Independent Banker - July 2020 - 49

landscape has changed with
the entrance of fi ntechs and
neobanks. But community banks
have a big opportunity with
fi ntechs, which he describes as
" innovation enablers. "
" You don't have to wait 18
months, two years of integration.
Those days are gone, " Rengachari
says. " We have to innovate faster.
The good thing is that we can still
act and be successful. The time is
right to innovate now. "
Eric Best is deputy editor of
Independent Banker.
" It's important that banks
understand the power
of data and how
it can help them
further strengthen
relationships with their
customer, which is their
true strength. "
-Yogesh Pandit, Hexanika
Quickfi re fi ntech trends
This year's ICBA ThinkTECH Accelerator cohort
reveal three other trends on their radars.
Faster payments and paychecks
Many workers, especially gig workers, are getting
paychecks as quickly as the same day. Booshan
Rengachari, founder of Finzly in Charlotte, N.C.,
says more and more workers will want their
money instantly, and this speed will be fueled by
real-time payments (RTP). Thanks to a push from
community bankers and ICBA, the Federal Reserve
is working on FedNow, an RTP network that will
help make this possible. " Expectations have
shifted, " he adds. " Customers want to transact
faster payments. If you're not going to enable
them, you're going to lose their deposits. "
Boosting the back offi ce
While consumer-facing solutions draw attention,
says Kevin Shine, vice president of sales and
partnerships at Fraud.net in New York City, it's
solutions that quicken the pace of compliance,
credit decision-making and other back off ice
functions that will see more interest. " I think
you will continue to see a wave of innovation to
help community banks move away from manual
process to automation, " he adds.
Blending modern tools with
old-school service
Donald Hawkins of Griff in Technologies in
Overland Park, Kan., understands community
bank relationships. Back in his hometown
of Albany, Ga., his family's relationship with
its community bank went back to his greatgrandparents.
But the customer journey
to a bank today looks diff erent. Customer
acquisition and marketing tools supply context
on consumers. Before, if a a customer was
considering buying a car or home, their bank
would have learned that through face-to-face
conversations, which is less likely today. " We like
to take our customers on a path to go back to
the past to see how things used to be, " he says.
" Griff in is the modern-day format for banks to be
able to do that. "
independentbanker.org Q 49

http://www.Fraud.net http://www.independentbanker.org

Independent Banker - July 2020

Table of Contents for the Digital Edition of Independent Banker - July 2020

Table of Contents
Independent Banker - July 2020 - Intro
Independent Banker - July 2020 - Cover1
Independent Banker - July 2020 - Cover2
Independent Banker - July 2020 - Table of Contents
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