It has come to our attention that we never fully explained our name. Allow us the opportunity now.
We are FOMO by BankTech.
Informed by our network of banking and technology expertsโand curated by our dedicated Management Team here at BankTech Venturesโwe arrive in your inbox monthly to give you what you need to avoid Fintech FOMO (Fear Of Missing Out).๐ค๐ธ
We share resources, news, and strategic advice so that you can keep up (and even get ahead of the curve) with the best bank-enabling fintech solutions. So whether you're a banker, work at a fintech startup, or just a passerby, we're glad you're here and stay tuned each month for more tidbits!
We sincerely thank you for reading and welcome your feedback via the survey at the bottom of each newsletter.
And now, the May edition. Cheers!
Article
Four Tips to Help You Escape the FinTech Partner "Situationship" ๐
Think back to your dating days... Did you ever feel like you were in a "situationship"? Not quite a full on relationship, but there was still something going on that kept you by your phone with a sense of nervous energy, not quite sure how to move forwards (if you were the interested one), or end things (if you were the uninterested one).
You would have thought that once you found your S/O and exited the dating field, you'd have moved past this somewhat petty sort of tango. I mean surely, we're intelligent, productive, mature adults here, right?! Yet so many of us find ourselves back in this odd spot, just now in the form of a dreaded sales-cycle "situationship", between a potential vendor and the target customer. And whether you're now the sales person, or the target customer, have a read (via the link below) to see how to navigate these uncomfortable interactions, and ultimately spare both people in a more mature, elegant way than just ghosting/getting ghosted (which is cruel). ๐ป
Interested in an AI-driven deposit growth engine? Hoping to increase digital engagement through online and mobile banking? Look no further!
Introducing Micronotes, an automated messaging platform designed to unlock a deeper understanding of customersโ financial needs and provide personalized dialogue, resulting in greater engagement and acceptance of product offerings. By harnessing the power of big data and machine learning, this solution empowers financial institutions to accurately predict consumer preferences, ultimately driving revenue growth while minimizing churn. Notably, Micronotes' Digital Prescreen (in partnership with Experian) automates the credit marketing process to allow customers to quickly and easily refinance debt with no intermediaries. With a track record of enabling over one hundred financial institutions, the impact of Micronotesโ software in elevating customer engagement speaks for itself. Curious on what they can do for you?
Micronotes empowers your bank to:
Build and strengthen relationships with new and existing customers
Identify cross-selling opportunities and promote relevant products or services based on individual customerโs needs
Leverage automated interviews and machine learning to improve targeting accuracy
Refinance customer debt through Micronotes Digital Prescreen by automation of the credit marketing process
And some additional ways you can familiarize yourself with Micronotes:
๐ Hear some testimonials direct from fellow bankers their experience
๐ Reach out to Pam, our Head of Bank Technology if youโd like to learn more!
We love our BankTech Ecosystem!
Check out the members of our community who are out there making real impact.
๐ Innovation Refunds earns its SOC 2-Compliance Designation Under AICPA Standard (source), ten TITAN business awards (source), and seven Stevie Awards through the American Business Awards!! (source)
๐ช Fintel Connect announced this month a partnership with credit solutions platform Cheese, to find new audiences and grow their business! (source).
๐ Stephanie Broyles, CMO of Adlumin, was honored by CRN this month, earning a spot on their 2023 Women of the Channel List! (source)
๐๏ธ Speaking of Adlumin, last month they were listed as a winner of the 2023 Cyber Defense Magazine Global InfoSec Awards, for Managed Detection and Response!! (source)
๐ Beauceron Security has been listed as a CyberTech 100 Company for a Second Consecutive Year!! (source)
๐ค PortX asks bankers to consider if they might be paying twice for data they already have. What do you think? (source)
๐จ Calling all BankTech Friends & Family ๐จ
Unhappy with your current corporate card offering or spend management platform? Always scouting out a good deal? (who isn't?!) Well, we've got an offer for you!
Donโt limit your bank to outsourcing customer relationships, data, and control for corporate cards. With Torpago Powered By, you can take back your brand.
For all BankTech Ventures Limited Partners and Portfolio Companies, we worked with Torpago to score you 1.6% cash back and zero SaaS fees if you sign up in the next 60 days.
Interested & want to learn more? Reach out to Rusty Hampton!
Meet the BankTech Team: a Resource to You!
We'd like to reintroduce you to the BankTech Ventures team, your resource for all things bank innovation and bank-enabling fintech.
Jake Fuchs
Investor @ BankTech Ventures
Background: Jake recently joined the BankTech Ventures investment team, based out of New York City. He joins us from another early-stage fund in New York, where he spent most of his time focused on pre-seed and seed stage fintech investments. Prior to that, Jake helped launch Primetime Partners, a $50M venture fund that invests in products, services, and experiences that cater to the Older Adult demographic (ranging from fintech to proptech to digital health). Before finding his way into early stage venture, Jake spent six years at JP Morgan in their Treasury & Chief Investment Office, where he gained a deep appreciation for how banks operate at their core. Jake has a passion for improving access to banking services and increasing financial health more generally. He sees community banks as the front line in tackling those important issues.
Reach out to Jake if:
You're a bank employee or executive looking for ways to better embed innovation into your firm's culture.
You want to chat about ways to improve financial health and better serve underrepresented customer groups.
You're interested in better understanding the fintech startup ecosystem, and want to discuss where to start or how to get more involved.
You're excited by the prospect of net new financial technologies and are looking for someone who shares those enthusiasms!
Let us know if you're planning to attend any of these, as it's likely that we'll either be there or we know great companies or contacts for you to meet with!
Finovate Spring โ San Fran, 5/23-25 <-- let us know if you'll be there!
๐ We asked Bard to summarize this article about "composable banking," but in the voice of Yoda from Star Wars. Here's what we got:
"Composable banking, a new approach, is here. Agility and flexibility, it brings.
To compete in digital age, banks need it.
Traditional banks face challenges. Slow to innovate, they are. Legacy systems, they have. Newer, more agile financial institutions, they compete with.
Composable banking can help. Agility and flexibility, it provides. Better customer experiences, it can deliver. Agility and costs, it can reduce.
Future of banking is likely to be characterized by composable banking. Embrace it, banks should."
Not sure it can compete with George Lucas's dialogue...
๐ We're not sponsored by Nike, but maybe we should be...๐ค The "Just Do It" mindset is key to innovating within community banks, as explained in this podcast episode from the ABA.
๐ Forbes published this article about low-code fintech solutions and how community banks can uniquely capitalize on them!
Here's some real FOMO.
These folks were the first to complete the survey last month:
๐ธ Andrew Black of Princeville State Bank
๐ธ Phil Suckow of IncredibleBank
๐ธ Rob Domenico of Innovation Refunds
What would you do with a $10 Amazon gift card?
Completing the form at the bottom of this newsletter, the first three people to respond correctly get the prize!
Career Corner ๐ผ
Job openings at our partner banks and portfolio companies.