When I first got involved with ICBA’s ThinkTECH Accelerator, I must admit that I believed fintechs were scary. However, what I learned is that “fintech” is a buzzword. Fintech companies are not necessarily different from other solution providers. The “fintech” title serves as a way to designate an innovative company. And don’t we all want modern partners for our banks? So, before I knew it, I was engaging with fintechs at my bank. We do business with two Accelerator alums: BotDoc and Beauceron Security. With BotDoc, we moved from a clunky, secure mail product no one wanted to use to a simple solution that is seamless for both our staff and our customers. Then, Beauceron helped us upgrade our internal fraud-detection training. Both are “fintechs,” and both provide first-class, innovative solutions that meet our needs. We have always tried to do things differently at my community bank, and with modern technology, we wanted to do it ourselves by creating and implementing solutions in-house. We prided ourselves on having the expertise on our team. But in today’s dynamic banking landscape, that perspective has shifted. As things get busier and we get bigger, we realized outsourcing certain functions can help greatly. But as we look for external partners, I depend upon my community bank colleagues to make recommendations. If I don’t know that a banker I trust uses a company, it’s unlikely that I would use it. That’s where ICBA steps in. We can rely on their due diligence to know we’re collaborating with a legitimate company. Any of the providers in ICBA’s Solutions Directory offer peace of mind; community banks know they are vetted by ICBA and can have an initial level of comfort with them. With fintechs, the more you get involved, the more you learn. There’s a whole continuum of fintechs out there that support community bank needs, and you can start by making minor changes before you dive into bigger solutions. So, as you look at your budgets, what’s next for your bank and where you want to go, I encourage you to consider attending — virtually or in person — ICBA’s ThinkTECH Accelerator to get a sense for what’s out there. I can assure you that even if you decide not to employ a fintech solution, it’s worth the time to see what’s possible. It will blow your socks off to see what’s available for community banks. At the very least, your views on what the term “fintech” means will change for the better and open doors to new opportunities. FROM THE TOP TOP 3 TRAVEL ACCESSORIES Here are my must-haves for travel season: 1. AirPods for quiet. 2. iPad for working. 3. Magazine for reading. Getting Comfortable With Fintechs By Lucas White, Chairman, ICBA President of The Fountain Trust Company INDEPENDENT REPORT | 9
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