James Sept-Oct 2021 web - Flipbook - Page 35
Georgia is the epicenter of Fintech,
with 70 percent of all U.S. transactions
handled by processing firms located here.
is occurring in Georgia. There is a downward trend in the
efficiency ratio as well as the overall margin compression
and non-interest income as a percentage of assets. This is
according to the QwickAnalytics Comminty Bank Index
through March 31st of this year.
Along with favorable economic conditions of Georgia,
the state also has an amazing and world class Fintech
industry. The Georgia.org website notes the following:
“Georgia is the epicenter of Fintech, with 70 percent of all
U.S. transactions handled by payment processing firms
located in Georgia. The state’s ‘Transaction Alley’ is comprised of 170-plus Fintech companies, which generate an
annual revenue of over $72 billion.” And Georgia is currently proud to be the home of several Fintech “unicorns”
(those that have reached a valuation of at least $1billion)
including Greenlight, Cardlytics and Bakkt, to name a few.
Additionally, the state is also home to several wonderful
Fintech focused organizations that support technology
initiatives, programs, students and entrepreneurs.
This Advanced Technology Development Center at
Georgia Tech is Georgia’s technology incubator. Founded in 1980, ATDC has developed a global reputation for
fostering technological entrepreneurship. Forbes named
ATDC to its list of “Incubators Changing the World”
in 2010 and 2013, alongside Y Combinator and the Palo
Alto Research Center.
This is a coalition of companies (from Fortune 500s to
startups) and other organizations working to cement Atlanta as the recognized global capital of financial technology. The group’s priorities are to fund and fuel efforts to
grow businesses and jobs across the Fintech ecosystem
in metro Atlanta and the state of Georgia.
Technology Association of Georgia
With over 30,000 members, TAG’s mission is to connect,
promote, influence and educate Georgia’s technology
ecosystem to advance the innovation economy. Through
those four foundational pillars TAG serves the technology
community, helping to support, grow and ignite tech leaders, companies, and the overall Georgia economy.
Georgia Fintech Academy
This is a collaboration between Georgia’s Fintech industry
and the University System of Georgia. It is a talent development initiative that enables learners to find specialized
educational experiences needed to enter the Fintech
sector. This is regardless of where they live in the state or
the institution in which they enroll.
The Innovation Committee of the Community Bankers Association of Georgia works closely with each of
these organizations and meet regularly to exchange
knowledge, expertise, and ideas. This collaboration
greatly contributes to the continued growth of Georgia’s
Fintech industry as well as the state’s community banking industry. Community banker committee members
provide real time experience, data-sharing, and information regarding challenges and opportunities while
the Fintech organizations offer solutions, expertise, and
other resources to assist.
Georgia is fortunate to have a robust Fintech industry
and a strong network of community banking institutions
and the collaboration between the two is only getting
stronger. Community banks and Fintech are, without
question, a perfect partnership!
John McNair is president & CEO of the Community Bankers Association
SEPTEMBER/ OCTOB E R 2021
SEPTEMBER/ OC TOBER 2 0 2 1