U.S. Bancorp, Wells Fargo, WSFS and others were already deeply engaged in digital transformations before the coronavirus crisis led them to pivot — quickly.
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.
Clearpool's chief executive says BMO Financial Group, which is buying his company, saw a chance to gain control of cutting-edge technology that would help it cater to a special type of commercial customer.
Community banks and tech companies that are happy the central bank is building a next-generation system are not as pleased with its four- to five-year timeline. But big banks see the slow rollout as an opportunity to expand their own instant payment network.
Bank of America, MX and Carolina Fintech Hub are training refugees and nontechies to become developers while at the same time showing corporate citizenship.
