Innovative Financial Technology: We need your valuable insight on community bank needs

11/25/19

Financial technology, often shortened to fintech, is the technology and innovation that aims to compete with traditional financial methods in the delivery of financial services. It is an emerging industry that uses technology to improve activities in finance. Wikipedia

OBL BankServices partners with a wide variety of product and service providers who help community banks increase profitability, retain customers, reduce costs and expand their service offerings.  Terry Gore with JobsOhio recently shared Ohio is the 6th largest financial services industry in the U.S. Through Terry, we recently met with fintech companies seeking feedback on a technology, product or service created for the banking industry.

OBL members play a critical role in reviewing new and innovative technology supporting community banks.  These efforts ensure OBL Members are knowledgeable and competitive in their communities.  Your contribution will provide valuable insight on community bank needs, industry trends and new partnerships to explore.  If you have interest in connecting with the following companies seeking OBL member input, please email Michelle Crume at mcrume@ohiobankersleague.com or by phone at 614.340.7622.

DoubleCheck’s Bank.NOW software platform allows customers of banks to control their NSF situation in real-time. Bank.NOW allows customers to choose which ACH’s, Bill Pay, paper and electronic checks, if any, they would like to pay or "cover” using a variety of payments sources all within the security and comfort of the financial institution's ecosystem. 

Bank.NOW creates a brand-new organic stream of non-interest interest income for the financial institutions; While at the same time reducing customer attrition, increasing brand loyalty and initiating real-time fraud prevention and reporting. All of this is done within a regulatory friendly and compliant environment. 

According to Bank.NOW:

-          Bank keeps 100% of their NSF Income, regardless of the customers action's

-          Easy to implement, Bank.NOW is core agnostic 

-          Brand new cross sell opportunities

-          Every customer is automatically enrolled in Bank.NOW. The product is optional at the time of use and therefore, no opt-in is required.

-          59% of customers surveyed said they would switch financial institutions to get Bank.NOW

Kymera Labs, headquartered in Tel Aviv, Israeli specializes in creating synthetic data based on real data.  Their solution seeks to combat the risk associated with using and sharing sensitive data but allows real life insight conclusions   The company is interested in visiting Ohio and is seeking potential interest from local banksThe company was founded in 2017 and has existing clients that includes Israel’s largest bank.   Attached is an introduction document and the company website is www.kymera-labs.com/

ELEKS (https://eleks.com) is a global software engineering and technology consulting provider with more than 28 years of experience building custom software solutions that support the business growth of 250+ clients in the  banking, insurance and healthcare industry.

ELEKS  provides software solutions including but not limited to blockchain, big data and cyber security.   OBL met with ELEKS regarding their  new product in the Reg Tech field that automates and coordinates the Compliance efforts within banks.  ELEKS is looking for potential early adopters (3 banks maximum at the moment) of that technology starting Q1 2020.  Here is a short demo for your review: www.youtube.com/watch?v=3tCHIxZmd_c