The process of transitioning VirtualBank to cloud core
The digital transition has impacted the world of banking completely — many banks realizing that providing a better customer experience can be possible through new fintech opportunities.
However, making that transition to digital is no easy task; due to internal structures or committees, the process can take much more time than anticipated. For Tyler and VirtualBank, however, the process seemed to go through much quicker. Their secret to a quick launch?
Baby steps
Tyler recognized that many banks figuratively had eyes bigger than their stomach in regards to adding new fintech. With so much to learn from a first interaction, it would’ve overloaded their team if they took on too much. With the help of executive management, they were able to roll out the first iteration with precision.
Why VirtualBank remained a separate brand
For most banks, the idea of having a completely separate digital brand outside of their main brand is not sought after. Then why, for First Horizon Bank, was the decision to keep VirtualBank separate the right choice?
Just as Tyler understood not to bite off more than he could chew in regards to new fintech, the same was applied to the overall system in which he operates: keep it simple.
When introducing so many new functions into a system, there are bound to be disruptions and glitches. Trying to find a glitch in a large complex system is more time consuming and difficult than trying to find a glitch in a focused small system.
By merging First Horizon Bank and VirtualBank together, a problem that would’ve only impacted VirtualBank now impacts both. Creating a safe space to experiment and clean up processes for VirtualBank allowed First Horizon Bank to continue with business as usual.
The thought process behind new products to VirtualBank
Tyler can be described as cautiously optimistic about integrating new products. What might seem like the right choice now might end up becoming obsolete in a year.
In an attempt to pick out only the best strategies, VirtualBank looks at 3 key areas to focus their attention:
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Online liquidity tool: liquidity has been around for many years; understanding its importance, Tyler made sure to keep this tool moving forward.
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Developing the infrastructure for the future of the bank: building the digital bank separately from First Horizon bank and then integrating.
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Building a true digital only bank: many expect to operate solely through their digital bank. Making sure total capabilities are available to them through VirtualBank is crucial.
Insight into a bank’s fintech partnership strategy
The duality between First Horizon Bank and VirtualBank may create the assumption that the fintech strategies developed for VirtualBank are exclusive to them.
“You can’t build a whole second bank within the bank,” Tyler explains.
Tyler makes this clear: VirtualBank can only exist in-tandem with First Horizon Bank — they are all about sharing the learnings.
Preparing for the move to digital takes a lot of preparation: looking at what to integrate, solving internal struggles that disrupt integration, acknowledging customer complaints, and sharing discoveries with the broader First Horizon Bank community; but the result has been one of success for Tyler and VirtualBank — where they’ll continue innovating for the digital space into the future.
