16 MAY / JUNE 2022 “I seem to remember the boom of tech companies that were riding the innovation wave in the mid-2000s into 2010, and many of these names are now relegated to the dustbin of history. We tend to seek out the best possible products/services that will actually satisfy a need or demand of our customer base. Too many bells and whistles distract from our purpose.” “We need to do more homework on the costs and benefits to determine if it is something we feel is necessary or will be forced into at some point in time.” “We want to avoid those that seem to be over-promising and under-delivering. In addition, fintechs with thin backing or those racing for the exit don’t really excite us.” “Staff bandwidth and ability to deliver.” “Regulatory and compliance scrutiny or criticism.” “We have been able to provide solutions through our core processing. Vendor management and security are our concerns.” “We have not done much research to see how a fintech could benefit us. I wouldn’t say we are hesitant, just uninformed at this point.” “Certainly cost. Also, adopting a credit scoring model to decision loans is a big cultural shift.” “Our primary concerns revolve around the oversight of these fintechs and their compliance with various government regulations.” “The lack of regulatory understanding and their ability to transform the future of banking.” 0 1 2 3 4 5 6 Long-term viability Cost Compliance/regulation Security Staff/culture Integration 6 4 5 2 3 5 5YIWXMSR -J ]SYV FERO LEW FIIR LIWMXERX XS IRKEKI [MXL ƤRXIGL [LEX EVI ]SYV TVMQEV] GSRGIVRW# As of February 2022, BITS is now New Era Technology. Personalized IT Support with Global Experts • Cloud Calling, Contact Center and Collaboration • Managed Firewall, Security Detection and Response • SDWAN Design and Implementation • Microsoft Gold Partner • Telecom Agent, Procurement Monitoring, Escalations • Cloud Migration Projects • Physical Security & Surveillance • Managed Services and 24/7 US-based Customer Support Contact Us Certified Engineers & NOC Reduced Telecom Expenses 17+ Years in Banking neweratech.com/us/community-banks 877-696-7720
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