Hoosier Banker 35 not be obtainable. Getting into these niche markets creates an entire new segment of customers and revenue. What is Embedded Fintech? Embedded finance is about integrating traditional financial services into non-financial services companies’ experience. It’s meeting the consumers right where they are and providing tailored suites of products at the point of need with no resistance to adoption. Embedded fintech, on the other hand, offers a seamless experience for users to work within platforms they already use. Mobile payment applications that allow peer-to-peer money transfers, like Zelle, are a great example of embedded fintech that was not widely available within traditional financial institution experiences five years ago. Consumers can send and receive money from friends and family directly from their financial institutions. Another example is identity theft protection. Younger generations are aware of their credit and want to protect it. These consumers demand a lot from their mobile banking experience and often want to use applications that can show credit irregularities in real-time. Take Control of Your Technology As with anything new, improved technologies and capabilities are often met with challenges. Anyone who has worked on implementing fintech knows it can be difficult to deploy, as many financial institutions are still operating on legacy technology. Historically, especially in smaller institutions, IT has been outsourced to technology providers that specialize in digital experiences. Financial institutions need to evolve and become innovators. Neither has been easy in past years. A core system conversion can be difficult, but it may be necessary to move your digital experience forward. To future-ready your financial institution, the ability to transform and implement new technology features is critical. It’s time for rapid product innovation, and digital strategies need to be managed from within the financial institution with decisions based on strategy, not on current available technology. It will require a rethink in terms of how much technology control you give to your primary technology partners and how to bring differentiating skills in-house. Conclusion With the recent improvements in technology as an enabler, financial institutions can expand their appeal to a whole new generation of digital-native consumers and business owners. Whether you choose embedded finance or embedded fintech, act now. Loyalty is increasingly built on the foundation of technology, and financial institutions must provide an exceptional experience before consumers and businesses choose other brands. HB TAKING IT EASY David Bochnowski will retire as executive chairman of Finward Bancorp, holding company for Peoples Bank, Munster, on June 30. He has served as executive chairman since 2016, after 35 years as its chairman of the board and CEO. Bochnowski is a former chairman of America’s Community Bankers, the American Bankers Association Government Relations Council and the Indiana Department of Financial Institutions, and a former member of an advisory council to the Federal Reserve, Securities and Exchange Commission Advisory Committee on Small and Emerging Companies, and the Board of the Federal Home Loan Bank of Indianapolis. He is actively involved in his community as a member of the boards of Community Health Care System, Calumet College and Valparaiso University among others. Bochnowski was inducted into the Northwest Indiana Times Business and Industry Hall of Fame, received lifetime recognition awards from the Northwest Indiana Small Business Development Committee and Northwest Indiana Urban League, was recognized as a Sagamore of the Wabash, is an Indiana Bankers Association Leader in Banking Excellence and is a member of the IBA 40 Year Club. Benjamin J. Bochnowski, the holding company’s president & CEO and member of its board, will succeed David as chairman. Ben is currently first vice chairman of the IBA board of directors and serves on the board of the Indiana DFI. Michael Shropshire, chief credit officer for Logansport Savings Bank, retired Dec. 29. He had been with the bank since 2010 and worked in banking for 37 years overall after graduating from Indiana University – Bloomington. Ann Jungel, a customer service employee who had been with The Farmers & Merchants Bank, Boswell, since 1985, retired on Dec. 30. In Jengel’s 37 years with the bank, she also worked as a teller, bookkeeper and proof operator. Karla Watson, loan processor with Logansport Savings Bank, will retire effective May 1. Since joining the bank in 2004, she has also worked as a teller and new accounts manager. Watson previously spent 27 years at the National Bank of Logansport. She is a member of the Indiana Bankers Association 40 Year Club, with 46 years in the industry. HB
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