Many community banks, like Peoples Community in Wisconsin, say they proceeded despite the technological challenges presented by social distancing because the crisis has exposed the shortcomings of their digital systems.
Switching core banking systems has long been done face to face, but the coronavirus has driven the process into the digital arena. The change could be permanent.
Incoming chief Frank Bisignano downplays any pressure to find $1.2 billion in cost cuts promised to shareholders from the acquisition of First Data. Instead he emphasized his track record of producing revenue growth and pledged to keep funding innovation projects.
Financial services personnel were among critical infrastructure groups that the Department of Homeland Security said were crucial for “public health and safety as well as community well-being” during the pandemic.
M&T hires Aarthi Murali away from JPMorgan Chase as its customer experience chief; when a small town loses its only bank; why more banks are ditching their legacy core vendors; and more from this week’s most-read stories.
Newcomers Nymbus, Neocova, Finxact and Technisys and older competitors like Temenos, Infosys and Oracle are winning over community and regional banks by offering what some bankers describe as more flexible technology at fairer prices.
Rellevate, founded by Stewart Stockdale, will offer pay advances, fast bill pay payment and international remittances for consumers who live paycheck to paycheck.
Ludwig, a former regulator and CEO of Promontory Financial, and Mahan, the head of Live Oak Bancshares, say they want to back tech startups that support community banks. The ABA and ICBA are among the fund's investors.
