The SRM recently returned from Bank Director’s Acquire or Be Acquired conference. The event was well attended, provided great networking opportunities, and created a forum for sharing ideas on numerous growth strategies for financial institutions of all sizes.
While the event remains focused on the topic of mergers and acquisitions, this year’s sessions highlighted broader strategic initiatives that can differentiate winners and losers in the financial services industry. Naturally, fintech played a considerable role, as witnessed by the attendees and the topics.
Here are my five tech-driven takeaways from the event:
Increased Demand for Real-Time Processing: Several people I met with were keen on improving real-time processing with their core platforms to include all payment options. There were plenty of opportunities to have those types of conversations, given the wide variety of fintechs operating in that space.
Boards Need Tech Expertise: More FIs are in dire need of directors with technology experience. Scott Petty from Chartwell Partners highlighted the need for recruiting digital talent to fill vacant board seats.
Data Matters More than Ever: William Demchak at PNC Financial Group used his keynote to tout the growing importance of APIs and fintech investment, particularly when organizing and interpreting data.
Customer Experience is Always Top of Mind: Everybody is looking for a “delightful experience,” especially regarding frictionless and speedy account openings. This was a key talking point from Erin Simpson of Encore Bank.
Blockchain is Here to Stay: While digital assets, particularly crypto, face challenges, the underlying technology has sustainable, long-term potential. Kevin Green at Tasset Group clarified that all FIs must understand how the blockchain can unlock new markets, retain clients, and build shareholder value. This is a stance that SRM’s Digital Assets Advisory team has been sharing for some time now as they speak to leaders across the financial services landscape.
The Bottom Line
To differentiate and succeed in 2023 and beyond, banks and credit unions must adeptly identify and pursue collaborations that further their goals and meet long-term strategic objectives.
SRM can help your financial institution with goal setting, vetting the partners available to help you attract and retain business, and execute a comprehensive plan to boost your bottom line.