Sign Iowa Banking Agreement Later

Industry sign banking iowa agreement later

[Music] hey folks good morning happy monday hope you had a good weekend i hope your weather is absolutely beautiful it has been raining non-stop in florida for what feels like three weeks and i can finally see the sun so thank god because i need to go lay out because obviously my tan decided to go away which is annoying because it's florida i'm supposed to be tan year round everybody good morning glad you're here um do me a favor if you don't mind click on that share button so if you look down at the bottom of your screen just about center screen you're going to see share click on that toss in a note let your network know that you're watching this also if you like what you're hearing click on any one of those emojis take your pick um the brain one is always fun but make sure you click on those and in the comments section if you have a question or if you have a comment feel free to type in there just like this i'm going to actually do it there you go most of you know how to do this you've been around the block a few times and you should be good to go also let us know where you're at in the world that that's part i like the most um i told our guests right before we went on you know we have a very consistent audience which i love so we've got folks from the philippines from the uk from ireland from turkey from spain france um saudi arabia so africa and then all over the u.s so we're thrilled for that folks glad you're still here and with that why don't we jump in and get going so good morning ladies and gentlemen my name is sam mall welcome to episode 128 of the 11th best fintech insider breakfast show in this show we bring you the best and the brightest from around the fintech and banking landscape every single weekday straight into your homes here live on linkedin i'm here every monday and wednesday at 10 30 a.m eastern standard time david breyer or simon taylor or some other great host from london does this at 3 30 a.m eastern standard time which i think is 8 30 a.m in london on those other days i also want to highlight the 11 of us daily brief that i do here on linkedin every morning 8 30 a.m eastern we post a short about a five minute video summarizing three new stories from the past 24 hours that caught our attention and should have yours so for example on today's breakfast brief um i talked about the uh fencing story that's breaking all over the place the one that's actually by buzzfeed news and about a hundred other reporters across the globe that got their hands on about but did the math right about zero two percent point zero two percent of the sars reports that were filed between 1999 and 2017. that's 18 years worth they figure in those reports that were filed something about 2 trillion of suspicious account activity that's happening so it's one heck of a story one worth diving into and taking a look at i also talked about chime and their most recent raise which makes them worth more from a market cap than robin hood if i did my math right i think robinhood's worth about 11.5 billion right now chime just jumped to 14.5 billion dollars in market cap uh maybe it will do a show on what i actually think that means at some point but we've had folks from china before maybe we'll get chris britt their ceo on to talk to him but meanwhile today i'm thrilled to be joined by maria showed did i say it right maria i know we practiced this and i probably said it wrong i did say it right all right everybody sam gets points today division executive fis core and banky division and today's show we'll take a look at how new technology helps community banks stay competitive in a fully digitized world and maria i was just talking about chime um and their most recent evaluation so a good topic i think it's safe to say we've seen a ton of players come into the space as we all expected right i mean i don't think at fis you were surprised at all at the number of banks and neobanks have jumped into the market absolutely well good morning sam it's it's awesome to be here i really appreciate the opportunity but you bet i mean right there's been a lot of competition in the neil in the neo space and um it keeps us all on our toes right it's it's good for the industry it is good for the industry i agree with you and let's talk a little bit about the industry if you don't mind um and really where you came from we were talking earlier on the show that you know you're a 20 plus your veteran like me in this space but you spent a good significant amount with that with fis um and you know or some of the other companies you might talk a little bit about how you came to work at fis sure yeah no i i've been certainly very privileged to be here at fis i joined via the via acquisition about 10 years ago and i here at fis i have an opportunity to lead our digital and core banking business especially for community regional bankers right so it's a it's uh just an awesome space to be talking about prior to this i had an opportunity to more focus on the payment side uh card payments and fraud so just really seeing all sides of banking and you know especially focused really on this community space yeah it's it's fun so we do have by the way a great international audience so i'm looking at a lot of folks from london from lisbon god i miss lisbon toronto you kind of take your pick so from my international crowd glad to have you here and then good representation from here in the u.s so cedar falls iowa man i love that new york um atlanta you take your pick and maria you like you mentioned you're in milwaukee i believe you're our first wisconsin guest so let's make wisconsin proud okay very happy to hear it yes i am coming to you this morning in milwaukee wisconsin and and you know i think people don't understand i can't believe i'm saying this because i grew up in detroit um so i'm going to give wisconsin uh some some praise here milwaukee actually is a pretty cool town with a lot of talent as is madison wisconsin you do have a lot of young talent that you can tap into there we absolutely do and a lot of fintech here in milwaukee you know the community has been really very focused on how do we help to foster more fintech uh coming into the milwaukee area so it is it's a it's a great town yeah i agree man uh and you know we're seeing you know that could be a whole different show where we talk about um the call it the flood of talent from san francisco new york and other places where we're seeing um regional cities that are are just seeing an influx of talent that's coming in uh as a result of covid and some of the other stuff that's taking place but again that could be a whole other show so let's let's talk a little bit about fis especially around community banks um i think i've thrown this number out a couple times for our audience but in the us the numbers fluctuate everybody so it depends who you're looking at but i'm not mistaken there's something like about 5000 banks still in the us um at all scale but a significant majority of those are community banks so your your client place is massive is it not it's absolutely massive and um just really you know i think as a fintech we recognize that technology needs for community banks are different and so we've been very focused on on bringing offerings right that are very specific to the community banking market and i was doing some reading before the show and you've done some writing on this and speaking on this we've all talked about the effect of covid on different industries the effect on community banking is massive isn't that it's been massive it certainly has you know i think um you know our community bankers right had to adjust certainly to kind of a changing model uh we know the level of relationship that's just part of what our community bankers provide right they're known for uh relationship they're known for trust they're known for that you know very local market presence so to be impacted in this way certainly through covet was was pretty significant particularly right when you think about just the need for digital solutions and digital transformation that's really been i think the key for all financial institutions during this time but certainly a huge focus for our community bankers yeah i mean it and it's rough for them and the u.s is it's really not that different from say the uk where i used to live in that in the uk you have like co-ops or or smaller banks that manage those areas here in the u.s um you know you get outside of big um urban footprints um these community banks especially are a lifeline for those folks you know and for the services they provide they flat out and i'm not saying they don't in urban environments because it's a little bit of a different dynamic there but in uh you know the rural areas of the us which is a massive geo footprint the need for community banks to be able to service their customers in a ever competitive environment that that makes i think life at fis even more interesting absolutely and especially if you look at it strictly from a covet perspective you know the payroll protection program and the need for really our community bankers to get involved and bring this important you know infusion of capital right into the into small businesses in their location has been so instrumental really to you know to their overall just health of the community right as well as the industry and the community banker themselves there's a i'd love to get your opinion on this there's a a a theory of thought that community bankers don't understand technology or don't understand the disruption that's coming their ways and i don't know that i 100 buy into that whatsoever to be blunt that they're blind that that uh that mobile um was you know that online account opening that mobile and you take your pick was going to be so prevalent um i mean i really don't buy in that so many of them didn't know this was coming yeah i don't either and and i will tell you every community banker i talk to absolutely understands the importance of digital the importance of mobile especially candidly right during this last six months right we've seen these kinds of solutions really you know take hold over the last 10 years um but i think certainly right what's happened over the last over the last six months has caused all industries right to just take a closer look um at at what their offerings are and and how they really respond i think community bankers like all bankers right look at these technologies and they know they need them to compete but they're looking at kind of where they can right what's their return on investment and boy this last six months i think has as candidly told us all that story right that that it it it can't be a question anymore of you know what's my return on these solutions it's really the lifeline of the business right now yeah it's it's i've said this repeatedly on this show that covet is an accelerant but it's also a mirror it's revealed so many cracks in industries and it's also showed those that were making the right steps uh saw distinct advantages in market share throughout covet so you look at god you look at retail right um you look at walmart and target and amazon how well they've done because of the digital services that they were lining up you look at zoom i mean i still laugh that zoom has come out of winter on this i'm not knocking zoom i'm just tired of zoom say that in a nice way but you know it's the same um i'd say it's the same with fis so for example and i did a whole story on this y'all had the announcement about the new offering clear edge it's not like clear edge suddenly came into the works in march of this year fis has obviously been working on this product so can you talk a little bit about what clearage is absolutely no thank you for the opportunity to talk about it right so clearage has been in the works for quite some time but it it has a very unique opportunity right now right through covet and what clear edge really is it's a different way to uh for us to offer products and services working specifically with community bankers right we we listen to the feedback and and we put together a program that we think really allows community bankers to embrace the technology but do it in a more simplistic manner um whether that's contracts or or contractual terms for that matter yeah i love what corey leblanc said so so corey's chief digital innovation officer for origins bank in louisiana i'd love corey smart as they come cory's saying in speaking as a community banker origin's big though corey come on uh but a large community bank we knew this was coming a lot of bankers didn't simply just didn't move fast enough they kicked the can down the road for too long um yeah i would agree um with that assessment that in a lot of cases that was the case and it makes it interesting for solution providers like fis that i think a move to something like clear edge is smart right it gives you um something that is what's the word i want to use fit for size does that make sense um yeah and i like that and if all thing of all things you know i think if you looked a couple years ago or you know even last year you said yeah we're doing something that's around streamlining the contracting process you probably would have caught some flack and i think uh post covid people are like yes thank you for that that makes sense so what kind of offerings does this enable for community banks so i'm in corey's position what does this do for me absolutely so app without a doubt right um let's talk first about the solution because what's very important right for community bankers is that they are able to compete and to be able to compete they need um first class offerings right they they need modern banking utilities so so to start with right so you've got your core banking services included digital services image services um payment services right uh regulatory in security that fis brings and what we've done is we've taken all of those solutions and really brought them together in a bundle and why is that important because if you you know if you're a community banker right the the feedback we've heard is we don't want to be nickel and dime right we need a more consistent price point uh and and and that's what this particular solution does right it's a fixed uh fixed price bundle right that a community banker can have that experience of of knowing they're getting top-notch solutions but at a price that they can really predict and manage around now what we've done though right is we've simplified the contracting process as well we all know the contracts that we deal with in fintech can be pretty onerous right so we we've consolidated that down to a to a very concise contract we've looked at this as more of a subscription model which means that you don't have that long term um you you you understand what your deconversion fees will be right it's really uh whether we we don't feel like you're going to need those deconversion fees candidly because they're great solutions but if they're if you need to do that you want to understand and have those be predictable and understandable going forward and that's really what what clearage does right is it it's taking the feedback we've gotten from our community bankers and tried to work all those variables into a bundle that they can take part in and really exercise with the flexibility that they need you know it's funny um you know for the past lord fintech in the earlier days so say 2013 14 15 16. the the number one image you would see in every presentation is the one of wells fargo and the great unbundling of banking you know and everyone on this call knows what i'm talking about it took you know wells fargo's homepage and it's arrows going everywhere for every fintech company that was solving those solutions and in fact when you look at what clear edge is it's it's bundling services up but i love the the contractual element of that and the the idea of this is being a you know a sas model makes sense right it just does yeah ryan wright has asked a great question then ryan i'm sorry i'm not sure where you're from but he says how does this compare for companies already using fis for their core that's a good question how does that work for your existing customers absolutely you know whe we had first brought clearage in um you know from an fis perspective we were really looking for new business but it became very very obvious too to all of us right that our existing customers could make use of this as well so without a doubt right we are also working with our community bankers who are renewing with us that if clear edge is a as a strong good solution for them we are we are looking at that as well right it really it's a it's a strong offering um and it and it gives the the community banker that flexibility that they need yeah another good question dan fenney hey dan um over in london that's a good question how well are the fis and will pay cultures integrated following the merger because maria i mean your career at fas started from an acquisition yes i'm gonna guess you might have been through a few of these so as an executive how is this yeah how how do you approach these and how well those have been going yeah you know i um so i will tell you right i think you know probably all of us can lee have been through acquisitions in our career right i i have been fortunate and that every acquisition i've been involved with right i've taken a very positive attitude and embraced the new the the culture right of the understanding very very quickly right where you can continue to contribute to the organization at the end of the day that's the key right you can continue to contribute and one of the um best things about the world pay fis uh combination was culturally right the companies were very very similar and um really that that customer first right the the high technology high level of capital reinvested in solutions uh but world pay really brought fis a merchant at the merchant side of the business that um that that we had not been as strong and prior to that acquisition and so we say we're advancing the world the way the world pays banks and invests right and if you think about kind of the previous acquisitions that we've done they've really built out that offering so we can offer the full ecosystem um especially candidly to our core clients and a lot of those are the community bankers so so this is actually one of your clients if not mistaken so i corey had to ask a question by the way because i gave him a compliment so that's how this show works everybody so if i give you a compliment you better ask a question so that corey uh he wrote to servers our customers moving forward the ability to move quickly and have flexibility will be key access and control over digital products and data will be the foundation of this so here's your question maria how is fis making this possible to their fis now and not in a typical cycle because amen we are not living through a typical cycle i mean every day when you open up the news it's like oh god now what absolutely and that's that's a really important question right because we are both all living through really you know um unprecedented times right that that seems to be the key word these days so yeah it absolutely we are working through this with any customer who has an interest and wants to talk about it right i you know candidly right we're trying to work through it as part of renewals where we can because it is a very really fundamental change right in how you how you work with fis but happy to talk to any of our customers and and to chris thank you appreciate the appreciate your partnership candidly right we we know we have to earn the business every day right and this is one of those pieces of i think new offering that that helps us to to keep forefront with our bankers oh a good question i knew this one was coming this is from sidrahar's uh company founder on san francisco um and maria there's no way you haven't been asked this question a million times open source has killed expensive monolith software from large companies in various areas like operating systems database web servers hardware chips etcetera or role dc open source plane in banking course if any from your perspective yeah yeah it's great it's awesome so you know i think um overall right if you if you take a look at fis where fis makes our investments right we have embraced candidly um other fintech we've been we've we've um sponsored accelerators right we we've been very critically involved in all those pieces so those so we really have a philosophy of collaboration right versus competition and and and i think the the key right through all of these solutions is even in clear edge we're including our code connect offering which really allows even a community banker to reach out via apis to some of these other solutions right so so i i feel like i think we are modernizing in many ways right within the ecosystem and um you know candidly i think all of all of us as fintechs need to be considering all of those topics and ensuring right that we're embracing the technologies and advancing forward yeah i mean for me the role that companies like fas play are are critically important especially when you're looking at the community banks across the u.s right i mean um being a service provider for a top i'll even say 50 or 100 bank in in the us is a lot can be extremely different than providing some of the solutions that you need to do for smaller community banks i mean it flat out is right the budgets of i mean i used to work there right the budgets of a city of a chase of a hell of northern trust where i used to be as compared to um what you're doing with the shoestring budget i mean that a nice way at a smaller bank is is unique so and it's and it's tough so they are heaven heavily reliant upon you and your teams at fis providing them solutions and and again i'll give clear edge a good shout out right a different way of working together that's incredibly important right even how you engage contractually is an incredibly important advancement absolutely and i think that's the the key to choosing the right partner right is a company like fis yes we are a large company we have a large footprint um but the community banking space right has has been key for us in our history and in how we have grown and and i think the recognition right that um candidly they need different types of technology and as fintechs we have a responsibility right to continue to provide solutions and this one is very specifically geared toward community bankers right and that's why we did this was how do we take all the investment and capital that fis represents and make sure that we are helping our community bankers thrive um in this environment right and then as we as we certainly move out of this environment so was was so it's clear edge developed with community banks in mind were they at the center of this absolutely it is an offering specifically for our community bankers okay that makes that's that makes all the sense in the world and you know that's that would be the question i always used to ask as a consultant when i was working on uh you know how much consultants make for saying do a comparison between fis and then fill in the space right um you gotta love consultants for that for what they're doing but uh usually one of the things we would consistently say is how where are you going to be at the table when it comes to product roadmap you know and how do you how do you engage from that standpoint that's a big decision point when you're relying upon a massive provider how does that work with community banks for you what is that communication how is that set up absolutely so the the ability to modernize right in the community banking space is very very critical so at fi astr we've gone through tremendous modernization and continue to both in the core space products digital our payments area image area all of them have gone through tremendous modernization and that's where this clear edge is so critical because now we've said we've got all the solutions now how do we effectively work together in a different way right in a more collaborative way that better mirrors what the needs of the community banker is and and that's i think that the beauty right of of a company like fis that offers the level of capital and investment that it can mirrored right with uh with bringing those investments in an affordable way to the community banking space okay now believe it or not we have come up on the top of the hour i told you this goes by quick i am constantly at mate i always look down i have a clock sitting next to me and i'm like you got to be kidding me so folks believe it or not we're at the top of the hour maria thanks for joining us where can people find out more about you and if they want to get in contact with you where's the best place for them to go absolutely so linkedin is the best place happy to connect on linkedin and uh for information on clear edge get info at fisglobal.com is a perfect spot but please feel free to reach out on linkedin would be great okay folks that's it for today before we leave though i have an important announcement to make the breakfast show is created as a response to lockdown and however much fun we've had over the past few months times are changing believe it or not so this is going to be the very last week of the breakfast show but don't freak out okay we're going to continue to do our live content here at 11 fs every tuesday at 10 30 eastern standard time we'll take a deep dive into the most interesting news stories of the week every thursday at 10 30 a.m eastern time we'll bring you a live interview with an industry leader and really get under their skin to find out how they got where they're at and where they think the industry is going okay so it's been a fun run lord uh we'll end up doing 130 plus shows from this breakfast show format but you know we're adjusting to life just as everyone else is in this crazy coveted world so we hope you'll join us for that we'll constantly push out information on that on our channel so tomorrow adam davis will be here on the uk show he'll be talking to john osler the uk ceo at finder.com so that's it for today everybody thanks for joining thanks for the questions maria thank you for being here and we'll see you all tomorrow