In this episode of Fintech Hustle, host Sam Kilmer and co-host Mary Wisniewski are joined by a panel of guests including Allison Cerra (Alkami), Laura Broderick (Abrigo), Sam Das (TruStage Ventures), and Brian Bauer (Revio), where they discuss the impact of generational shifts on financial institutions, the need for data strategy and AI implementation, the importance of customer insights and talent acquisition, and the potential ripple effect of large banks charging more for accounts. The guests also highlight the role of regional and community banks in providing financial education and personalized experiences to attract younger generations. The conversation covers various topics related to the future of banking, including the use of technology, the gig economy, customer experience, fraud prevention, and the importance of a sales culture. The participants discuss how megabanks are leveraging technology to replicate the personalized customer experience offered by community financial institutions (CFIs). They also highlight the need for CFIs to invest in business model innovation and adapt to the changing banking landscape. The conversation concludes with a discussion on the challenges and opportunities in the industry, including the importance of employee experience, the prevalence of fraud, and the need for a mindset shift in the boardroom.

Takeaways

• The fintech industry is experiencing exponential change, driven by generational shifts, new technologies, inflationary rate environments, and uncertain government regulations.
• Financial institutions are focusing on data strategy and AI implementation to improve efficiency, streamline operations, and meet customer needs.
• Regional and community banks face challenges in talent acquisition and customer acquisition costs, but they can leverage their ability to provide financial education and personalized experiences to attract younger generations.
• The potential ripple effect of large banks charging more for accounts could impact the competitive landscape and drive customers towards regional and community banks.
• Customer insights and talent are key pillars for financial institutions to navigate the evolving fintech landscape and drive secure growth. Megabanks are using technology to replicate the personalized customer experience offered by community financial institutions (CFIs).
• CFIs need to invest in business model innovation and adapt to the changing banking landscape.
• The gig economy and the preferences of Gen Z customers, such as freedom and flexibility, are important considerations for CFIs.
• Fraud prevention is a significant concern for FIs, and there is a need for increased investment in this area.
• A sales culture that focuses on serving the customer's best interests is crucial for success in the industry.
• CFIs should prioritize employee experience and embrace a mindset of continuous improvement.
• The boardroom mentality needs to evolve to be more inclusive and forward-thinking.