January 25th, 2024

Happy New Year!

As we kick off 2024 with unparalleled excitement and an abundance of tasks already on the to-do list, one thing you can count on is another 12 months of front row access to all things fintech and banking. We're here to help you avoid Fintech FOMO. 

You might have seen the recent viral internet obsession with "Ins and Outs" lists. From specific products, design styles and activities to general mindsets, the end of December and early January witnessed a collective introspection as individuals delved into what’s “In” - what they want to bring into the new year, and what’s “Out” - what they’d rather leave behind.

Last Friday, our team sat down to embark on the insightful journey of the Ins and Outs that will define 2024. Here’s what we came up with:

In: Fewer, bigger, better decisions / Out: Passive maybes, indecision

In: In-person interactions / Out: Always on zoom/on the phone

In: Experimentation and exploration / Out: Status quo

In: Community / Out: Faceless, big brands

In: Saying I don’t know / Out: Making up answers, deflecting

In: Curiosity and wonder / Out: Complacency and passivity

In: Finding your voice / Out: Self-doubt

In: Enjoying the experience / Out: Instant gratification

One we all didn’t agree on…  In: Tennis / Out: Pickleball

Let us know your "Ins" and "Outs" of 2024 in the survey down below, and we'll include the best ones in next month's newsletter. 🔥

INSIGHTS

2024 Trends and Predictions

This month, we’re turning our attention to the anticipated trends and shifts in the community banking industry and fintech sector for this coming year. Our team weighed in on predictions from emerging technologies to regulatory developments.

ECOSYSTEM

BankTech Buzz

Check out the dynamic members of our ecosystem driving positive change.

📤 Read what one of our Investors, Katie Quilligan, had to say about bank adoption of AI, and learn how one of our Limited Partners, IncredibleBank, has partnered with Jack Henry and Google to offer an AI-powered mobile chatbot.

🏆 CNote was named Inc.'s Best in Business for Economic/Financial Equity for making a positive impact on their community and the banking industry.

✍️ PortX announced a strategic partnership with Plaid to fast-track data access and innovation for financial institutions. This collaboration will provide banks with a comprehensive view of customer data.

🌉 Check out Pam Kaur's interview to learn more about how we're bridging the gap between banks and technology and helping to modernize the community bank tech-stack.

LISTEN IN

Podcast Picks

🔊 To learn more about how banks invest in fintech venture funds like BankTech, listen to FinXTech's podcast featuring our Managing Director, Carey Ransom.

💸 SouthState Bank sat down with Brian Bauer and Sanjay Bhaskar from Revio to talk about using your bank's data to uncover new revenue opportunities. 

🎙️ Hear from Nicky Senyard, Founder & CEO of Fintel Connect, on the importance of content compliance in the FinTech space.

WATCH THIS!

Bank of Dave

It’s not often we watch a show or movie relevant to our industry. That being said, a special mention goes out to “Bank of Dave” on Netflix for offering a feel-good movie about the efforts to secure a bank charter for the people in a small town in northern England.

NEWS

Headline Highlights

The top three headlines this month in fintech and banking.

🧠 AI in Banks: Officials from the Fed, FDIC, the OCC and the CFPB spoke at a symposium last week, stressing the fact that banks are ultimately the ones responsible for ensuring that their use of any new technology, especially AI, complies with the latest laws & regulations. 

💳 Mastercard offers SMB support: Mastercard announced this month that they are developing an AI product to provide financial advice to their small business customers. Seems like an indicator that SMB customers are seeking more direct mentorship from their financial institutions, which presents great opportunity for community FI's!

💲 Down with Mint: Intuit announced in December that they are sunsetting the popular personal finance app Mint. Offering to transfer user data to their other platform, Credit Karma, won't fill the gap left behind by the crowd favorite finance platform. Here are some alternative apps suggested by Forbes if you're a grief-stricken Mint-lover.

EVENTS

Upcoming Conferences

See where we're going! ✈️

• AOBA - January 28-30th in Phoenix, Arizona
  RSVP to our Community Banker's Party on Sunday night! We would love to chat and treat you to a drink.
• ICBA ThinkTECH Accelerator Demo Day - February 1st, Virtual
  6 startups will pitch (one of which is in our Portfolio!). A casual way to meet some great new companies.
• Fintech Meetup - March 3-6th in Las Vegas, Nevada 
  Check out the BankTech Pavilion to chat with the team and meet our portfolio companies! Bankers, you have the opportunity to get a complimentary ticket and a travel/hotel reimbursement of up to $750.

JOBS

Career Corner 💼

Open roles ISO of talent:

• Regional Sales Manager @ Lever (Vero Technologies)
• System Administrator @ PortX 

Are you hiring or looking for a job at a fintech or bank? That's what we love to see. Contact Kaitlyn to feature your postings in the next edition of FOMO by BankTech.