to Ally Financial in 2021. Mr. Linehan retired from Ally Financial in 2023.

“We are excited to welcome Steve to the board. He is a highly respected financial services industry veteran who has significant strategic and operational experience in enabling consumer credit companies to grow through cycles.” said Amitay Kalmar, Co-Founder and CEO of Lendbuzz. “Steve brings a depth of experience and perspective to the board that will be valuable as we scale our business into the future.”

Mr. Linehan spent 18 years with Capital One Financial Corporation prior to his time at Fair Square Financial. He served as Executive Vice President and Corporate Treasurer from 2003 to 2015, where he was responsible for the company’s overall balance sheet management including capital strategy, liquidity and interest rate risk management, global funding, and management of the investment portfolio. Additionally, Mr. Linehan managed the company’s relationships with investors, rating agencies, regulators and industry trade groups; having been actively involved in efforts to shape various regulatory issues affecting the banking industry.

“I am incredibly impressed with Lendbuzz’s ability to combine leading edge technology with disciplined credit underwriting, and sound operational and financial infrastructure to deliver highly valued auto lending products to undeserved consumers,” said Steve Linehan. “I am very excited to be joining the board at Lendbuzz, fresh off my experience in helping to build and run a highly successful fintech company in the consumer credit space, to help the highly talented team continue on its remarkable growth trajectory, delivering value to both the dealer partners and consumers it serves.”

Prior to Capital One Financial Corporation, Mr. Linehan spent seven years with the FDIC, serving as Assistant Director in the Division of Resolutions and Associate Director in the Division of Insurance. Mr. Linehan earned his bachelor’s degree in finance from the University of Notre Dame and an MBA from Loyola University Maryland.

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FinTech Interview with Carl Robinson, Chief Revenue Officer, Dragonfly https://fintecbuzz.com/fintech-interview-with-carl-robinson-cro-dragonfly/ Tue, 09 Jul 2024 13:30:11 +0000 https://fintecbuzz.com/?p=61812

Find out how banks can reduce tech debt and embrace new technologies.

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Carl Robinson, Chief Revenue Officer, Dragonfly

As a member of the Dragonfly Financial Technologies executive management team in the role as chief revenue officer, Carl is responsible for sales, revenue, market intelligence, competition, and account management. Carl brings over 27 years of successful digital banking and global payments experience, and 29 years of global sales management. Prior to joining Dragonfly, Carl held executive roles and lead sales, revenue growth and expansion, consulting, marketing and account management teams at EDS, Hewlett Packard, Oracle, Sterling Commerce, Fundtech/Finasta, ACI, Infosys and most recently Alacriti. Carl resides in Dallas Texas, and he is a passionate father of 3. Carl and his wife (Patricia) spend time giving back to their community and coordinating several non-profit initiatives focused on inclusion, and the lives of disabled children.

Carl, can you give us a brief overview of your role at Dragonfly and your experience in the banking industry?

I am a member of the Dragonfly Financial Technologies executive management team in the role of the chief revenue officer (CRO). As the CRO I am responsible for sales, revenue expansion and growth, market intelligence, competition, and account management. I have over 27 years of experience in digital banking and global payments and 29 years in global sales management. Prior to joining Dragonfly, I held executive roles and lead consulting, sales, revenue, marketing and account management teams at EDS, Hewlett Packard, Oracle, Sterling Commerce, Fundtech/Finasta, ACI, Infosys and most recently Alacriti.

I have managed deployments and revenue models of platforms on both public and private cloud, SaaS, and on premise with an in-depth understanding of digital payments and digital banking, financial payments, and the banking industry. My areas of focus include international and domestic digital banking, core deposits and lending, bill presentment and payment, immediate payments, SWIFT, TCH, FED, P2P, Zelle, and NACHA payments, payment hubs, trade finance, cash forecasting and management, mobile banking, financial security, AI, ML and analytics, fraud, and risk management.

Can you explain what tech debt is and why it’s a significant issue for banks today?

The term technical debt isn’t new and has been around since 1992. Its definition has evolved from speaking about the upkeep and maintenance of software platforms and development, to the entire technology strategy and operations. For years, banks have relied on legacy, monolithic technology to power and scale their digital banking operations from onboarding to information reporting and payments. But as traditional banks compete with nimbler, more agile and adaptive FinTechs, legacy technology, monolithic applications, and the significant tech debt is standing in the way of banks competing for business and corporate customers. A McKinsey study, “Demystifying digital dark matter: A new standard to taming technical debt,” estimates the cost of one company’s tech debt as anywhere between 15-60% of every dollar spent on IT. In the same study, a large bank estimates that its 1,000 systems and applications together generate over $2 billion in tech debt costs.

Tech debt is a significant expense and risk to the bank but is often hidden deep within the underlying fabric of the front and back-office systems. Many banks outsource their technology operations to a SaaS or provider and do not have full transparency of their tech debt. But they are devoting a significant amount of their technology spend to maintaining, working around, and keeping these legacy monolithic systems in place.

In the recent Dragonfly State of Banking Survey, more than 53% of banking executives expressed concern about tech debt. What specific aspects of tech debt are most troubling for these executives?

In our recent State of Banking survey, banking executives confirmed they are very concerned about their current dependency on legacy technology and rising tech debt. Furthermore, they believe legacy technology/tech debt is standing in the way of their bank’s success. The key concerns for 2024 include protecting and growing deposits, fraud, staffing resources, feature function/competitive gaps and budget.

Over half of the surveyed executives believe that tech debt is standing in the way of their bank’s success. Can you elaborate on how tech debt directly impacts a bank’s ability to compete and succeed?

In addition to legacy technology/tech debt issues, banks believe the biggest challenges to digital business banking success are staffing resources, innovation and feature function/competitive gaps and budget. That said, increasing resources and adding robust features to banks’ digital banking arsenal will definitely help banks to get a leg up on their competition and improve their overall customer experience.

FinTechs are known for their agility and innovative solutions. What are some of the key advantages that FinTechs have over traditional banks when it comes to digital business banking?

FinTech companies have several key advantages over traditional banks due to their innovative and technology-driven approach. For example, FinTechs have lower operational costs due to a lean and efficient operational structure compared to traditional banks and don’t have the overhead costs of maintaining extensive physical back office data centers and “brick and mortar” branch networks, so they can pass on cost savings to customers in the form of lower fees, along with an improved client experience.

Another advantage is that FinTechs are also at the forefront of technological advancements in the financial sector leveraging cutting-edge technologies such as AI, machine learning, big data analytics, and mobile platforms to provide seamless and user-friendly financial services. It also enables FinTechs to offer innovative products and services that traditional banks may struggle to match.

FinTechs are also typically more customer-centric and responsive to changing customer needs and preferences. They can do this because they are faster and more agile with their streamlined operations and lack of legacy systems, allowing them to adapt and innovate more quickly than traditional banks. They can also rapidly develop, test and launch new products or services to meet emerging market demands. Fintechs also prioritize user experience (UX) and design their platforms and applications to be intuitive, user-friendly, and accessible across multiple devices. The increased accessibility allows them to reach a broader customer base, including underserved or unbanked populations. However, it’s important to note that while FinTechs have these advantages, traditional banks still hold advantages in areas such as customer trust, regulatory compliance, broad product offerings, and they have access to large amounts of capital.

What are some of the most common challenges banks face with their legacy technology systems?

Banks often face several challenges with their legacy technology systems, including outdated infrastructure, lack of scalability, high maintenance and support costs, compatibility issues, security vulnerabilities, compliance, audit and regulatory challenges, limited functionality, and tech debt.

For example, legacy systems are typically built on older programming languages, hardware, and architectures that may be outdated, inflexible, and difficult to integrate with modern technologies. Older systems may also have security vulnerabilities that are difficult or impossible to patch or mitigate, exposing banks as targets to potential cyber threats and data breaches. Legacy systems also struggle to keep up with evolving regulatory requirements, such as data privacy laws, reporting standards, and risk management guidelines, potentially leading to audit flags and non-compliance issues. Over time, these legacy systems accumulate technical debt due to workarounds, patches, and customizations, making them increasingly complex and difficult to maintain or upgrade.

Addressing these challenges often requires significant investment in modernizing or replacing these legacy systems, which can be a complex and costly undertaking for banks. However, failing to address these issues can lead to operational inefficiencies, increased risks, and an inability to keep up with evolving customer needs and market demands.

How can banks start to address and reduce their tech debt? Are there specific strategies or technologies that you recommend?

Banks, like many established organizations, often struggle with tech debt – the accumulation of outdated or suboptimal technology systems and processes that hinder efficiency and innovation. Addressing tech debt is crucial for banks to remain competitive and compliant, enhance customer experiences, and adapt to rapidly evolving digital landscapes. One key strategy that banks should consider to help tackle tech debt is migrating to the cloud. Migrating legacy systems to a cloud-based infrastructure can significantly reduce tech debt by leveraging modern, scalable, and highly available platforms. Cloud providers offer various services, utilities and tools that can streamline and automate processes, reducing the burden of maintaining legacy infrastructure.

Another strategy is implementing a microservices architecture. Breaking down monolithic applications into smaller, independent microservices can help banks manage tech debt more effectively. Microservices promote modularity, agility, and scalability, making it easier to update and maintain individual components without disrupting the entire system.

There are also various tools and platforms available that can help banks identify, prioritize, and manage tech debt more effectively. These tools can analyze codebases, track dependencies, and provide insights into areas that require attention or refactoring.

Reducing tech debt doesn’t have to be an invasive high-risk project where the bank must “rip and replace” the old legacy application. There are modern approaches to renovating these legacy applications by standing up the modern platform, configuring the system to the banks preference and adding net new clients to this new instance. Then banks can plan and execute a well thought out approach to migrate the existing clients to the new platform over time. Addressing tech debt is an ongoing process that requires a sustained effort. Banks should carefully evaluate their specific requirements, existing systems, and future goals to develop a tailored tech debt reduction strategy.

What new technologies do you believe banks should be embracing to stay competitive with FinTechs?

Banks should embrace several emerging technologies to remain competitive with FinTechs and meet evolving customer expectations. Banks need to continue investing in user-friendly mobile apps and online banking platforms that offer a seamless and convenient experience for customers to manage their accounts, transfer funds, and access various banking services remotely. For example, by embracing open banking and Application Programming Interfaces (APIs), banks can facilitate secure data sharing and integration with third-party financial services, enabling them to offer a wider range of innovative products and services to customers.

As previously mentioned, migrating to a cloud-based infrastructure can provide banks with greater scalability, cost-efficiency, and accessibility to advanced technologies, enabling them to rapidly deploy new services and capabilities. Exploring the use of embedded banking and payments can extend the banks brand into your clients ERP workflow, helping streamline processes, reduce costs, and enhance the customer experience. This embedded approach allows the bank’s clients to facilitate their banking needs in the comfort of their daily routine, platform and process.

By embracing these technologies and fostering innovation, banks can enhance their digital capabilities, improve customer experiences, and remain innovative and competitive in the rapidly evolving financial services landscape.

What are the main barriers banks face when trying to implement new technologies and reduce tech debt?

Unfortunately, banks face several barriers when trying to implement new technologies and reduce tech debt including legacy systems, regulatory compliance, data silos and integration challenges, security, and cultural resistance. The banking industry is heavily regulated, and banks must comply with strict regulations regarding data privacy, security, and risk management. Implementing new technologies may require extensive testing and approval processes to ensure compliance, which can slow down adoption and increase costs. Additionally, banks often struggle with data silos making it difficult to integrate and leverage data at the enterprise level, for new technologies. Adopting new technologies can often be met with resistance because it requires significant organizational and cultural changes, budget constraints and vendor lock-in.

Overcoming the barriers I mentioned above requires a combination of strategic planning, adequate timing and resources, effective change management, and a commitment to continuous improvement and innovation within the banking industry.

Can you share any case studies or examples of banks that have successfully reduced their tech debt and improved their digital banking services?

A number of banks are utilizing APIs, microservices and events to create and deploy portals that provide an enterprise level dashboard and customer experience. They then leverage the enterprise entitlements, events and APIs for deep linking into the various bank products and applications. This enterprise-level approach unifies and simplifies the banks operations while providing a modern and consistent user experience. It also provides a means to interdict, and eventually replace the legacy applications.

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Temenos named #1 best-selling banking software in eight categories https://fintecbuzz.com/temenos-named-1-best-selling-banking-software-in-eight-categories/ Tue, 25 Jun 2024 14:00:01 +0000 https://fintecbuzz.com/?p=61278 Temenos once again tops the IBS Intelligence Sales League Table, coming first in more categories than any other provider and being named number 1 in core banking for 19th consecutive year

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Temenos announced it has been recognized as the global market leader by IBS Intelligence in the IBSi Sales League Table (SLT) 2024 in eight categories. These include Core Banking, Digital Banking & Channels, Payments and Risk Management, as well as Core and Risk Management for Islamic Banking.

Temenos also ranked #1 in Europe, Middle East, Africa and Latin America in the Regional Sales Awards. The results highlight the breadth of Temenos’ leadership as the banking platform of choice across regions and product segments. Temenos has been ranked #1 in the core banking category for the last 19 consecutive years.

The IBS Intelligence Annual Sales League Table (SLT) received a steady level of interest and participation with 50+ technology suppliers submitting 2,100+ deals spanning 151 countries across the Americas, Europe, Middle East, Africa, and APAC. It is an annual benchmarking exercise, which has been running for over 30 years and is based on the number of new customer contracts signed in a calendar year. The SLT is recognized as the barometer for financial technology providers’ sales performance across the banking industry.

In the 2024 IBSi analysis, Temenos has retained its position as market leader, continuing to rank number 1 across the following eight categories:

  • Universal Banking – Core
  • Digital Banking & Channels
  • Payment Systems – Retail
  • Neo, Challenger & Digital-Only Banks
  • Risk Management
  • Treasury & Risk Management
  • Islamic – Universal Banking – Core
  • Islamic Banking – Risk Management

Temenos’ open platform for composable banking allows financial institutions to easily assemble, test and extend their broad banking capabilities. This enables them to bring innovative products to market faster to meet growing customer expectations while reducing the cost of development.

With a single platform and code base across all business segments, from core to digital to payments, Temenos clients benefit from a higher sustained level of investment in R&D. Recent innovations include the launch of the first Generative AI solutions for core banking and the introduction of Temenos Positions, a lean financial processing solution designed to transform banking operations for institutions with complex, multi-core systems.

Jean-Pierre Brulard, Chief Executive Officer, Temenos, said: “The latest IBSi Sales League Table rankings reconfirm Temenos’ position as the global market leader in banking software. Our winning combination of customer-centricity and innovation makes Temenos the platform of choice for banks of all sizes, regardless of how they choose to deploy our software – on-premise, on public or hybrid cloud, or as SaaS. As banks look to meet the challenges of an evolving industry and changing customer demands, Temenos’ flexible, cloud-native platform, infused with Responsible AI, gives them the market-leading capabilities and agility they need to succeed now and in the future.”

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Associated Bank adds Chun Schiros as Chief Analytics Officer https://fintecbuzz.com/associated-bank-adds-chun-schiros-as-chief-analytics-officer/ Fri, 10 May 2024 17:00:35 +0000 https://fintecbuzz.com/?p=59428 Schiros brings advanced analytics and marketing optimization capabilities that will support Associated Bank's personalization, acquisition and relationship-deepening efforts

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Associated Banc-Corp (“Associated”) announced the expansion of its product and marketing leadership team with the addition of Chun Schiros as senior vice president, chief analytics officer. Schiros will focus on enhancing the bank’s ability to access and use data effectively and efficiently to attract, deepen and retain customer relationships across all lines of business, including consumer, small business, corporate banking and private wealth.

“We are ecstatic to welcome Chun to the Associated Bank team with her extensive expertise in data and analytics in the banking industry at this pivotal time,” said Bryan Carson, executive vice president and chief product and marketing officer. “As a people-led bank, Chun’s proven track record leading data-driven strategies, fueled by predictive models, machine learning and artificial intelligence, will elevate our product and marketing capabilities and in turn drive a more personalized banking experience for our current and future customers.”

The addition of Schiros is driven in part by the company’s multi-year strategic plan to bolster talent and technology in key business units to integrate customer feedback and insights to deliver targeted product and service enhancements that improve the customers’ banking experience and deepen their relationships.

Schiros joins the company from Regions Bank, where she served as head of enterprise data science and successfully led end-to-end development and delivery of predictive models, advanced data analytics, automated insights and reporting, AI and machine learning products. Schiros has been recognized as a leader and innovator in data and analytics by American Banker Magazine and Corinium Global Intelligence for her drive for advanced modeling, automation using AI, and improved bottom-line performance.

She holds a doctorate and master’s degree in electrical engineering and a master’s degree in probability and statistics from Auburn University.

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ServisFirst Bank announces New Chairman of Tennessee https://fintecbuzz.com/servisfirst-bank-announces-new-chairman-of-tennessee/ Fri, 19 Apr 2024 13:30:19 +0000 https://fintecbuzz.com/?p=58466 Veteran Banker Jake Farrell Joins ServisFirst Bank Memphis

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ServisFirst Bank, a subsidiary of ServisFirst Bancshares, is pleased to announce the addition of Jake Farrell to the ServisFirst Bank Memphis team. Jake will serve as Chairman of Tennessee working alongside Joel E. Smith, Market President of ServisFirst Bank Memphis, and Bradford Vieira, Regional President and CEO of ServisFirst Bank Tennessee, to grow the ServisFirst Bank market in Memphis and Nashville.

Jake FarrellChairman of Tennessee

Jake Farrell joins ServisFirst Bank as Chairman of Tennessee and will be based in the ServisFirst Bank Memphis office. With a distinguished career spanning over four decades dedicated to serving the Memphis and Nashville region, Jake Farrell is a well-respected figure throughout Tennessee. With nearly 50 years of invaluable experience in the banking industry, Jake has demonstrated exceptional leadership, particularly in the establishment and growth of financial institutions. Most recently, Jake served as a key figure at Landmark Bank, where he joined in 2009 and spearheaded its growth until it sold in 2021.

“I am very pleased to be on the same team again with Jake Farrell. Not only is Jake a great banker but he has been a good friend for many years,” states Tom Broughton, ServisFirst Bank Chairman, Chief Executive Officer, and President. “ServisFirst had a close correspondent banking relationship with Landmark before the bank was sold and we are thrilled to have this opportunity.”

Throughout his career, Jake has demonstrated expertise in commercial lending, business development, and strategic planning, consistently driving growth and prosperity within the communities he serves. His deep understanding of local economies and dedication to fostering relationships has earned him the respect and admiration of clients and colleagues alike. Jake’s passion for community banking extends far beyond the boardroom, as evidenced by his active involvement in various philanthropic initiatives and community development projects. His commitment to making a positive impact on society underscores his belief in the transformative power of banking as a force for good.

“I am deeply honored to have spent the last four decades serving my community through the field of banking,” states Jake Farrell, ServisFirst Bank Chairman of Tennessee. “I believe that by investing in people and businesses, we can create a more prosperous and resilient society for generations to come.”

As Jake embarks on the next chapter of his career, his experience and dedication will continue to shape the future of ServisFirst Bank. The Memphis office is currently operating as a loan production office and plans to be in its permanent location later this Fall.

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WesBanco again Named One of America’s Best Banks by Forbes https://fintecbuzz.com/wesbanco-again-named-one-of-americas-best-banks-by-forbes/ Wed, 17 Apr 2024 14:30:06 +0000 https://fintecbuzz.com/?p=58348 WesBanco, Inc., a diversified, multi-state bank holding company, announced that it has been named one of the 2024 Best Banks in America by Forbes. This marks the 14th year WesBanco has earned this recognition, which measured 10 key financial metrics for the 2023 calendar year. “Our fourteenth recognition by Forbes as one of America’s Best Banks is a proof point of our commitment to exceptional customer experiences, sustainable long-term growth strategies and credit quality,” said Jeff Jackson,...

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WesBanco, Inc., a diversified, multi-state bank holding company, announced that it has been named one of the 2024 Best Banks in America by Forbes. This marks the 14th year WesBanco has earned this recognition, which measured 10 key financial metrics for the 2023 calendar year.

“Our fourteenth recognition by Forbes as one of America’s Best Banks is a proof point of our commitment to exceptional customer experiences, sustainable long-term growth strategies and credit quality,” said Jeff Jackson, President and Chief Executive Officer, WesBanco. “In a year that tested the resilience and adaptability of the banking industry, WesBanco remained a strong, sound financial institution well-positioned to serve our customers, communities and shareholders. This accolade from Forbes reinforces the trust and confidence our customers place in their banking relationship with us, and we are proud to continue to help advance their financial journeys.”

Forbes’ annual America’s Best Banks list evaluated 10 metrics measuring growth, credit quality and profitability for the 2023 calendar year, as well as stock performance in the 12 months through March 18, 2024. The 10 equally-weighted financial metrics are net interest margin; return on average tangible common equity; return on average assets; CET1 ratio; efficiency ratio; nonperforming assets as a percentage of total assets; reserves as a percentage of total assets; risk-based capital ratio; operating revenue growth; and net charge-offs as a percentage of total loans.

The America’s Best Banks recognition is the most recent third-party accolade for WesBanco, which continues to earn recognitions for financial performance, customer and employee satisfaction and community reinvestment. Other recent accolades include Forbes’ World’s Best Banks, Newsweek’s Best Regional Banks, and our eighth consecutive “Outstanding” FDIC Community Reinvestment Act Rating.

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FinTech Interview with Glendy Kam, Chief Product Officer at Tassat https://fintecbuzz.com/fintech-interview-with-glendy-kam-cpo-at-tassat/ Tue, 13 Feb 2024 13:30:38 +0000 https://fintecbuzz.com/?p=55455

Explore how seamless collaboration fuels product success from start to finish. Every aspect of our business is vital in achieving design goals.

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Glendy Kam, Chief Product Officer at Tassat

Glendy Kam is the Chief Product Officer of Tassat Group Inc., the leading provider of blockchain-based real-time solutions to banks. She joined Tassat in 2021 to drive the strategy and help set the long term vision for Tassat products. Ms. Kam spent the majority of her career in banking where she held multiple leadership roles in product management and technology across different industry sectors. Before Tassat, she launched the Application Programming Interface (API) pilot program within J.P. Morgan which grew to become a large initiative in Open Banking. She also launched the first Real-Time Payment (RTP) API for B2B and B2C customers in the United States, which continues to grow to cover five other international faster payment rails. The API program and Open Banking supported the J.P. Morgan blockchain initiative, Onyx, in the rollout of some of its first clients. She was also a contributing board member for NACHA ASIG and a working member in the SWIFT API initiative. In addition to her role in Open Banking & API, Ms. Kam was the Product Manager for J.P. Morgan Access® Mobile where she oversaw the authentication and authorization of products across all digital channels for J.P. Morgan Treasury Services. Prior to her roles in product management, Ms. Kam held several solution architecture roles in compliance technology, FX product expansion, and Global Payment Strategy. Ms. Kam earned her B.S. Engineering degree in Computer and Information Science from Ohio State University, and a M.S. in Electrical Engineering and Computer Science from Northwestern University with a focus on Cryptography in Wireless Data Networks.

Glendy, can you tell us about your background and how you came to be the Chief Product Officer at Tassat?
I have spent the majority of my career transforming traditional banking institutions into cutting-edge technological frontrunners, equipped to compete with the latest innovations in the financial technology market. Before joining Tassat, I was a product solutionist and architect at J.P Morgan’s Onyx on Open Banking for some of its first customers. I also launched the first US Real-Time Payment (RTP) Application Programming Interface (API) for B2B and B2C customers in the United States as an Executive Director at J.P. Morgan, which continued to grow and cover an additional five international faster payment rails.

What are your key responsibilities as the Chief Product Officer at Tassat and how do you approach them?
As Chief Product Officer of Tassat, my main focus is to execute the product strategy to align with Tassat’s mission and to deploy that throughout the organization. I am responsible for leading the development and execution of the company’s product strategy and overseeing the product development process: from ideation and prototyping to product release. I lead a team of product managers and designers to provide product research, conceptualization, design, development, and the launch of new products and services that meet the needs of the company’s target market and align with its business objectives.

Could you describe your methodology for product development at Tassat and shed light on how you decide which features and enhancements to prioritize?
Our holistic product development methodology is anchored on four key pillars. Firstly, we prioritize aligning our product development strategy with the overarching vision and mission of the company. Secondly, we conduct comprehensive market research to gain insights into current market conditions, trends, and the competitive landscape. Thirdly, we prioritize understanding and meeting client demands through feedback and support analysis. Regulatory compliance always takes precedence, guiding our feature prioritization to ensure alignment with the regulatory framework of our clients and partners. These pillars may see varying priorities at different stages of product development to adapt to evolving market dynamics and ensure overall success.

What are some of the biggest challenges you face as a CPO, and how do you address them?
After years of working at one of the largest banks in the world, I was ready for my next challenge. I’m drawn to the fast-paced, innovative culture of the fintech industry. When contemplating this change, I was cautioned by a senior leader, one whom I have great respect for, that I would face a learning curve when entering the fintech industry. Despite these warnings, I was determined to switch and transition away from the banking industry, where I spent my whole career. For the first time, I was no longer building innovative products at a bank, but I was building technology for outside organizations. Breaking through the traditional mentality of, “if it’s not broken, don’t fix it,” challenged me to truly shift the way I approach the technology I have spent years developing. In doing so, I adapted my thought process towards the future and vision that Tassat provides our clients to update age-old payment technology.

Can you talk about a particularly successful product launch you led at Tassat, and what made it successful?
In 2023, I led the launch of Tassat’s new multiple fiat currency functionality within its flagship intra-bank payments platform, TassatPay, to facilitate transactions for corporations that service and interact with clients around the globe. With this product, Tassat’s clients can create and hold wallets to execute non-USD transactions on the Tassat platform, beginning with the G7 currencies. This added global applications to the company’s robust suite of actively deployed real-time payment solutions and empowers more business verticals to discover global use cases and solutions within their bank. This was especially relevant considering the increasingly global nature of commercial banking, as clients in the U.S. demand the capability to conduct their business across currencies and build global use cases for their B2B customers.

How do you work with other departments, such as engineering, marketing, and sales, to ensure successful product development and launches?
Ultimately, product development is a result of close collaboration and integration across multiple facets of the business. From ideation to launch, each business segment has a critical role to play to ensure our products meet their design goals and are prepared for their go-to-market capabilities. Communication is key throughout this process, and I work to ensure our teams are well-supported in the organization to a degree where we can meet our timelines, and deliver for our core customers.

What do you believe sets Tassat’s products apart from those of its competitors?
Tassat is a first adopter in the industry and the most proven B2B real-time payments platform. With existing payments solutions, financial institutions are limited by high transfer fees, size limits, and restricted hours (9-5 during the weekdays) to complete their transactions. They also face consistent fraud issues that hinder their ability to ensure the safety of their corporate clients’ transactions.

Tassat’s flagship product, TassatPay® solves these core issues through technology. Since its inception in 2019, TassatPay has powered over $1.4 trillion in safe, real-time transactions. Through our platform, Tassat’s partners and their corporate clients are empowered with payments technology that enables them to transact instantaneously, 24/7/365, and with greater confidence in the security of their platform.

To date, Tassat has worked with its partners to develop more than 20 use cases, including logistics, mortgage warehousing, commercial construction, private equity capital calls, as well as broader working capital applications. The results effectively created deeper and longer-lasting relationships, increased deposits, and increased revenue opportunities to provide other profitable financial services.

Can you speak to Tassat’s product roadmap and what the company is focused on in the coming years?
The payments industry is ripe for disruption in the next five years. The total volume of B2B payments in 2022 was estimated at $88 trillion, and projected to grow to $111 trillion in 2027. In the short term, we plan to increase the adoption of TassatPay and expand our suite of use cases into new verticals, such as healthcare. Long term, we’re focused on continuing to position Tassat as an industry leader for financial institutions seeking to enhance their client services.

What role does user feedback play in Tassat’s product development process, and how do you gather and incorporate it?
Similar to working with other departments in the product development process, we work closely with our product teams to ensure each client’s unique specifications are incorporated thoroughly throughout product integrations. This is a collaborative and iterative process, with significant resources invested into ensuring user and client feedback plays a role in executing our product rollouts seamlessly, and consistently.

How do you see the fintech industry evolving in the coming years, and how is Tassat positioning itself to stay ahead of the curve?
In a difficult macroeconomic environment, we’re seeing fintechs once touted as surefire winners struggle to operate at the same capacity as in previous years. Many are relying on investment funding to stay afloat in these trying times. With challenging interest rates, plummeting valuations, and a flood of new entrants into the market, differentiation is proving to be an obstacle for financial technology companies with more competitors than ever before. That being said, the next 6 – 18 months represent a tremendous opportunity for companies with genuine value propositions to capture the right market and emerge even stronger. Fintech will be a “winner take all” space over the coming months.

Can you discuss any upcoming partnerships or collaborations that Tassat is working on?
As we look ahead to 2024, we plan on expanding our user base and other financial institutions into new verticals by building new product offerings. Fundamentally, real-time payments strengthen corporate relationships across verticals, and our private permissioned blockchain-based payments technology will continue to be a key differentiator for our partners as real-time adoption continues to become the industry standard.

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Baker Hill announces Jim Perry as Keynote Speaker for Prosper 2024 https://fintecbuzz.com/baker-hill-announces-jim-perry-as-keynote-speaker-for-prosper-2024/ Mon, 12 Feb 2024 17:00:56 +0000 https://fintecbuzz.com/?p=55421 Baker Hill's annual user conference to take place in Orlando, Fla. in April 2024

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Baker Hill, a leading financial technology provider in delivering solutions for loan origination, risk management and analytics, has announced that Jim Perry, Senior Strategist at Market Insights and well-renowned speaker in the financial sector, will headline the agenda for Baker Hill’s premier user conference, Prosper 2024, which will take place in Orlando, Florida from April 21-23.

“Last year’s Prosper event was a huge success, producing record attendance from 65 financial institutions across the nation. We host the event to give attendees the opportunity to interact with industry leaders, and to provide financial institution leaders with the latest insights on the state of the banking industry and lending,” said John Deignan, president and CEO of Baker Hill. “We have high expectations for 2024’s conference, and we expect yet another year of strong turnout.”

Deignan continued, “At Baker Hill, we strongly believe in the power of community. As we celebrate Baker Hill’s 40th birthday in 2024, we’re doubling down on our focus of empowering community banks and credit unions with the technology they need to serve their communities. That’s why Prosper was created – it’s not just a conference, it’s an opportunity to build your professional network and learn from your peers. Our team is enthusiastic about our agenda and this year’s keynote speaker, and we look forward to setting a foundation for informed strategic planning and exploring trends that are shaping the future of the financial industry. Come celebrate our 40th anniversary at Prosper 2024!”

As Senior Strategist at Market Insights, a consulting firm that helps financial institutions make strategic decisions based on facts about their markets, customers and more, Jim Perry joins Prosper 2024 as Baker Hill’s keynote speaker. Perry will share his unique perspectives on the trends shaping the financial services industry leveraging his years of experience consulting financial institutions throughout the U.S. He brings deep expertise in the areas of strategic development, digital modernization, marketing and branding, culture and DEIB. Given his reputation as an expert in the fintech and financial services sector, Perry has been invited to present at numerous state, regional, national and international conferences over the years. He was also honored by Onalytica as one of the “Top 100 Fintech Influencers” and continues to be recognized by fellow industry experts as a leader in banking and financial services.

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Corridor Platforms partners with JAM FINTOP https://fintecbuzz.com/corridor-platforms-partners-with-jam-fintop/ Wed, 24 Jan 2024 17:30:29 +0000 https://fintecbuzz.com/?p=54629 Corridor Platforms, a next-gen digital decision platform enabling banks to leapfrog to best-in-class digital decisioning capabilities economically and quickly, has partnered with JAM FINTOP(1), a venture capital firm that invests in bank technology on behalf of regulated financial institutions. The rapid adoption of digital lending and banking products by consumers is redefining loyalty in the banking industry. Despite investing in front-end digital capabilities, mid-tier banks may encounter obstacles in achieving high-quality, real-time decisioning capabilities due to...

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Corridor Platforms, a next-gen digital decision platform enabling banks to leapfrog to best-in-class digital decisioning capabilities economically and quickly, has partnered with JAM FINTOP(1), a venture capital firm that invests in bank technology on behalf of regulated financial institutions.

The rapid adoption of digital lending and banking products by consumers is redefining loyalty in the banking industry. Despite investing in front-end digital capabilities, mid-tier banks may encounter obstacles in achieving high-quality, real-time decisioning capabilities due to legacy data infrastructure, competition for analytical talent, and manual or inefficient compliance processes. With consumers having easy access to alternatives and due to sophisticated targeting over the internet, smaller banks that are slow to transform may find it difficult to win and retain attractive customers.

“Banks that do not prioritize upgrading their digital decisioning capabilities risk falling behind and losing significant market share to competitors who are adopting comprehensive digital transformation strategies, incorporating hyper-personalized models and advanced real-time decision strategies,” said Manish Gupta, Corridor Platforms CEO.

Corridor Platforms Risk Decisioning-as-a-Service (RDaaS) offering enables turnkey digital lending and deposit programs for mid-size banks, credit unions and credit card providers. RDaaS leverages advanced analytics, AI and the cloud to deliver instant decisions necessary to support digital initiatives such as point-of-sale financing, digital loans, cross-selling, deposit pricing and real-time credit limit changes. With RDaaS, institutions can capitalize on a hosted advanced decisioning cloud that integrates external and internal data sources, while ensuring that banks retain full control over compliance and governance.

With this offering, Corridor brings the collective power of the industry’s leading technology, analytics, and governance experts together to create a solution that makes banks competitive quickly, while transferring critical know-how so that they become self-dependent in the future. Corridor transfers transformational capabilities to the bank, reducing continued dependency on third party providers for core functions that regulators expect banks to have in-house.

Gupta added, “The decision to build, buy, or rent decisioning capability is a strategic one. While outsourcing some parts, like a risk score, may give you some immediate impact, it is imperative that you become self-sufficient in-house sooner rather than later for all your digital decisioning components to achieve sustained differentiation. All of banking will soon be digital, and it is not advisable to outsource a core function.”

“The JAM FINTOP Network of banks is increasingly looking for ways to leverage data lakes, upgrade their own digital decisioning and analytics capabilities to compete against the large banks and nimble fintechs. We are excited to partner with Corridor Platforms to help mid-market banks do this quickly and cost-effectively,” said Adam Aspes, Managing Partner, JAM Special Opportunity Ventures.

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