Bankers Address Fintech

Note from the Publisher:  The American Bankers Association is a massive trade organization representing the US’ $16 trillion banking sector, which employs over 2 million people.  At their national convention in Nashville, they unveiled their “Fintech Playbook” for members, with 18 financial technologies detailed.  In their overview, they also estimate that community banks who incorporate fintech collectively stand to gain up to $20B in operating income by 2020, while those who do not do so stand to lose up to $15B to “fintechs, digital leaders and other banks going digital”.  They’ve also launched a new fintech web portal for members as well, so the industry is clearly getting serious about this fintech threat, I mean opportunity. 

“WASHINGTON — The American Bankers Association today unveiled a Fintech Playbook for bank CEOs at its annual convention in Nashville. In collaboration with Accenture, ABA developed the Fintech Playbook to help bankers build and execute a strategic plan to leverage new technologies and remain competitive.

‘This is clearly a transformative time for the financial services industry. The rapid convergence of banking and technology is reshaping how banks and their customers interact,’ said Rob Nichols, ABA president and CEO. ‘This tool will help banks, particularly community banks, navigate the dynamic field of technological innovations.’

The Fintech Playbook, available only to ABA bank members, analyzes digital technologies at all levels and in all areas of the business: channels, lines of business, and bank platforms and processes. It also recommends a four-phase approach to implementation.

The playbook describes 18 technologies and, based on an analysis by Accenture, their potential dollar value for banks. It also features a prioritization matrix to help bankers understand the level of potential benefits and the difficulty of implementation for each of the 18 technologies.

This project is the result of a recommendation made by the ABA Fintech Task Force. In an initiative announced earlier this year, Nichols convened two staff task forces to bring together ABA’s work on fintech and millennials and make recommendations that can benefit the entire industry. The task force recommendations were presented to ABA’s leadership at a meeting in July……

‘These teams have been at work for several months, reimagining our role in helping banks connect with millennials and fintech, and I’m proud to share the first tangible result,’ said Nichols.

ABA also rolled out aba.com/fintech, which brings together all of ABA’s fintech resources, including the playbook, ABA Endorsed Solutions providers and advocacy efforts. Additional resources will be added to the page as they are available.”

Read Full Press Release at ABA.com