Independent Banker - November 2022 - 70
How to get more value out of your vendors
Innovative
Insights
CHALLENGE/ SOLUTION:With access to more technology than ever, many institutions face the challenge of identifying which fintech partners
can deliver true value and scalable growth. As you navigate this complex ecosystem, consider these three tips for vetting tech vendors.
If you want digital transformation to be more than
a buzzphrase, you need a strategy based on a keen
understanding of what your customers want - and trusted
partners who can help you deliver what your customers
demand.
That's exactly how Encore Bank became one of the fastestgrowing
privately held commercial banks in the United
States.
Under the guidance of Allan Rayson, Encore achieved
unprecedented growth in 2021 with 95% asset growth,
119% loan growth, 107% deposit growth, and 1,276 new
loans worth approximately $740 million.
I recently spoke with Rayson to find out how he vets tech
vendors for optimal results. Here are some of the highlights
from that conversation.
It all starts with the strategy
What makes Encore so successful? According to Rayson,
it all comes down to getting specific about desired goals
and outcomes.
" Early on, Encore Bank identified three big rocks that we
wanted to move: driving commercial loan volume, driving
core deposits, and driving non-interest revenue, " he told
me. " Gaining clarity on our business outcomes helped us
set a clear technology and innovation strategy. "
3 best practices for vetting tech vendors
1. Legacy is not always better.
Legacy infrastructure can be a competitive liability
that may be keeping your institution at a critical
disadvantage in a crowded marketplace.
Nathaniel Harley
is the CEO and
co-founder of
MANTL, a fintech
firm offering
omnichannel
account origination
software for banks.
2. Steer clear of RFPs.
Many FIs rely on RFPs to vet technology partners.
While this process can be helpful in identifying tech
requirements and business objectives, RFPs often
demand a lengthy process and a drawn-out checklist
that may fail to capture some of your most important
considerations.
3. One code base is better than custom code.
Custom code is risky. It's time-intensive and difficult to
update. It won't scale or innovate at the speed that you
might require. And it leaves little room for adapting as
you go.
Enabling growth in an age of uncertainty
By finding vendors that will work with you as you explore
the best path forward, you can clear
a path to resilience and embrace
the future with confidence.
Just ask Rayson. " We're an
organization that's only three
years old and we've grown
from $120 million in assets to
almost $3 billion during that
short time, " he told me. " I
think we all feel incredibly
proud of that. "
Nathaniel Harley // nathaniel@mantl.com // mantl.com
http://www.mantl.com
Independent Banker - November 2022
Table of Contents for the Digital Edition of Independent Banker - November 2022
Table of Contents
Independent Banker - November 2022 - Intro
Independent Banker - November 2022 - Cover1
Independent Banker - November 2022 - Cover2
Independent Banker - November 2022 - Table of Contents
Independent Banker - November 2022 - 2
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Independent Banker - November 2022 - Cover3
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