How often do you ask yourself, “Why can’t our FI keep pace with the product offerings of our larger competitors?” Multiple factors are at play when it comes to speed to market for new products. However, the “elephant in the room” for the majority of community FIs is the dependency on one important vendor… The […]
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Every Financial Institution Needs This Indispensable Role – 5 Super Powers of the Product Manager
in Fintech , IT Management
In the increasingly competitive banking landscape, there lies an often overlooked yet vital role that directly impacts the success of every product and service a financial institution (FI) offers – the product manager. Lack of ownership, indecisiveness, poor communication, reactive mentality, and ineffective technology management can be common in the financial services industry, leading to […]
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Unlocking AI’s Potential in Banking: Mitigating Security, Compliance, and Reputational Risks for Financial Institutions
in Fintech , IT Management , Tips and Tricks
With the booming popularity of OpenAI’s ChatGPT, Artificial Intelligence (AI) is once again the hottest topic in technology. As the widespread adoption of AI in everyday practical applications becomes more of a reality, the banking industry grows more eager to deploy AI-based solutions. The possibilities range from smart chatbots that handle customer inquiries with high […]
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6 Banking Integration Lessons Learned One Month After SVB Collapse
It all started on a Thursday with a phone call from our CEO, David: “Are you on top of this SVB thing?” By the end of the weekend, Silicon Valley Bank (SVB), one of the most storied banks in the technology industry, had collapsed, the FDIC had taken control, and our team had been all-hands-on-deck […]
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Open Banking API: Building a Universal Data Model for Fintech Integration to the Core
Integrating with the core is hard. In general, the challenges involve legacy systems, data security concerns, regulatory compliance requirements, system complexity, and vendor dependencies. The difficulty is further complicated because each banking core possesses integration nuances specific to its technology. Imagine the impact on innovation in financial services if those subtleties were addressed through standardization. […]
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American Bankers Association: Middleware Helps Banks Minimize Dependencies and Unleash Innovation
The American Bankers Association (ABA) released its 2022 Exploring Banking Middleware Solutions report detailing the strategic benefits of implementing middleware for banks. Community banks’ potential to innovate directly relates to their connection with the core banking vendor. However, according to ABA, nearly 42% of banks surveyed are dissatisfied with their core provider. As a result, […]
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Community FIs Need to go Beyond Banking Core Integration to “CICaaS”
Banks and credit unions require more than just integration between their banking core and other systems. Many community financial institutions (FIs) are looking for a connectivity solution that makes integration easy and repeatable, freeing them from the constraints of their core vendor. Once this solution is in place, community FIs often wish to build upon […]
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Is Your Financial Institution Paying Twice to Access the Data It Already Owns?
Although financial institutions (FIs) already know they must modernize infrastructure to survive and compete, many resist launching transformation initiatives. Fear of the new and unknown is a primary reason that FI decision-makers find themselves stuck in “traditional” methods. Financial technology and open source can be scary concepts until you thoroughly understand them. An API-led, open […]
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Why Every Bank and Credit Union Needs a Fintech Hub
When I joined PortX in August 2017, it was a scrappy startup with a reputation as one of the premier MuleSoft integration consulting partners (winner of two Partner-of-the-Year awards). At the time, PortX had begun its transformation from a pure-play integration consulting firm to a payment and integration software company focused on serving community banks, […]
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