FinXTech Report digital - Flipbook - Page 2
MODERNIZING FINANCIAL SERVICES
In January and February, Bank Director’s FinXTech division conducted a poll
exploring technology adoption trends, primarily focused on the community banking
sector. More than half of the responding bankers believe their institution will adopt
application programming interface (API) platforms in 2022, and many will seek to
further their technological journeys through data aggregation and analysis (44%)
and workflow automation (44%).
The poll also asked bankers to name the best noncore solutions that have had a signifKEY FINDINGS
APIs, data aggregation
and workflow automation
surpass other areas of
technology adoption for
2022.
Banks focused on
implementing lending
icant impact on their banks; you can find those later in this report. More about these
solutions can also be found in the FinXTech Connect platform, a guide to financial technology companies working with banks.
APIs, data aggregation — these technologies hold the key to modernizing financial services. And some banks are leveraging these tools to transform their operations.
Mascoma Bank may be a small bank, but it has big plans to technologically transform
its organization over the next two years.
platforms and digital
“We’re building what we’re calling an embedded finance system,” says Samantha Pause,
account opening during the
the $2.6 billion bank’s chief marketing and product officer. Lebanon, New Hampshire-
pandemic, a trend that will
based Mascoma recently signed a contract with Thought Machine to implement its
continue for some over the
cloud-native core — dubbed Vault — over the next two years, when its contract with
next 12 months.
its current core provider will expire. Thought Machine’s U.S. clients include Bentonville,
Bankers named 20 of
the best solutions and
platforms they used at
their institutions.
Arkansas-based Arvest Bank Group, with $27 billion in assets, and JPMorgan Chase &
Co.’s retail bank. The new core will leverage APIs, intermediaries that allow different
applications or systems to exchange data.
“This is an attractive direction for us to go in because everything that we are building is basically mutable,” Pause says. Thought Machine will connect with other tools,
including the cloud-based customer relationship management software Salesforce, giving
employees access to customer information along with a new digital banking platform.
1 | FINXTECH POLL RESULTS
POWERED BY BANK DIRECTOR