FintekNews is pleased to offer our weekly feature column “3 Questions”. Each week, we feature a thought leader within a unique sector of fintech and ask them to answer just 3 questions for our audience in their vernacular. This week, we’d like to introduce you to John Levy, EVP of IMM, which delivers a full suite of eSignature and eTransaction management solutions for the modern business enterprise. And we're especially thrilled to feature our first surfer in these interviews as well!
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www.immonline.comHow did you personally become involved in fintech?
It was back in the early 80’s, and I had just graduated from college in Poughkeesie, NY. I knew I wanted to stay in the greater New York/New Jersey area, hopefully near a beach that would allow me to surf during my free time. There was an interesting job opportunity (for the times) as a business forms salesperson for a multi-national company with a large sales office in New Jersey. My primary responsibility was cold-calling on financial institutions in North/Central Jersey. My gut told me this was a good opportunity to get started in a growing industry, which makes me smile now since the term “business forms” isn’t really used or even known in todays business world.
The job went well and as the paper-based relationship progressed, it became clear that there was a need for efficiency in the market. Way too much paper was being shuffled around or misplaced causing clutter and confusion at companies. Just think of any movie you’ve seen with a law office or bank, there are literally boxes on top of boxes of paper documents everywhere. Organizations were drowning in paperwork and unable to focus on their core competencies. I knew something had to change.
Based on the knowledge I gained through these experiences, my business partner and I recognized an emerging opportunity to leverage electronic documents for business process improvement, efficiency and security. The rest is history as we shall say – IMM has been going strong now for over 20 years with more than 700 banks and credit unions relying on our products and services.
What does your firm do/offer within the fintech sector?
IMM delivers a full suite of eSignature and eTransaction management solutions for the modern business enterprise. I’m proud to say that I believe that we have set the standard for electronic management in the financial industry. In part, that’s because IMM delivers technology that can apply to virtually any activity a financial institution may have, from the teller line to lending and account opening. The possibilities are endless as technology, computing power and bandwidth allow electronically managed transactions from start to finish a reality.
It’s a simple fact: eSignatures make life easier. The technology allows multiple people in multiple locations to easily and quickly gather signatures, manage necessary documents, while at the same time reducing the chance for error or omissions. And it also helps ensure the integrity of accurate, complete records which are maintained and accessed with minimal effort.
The days of printing, mailing or scanning physical copies of documents are long gone. Our eSignature platform accepts any document format, integrates with all business applications in almost every major U.S. financial core system provider. Today’s busy users are mobile; they want information immediately on their smartphone or tablet. Knowing this, we designed our technology platform to accommodate multiple options for both in-person and remote eSignature transactions. Our eSignature platform can be further extended by adding automated eWorkflow—a concept revolutionizing how businesses approach compliance, process governance and operational efficiency.
Our New Jersey-based software development team has worked to meet consumers’ desire for fast, convenient banking, while standardizing processes for the needs of regulatory compliance. We continually work to innovate and re-invest in product development, focusing on design upgrades. And what’s unique to IMM is that we enjoy working in tandem with our customers to provide practical, intuitive and user-friendly software applications.
What are the biggest problems facing the fintech industry in the future?
During my career, the financial services industry has undergone so many interesting transformations that I never imagined—and frankly no one predicted. We truly are living in a digital world where getting information via many different channels is expected. That said, the financial markets are always moving, so anticipating the future needs of customers is essential to keep business moving forward—this is particularly true with Fintech companies. If companies are unprepared or unwilling to adapt to growing technology, they will have serious consequences.
If customers cannot get the services they want, they will move to another institution that offers that service. It is essential to make it easy for consumers to transact business on their terms, when and where they want to do it. There are a lot of non-traditional financials (third-party providers) entering the fintech space, as well as a lot of consolidation. So now more than ever, technology needs to be embraced, invested in, and then implemented to compete effectively.
Just like choosing the right board for the surf conditions and your abilities, choosing the right partner for your technology needs is critical to your overall business preformance and success. Ensure you make the best decision for your fintech future.