Banking has been hit with a whirlwind of technologies in recent years. With growing tech stacks that only continue to increase in complexity, it’s important to pick and choose which tech offers the best solutions.

Fostering a strong organizational culture that focuses on understanding your customers to provide them with the right technology is key. Matt Pierce, Chief Lending Officer at Leader Bank, joins the podcast to discuss how to create this culture, the importance of close fintech partnerships, launching and adapting during the pandemic and much more. 

Join us as we discuss: 

• Fintech partnerships: the road to efficiency
• Leader Bank’s PPP response and role as a minority depository institution (MDI) 
• Culture and communication in banking

Fintech partnerships: the road to efficiency

In an era where technology is advancing at an unprecedented pace, banks are increasingly looking towards fintech partnerships to enhance their efficiency and provide better services to their customers. 

Collaborating with fintechs allows banks to tap into their innovative solutions and leverage their expertise. These partnerships enable banks to access cutting-edge technologies such as artificial intelligence, blockchain and digital payment systems, which can streamline operations and improve customer experience.

With so many streamlined processes, banks face the massive task of finding a fintech collaborator that offers a wealth of expertise and energy that matches seamlessly with the bank's own.

The ideal fintech match will not only ensure their operations align with the bank's schedule but also offer an unwavering commitment to the goals of the bank. This alignment facilitates great collaboration and creates an environment where exponential growth becomes an everyday reality. 

Ultimately, this ensures the journey towards success and transformation becomes a venture fueled by the partnership between banks and their fintech counterparts.

Utilizing technology correctly and efficiently is the key to success. With a vast array of tech options available to companies of all shapes and sizes, making the choice of what new tools to use both internally and on the consumer side is crucial. Partnering with the right fintech company can help you decide which technologies to utilize to meet and exceed customer expectations while rapidly growing your company. 

Leader Bank’s PPP response and role as a minority depository institution (MDI)

The COVID-19 pandemic brought unprecedented challenges to the banking sector, particularly with the implementation of relief efforts such as the Paycheck Protection Program (PPP). Banks were given the monumental task of distributing funds to millions of customers. 

Minority Depository Institutions (MDIs) faced several challenges to meet the needs of underserved communities and minority-run businesses. Through ample support from management, the software was created to run the PPP eligibility and application process completely online to meet the restraints of a pandemic. 

Culture and Communication in Banking

The success of any organization, including banks, depends heavily on its culture and communication methods. A strong organizational culture that aligns with the needs of customers is crucial for banks to be seen as a strong choice amongst the competition. 

Exceeding customer satisfaction alongside the strong need to foster innovation and adaptability are the core of growth-centered culture.

“With effective and regular communication, the whole company knows where the bank is going and what the goals are. That's the only way to really move the ship,” Pierce said. Allowing open, thorough communication in addition to strong core values is a recipe for success.

“Local decision-making with the communication assistance of technology has been a key to success for us,” Pierce said. 

Embracing local decision-making can become a game-changer for banks. Having open channels of communication between upper management and local leaders, through avenues such as video conferencing, local decision-making can be a seamless procedure. Local leaders making decisions that work for their branch will allow each sector of the business to thrive in its own environment. 

Diversification is also essential when creating a culture ideal for a thriving credit union. 

“Diversification is key. Specifically with the recent changes in the banking world, the timing of diversification is key,” said Pierce. 

Not just a buzzword, diversification is the golden rule for nearly all businesses. Banking is no exception. With technological advances, the usefulness of non-traditional approaches has become undeniable and even expected. By spreading risks (and rewards) across multiple sectors within a company, leaders can ensure not only success but also growth. 

Stay tuned for new episodes every week on the Leaders in Lending Podcast.