By Kevin Tweddle, ICBA
As we talk to bankers across the country, we are hearing more and more that they are looking for fintech vendors to help them with their digital transformation. As with any vendor, the community banks are looking for help with one or more of these problems:
- How can you help me grow revenue?
- How can you help me be more efficient and/or save money?
- How can you help me with regulatory compliance and/or mitigate my risk?
- How can you provide more information about my customers and/or improve the customer experience?
As banks identify the problem they are trying to solve, they typically start a long process of identifying vendors that can help. This typically starts with a web browser and their favorite search engine. The next steps can then take an enormous amount of time and effort, which many community banks don’t have the luxury of having. This was the genesis of ICBA trying to find a way to help with this process on behalf of our community bank members.
As we researched the marketplace for a solution that could provide this sort of Yelp, Angie’s List or Consumer Reports for community bankers, we could not find a viable solution. That led us to the development of the ThinkTECH Network, powered by FinXTech. We worked with the FinXTech team to custom develop a platform that was 100 percent focused on the needs of community banks.
The ThinkTECH Network is a curated, online directory of technology companies that are strategically partnering with financial institutions.
The key platform features include:
- a guided search function based on how to solve a key problem within a bank
- in-depth written profiles highlighting the products offered and how the company helps a bank
- quick snapshots of each company including its funding stage, key leaders and contact information
- an overview of product features, pricing models and core processor compatibility
- a list of sample bank clients and testimonials from financial institutions
- user-generated profile reviews and peer-to-peer discussions.
The ICBA ThinkTECH Network is a one-stop shop for community bankers looking for vetted community bank-friendly fintech companies. The platform is available at no charge to all ICBA members. By providing community banks with a straightforward tool for uncovering new innovation partners, it will offer more opportunities for community bank and fintech partnerships in 2019 and beyond.
Kevin Tweddle (email@example.com) is chief operating officer of the ICBA Services Network