Payment Modernization Strategies for Mid-Sized Banks: Preparing for 2025 and Beyond
Finzly hosted customers, prospective clients and partners in Charlotte from May 29 – May 31 this year for our annual invitation-only user conference. This year’s theme was "supercharging banks"- the imperative of enhancing banks’ capabilities with flexible and speedy technology solutions. In addition to innovation, speakers focused on practical strategies to drive value and meet evolving customer needs.
The event started with a lively networking reception, setting the stage for a series of insightful discussions. Booshan Rengachari, founder and CEO of Finzly, urged banks to keep pace with the rapid innovation seen in fintech, emphasizing the paramount importance of customer trust and the role of technology in maintaining positive relationships.
Customer trust is the most important thing. It's the biggest asset for banks, and we have to cultivate it through great technology that helps maintain those direct relationships and positive experiences.
There was a prevalent emphasis throughout on real-time payments and their transformative potential. Speakers such as Erik Van Bramer, SVP of the Federal Reserve, and Steve Douglas, SVP of The Clearing House, provided valuable insights into the future trajectory of instant payments and the opportunities they present for financial institutions. Jim Hunt's perspective from 1st Source Bank offered a tangible example of how early adoption of instant payment networks, especially using payment hubs, can position banks for future success.
But it wasn't just about speed, it was also about data. The adoption of ISO 20022 standards was a key focus area reiterating its transformational potential in enhancing operational efficiency and customer experiences. Experts like Adam Keen from West Monroe and Dean Nolan from SRM shed light on the strategic advantages of leveraging data-rich standards to drive customer-centricity and innovation within banking operations. This echoed Dan Devine's strategy at Customers Bank to leverage the extra data embedded with each payment to fuel customer growth through more intuitive product offerings. Marcos Cameron from Swift and Gabriella Almeida from PwC emphasized the importance of data integrity and consistency across systems.
There are so many problems because people are missing information, because the messages are so small, the old empty SWIFT messages; it's a lot of back and forth requesting for this and getting a response. And a lot of that can be solved just by putting all the right information or a lot of information.
Embedded banking was another compelling topic. Katherine Weislogel from Synovus highlighted it as a massive opportunity, especially for small businesses. By integrating banking services into everyday tools, banks can meet customers where they are, making banking more convenient and accessible. Steve Ledford, Executive Advisor to Finzly provided insights into enhancing banking services through API technology, while Greg Lloyd from Endava stressed on the need for an overarching strategy for embedded banking services to corporate customers and BaaS offerings to fintech partners.
Neela Gaddis from Mastercard and Don Banowetz from Corpay highlighted the importance of providing an optimal customer experience across trading and payments. They stressed the need for 24/7 system availability for managing liquidity in real-time, ensuring an optimal customer experience in trading and payments.
Meanwhile, Synovus and First Citizens Bank shared insights into bringing FX in-house. David Grimmaldi discussed the strategic execution needed to capitalize on opportunities and Aaron Zynczak underscored the necessity of upskilling internal talent to advance up the value chain.
Industry leaders provided further insights on supercharging banks. Chris Murphy from 1st Source Bank, Suhas Reddy from Pathward, and Tarun Dewan from Frost Bank all offered perspectives on driving innovation and cultivating effective leadership amidst industry transformation.
Finzly's forward-looking roadmap reassured customers of the company's vision, highlighting its role as a leader in payment innovation and its commitment to helping banks deliver customer-centric products and experiences.
finzpire marked a significant milestone for Finzly, reflecting the company's growth and alignment with industry trends. As Finzly grows, finzpire will also evolve. Please stay in touch and be part of the next finzpire!
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