Independent Banker - March 2025 - 20

PORTFOLIO
◎FOCUS BANKING
Ways to win the new
retail banking game
Technology continues to evolve, and community banks must
do the same. To cater to and better support young, tech-savvy
customers, these local banks are partnering with fintechs to
revamp their retail banking offerings. By Judith Sears
s technology continues to change
the retail banking landscape,
community banks are finding
innovative ways to compete.
" Banks are trying to stay ahead
of technology, " says Thomas
Gdowski, president and CEO of
$505 million-asset Equitable Bank
in Grand Island, Neb. " I think
community banks have to be with
a partner that can provide the type
of software [that can] help you
implement these solutions. "
Instant payments, such as Venmo
and Square, have been rocking the
financial world for some time. Their
use is ushering a younger, technative
demographic into the financial
world-if not the institutional banking
world-at a much younger age than
previous generations.
" It's really important for banks
to understand that the entry point
for banking is happening earlier, "
says James Peil, head of partnership
and business development for Rego
Payments, a family wallet platform.
" [Kids nowadays] get their first
smartphone at 10 and a half years,
and that's when the family looks for
solutions in the app store. You want
that entry point to banking to be
your brand. "
Instant payments are key
Evan Uchtman, EVP of sales and
operations for payments solution
provider Neural Payments, agrees
that instant payments have gone
viral among younger consumers who
exchange money via smartphone apps
without explicit reference to a bank.
While this excludes banks from many
transactions, Uchtman believes that
niches of opportunity still exist.
" Venmo can't reach [those who
don't use the app], " he says. " Our
technology allows banks to participate
in this digital network. "
Digitalization of payments and
A
20 // ICBA Independent Banker // March 2025
Image by Onderortel/Adobe

Independent Banker - March 2025

Table of Contents for the Digital Edition of Independent Banker - March 2025

Independent Banker - March 2025 - Intro
Independent Banker - March 2025 - Cover1
Independent Banker - March 2025 - Cover2
Independent Banker - March 2025 - 1
Independent Banker - March 2025 - 2
Independent Banker - March 2025 - 3
Independent Banker - March 2025 - 4
Independent Banker - March 2025 - 5
Independent Banker - March 2025 - 6
Independent Banker - March 2025 - 7
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Independent Banker - March 2025 - Cover3
Independent Banker - March 2025 - Cover4
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