Independent Banker - February 2020 - 65
Accelerating fintech
" You can't use underwriting for
a fintech like you would for [a
core provider]. Sometimes you
have to use your gut. "
-John Buhrmaster, 1st National Bank of Scotia
includes hacking into a bank's security systems-with
permission-to expose vulnerabilities and weaknesses.
After multiple conversations, product references and
an intensive due diligence process, Buhrmaster decided
to give the startup a chance. From what he could tell, the
people leading the company had character.
" You can't use underwriting for a fintech like you would
for [a core provider], " Buhrmaster says. " Sometimes you
have to use your gut. "
His biggest challenge was convincing the community
bank's board of directors to use a startup instead of the
ICBA's ThinkTECH Accelerator
2.0 is in full swing. Learn more
about the program, which
mentors fintech companies
nationally recognized
company that they
had used before. Board
members had their
concerns and questioned
Leet's hacking expertise.
Ultimately, the board agreed
to hire the startup, but not without
developing solutions specifically
for community banks, at
icba.org/thinktech
keeping the more well-established company on to audit the
work. The decision paid off.
" We have done two phishing tests so far, and the
number of employees clicking on the bad link was cut in
half, " Buhrmaster says. " For the second test, not a single
member of management fell for the bait. "
Buhrmaster says it's essential for community banks
to find the right vendor. " Keep your eyes open for any
company of any size, " he adds. " The biggest is not always
the best. "
Mary Yerkes is a writer in North Carolina.
http://www.icba.org/thinktech
Independent Banker - February 2020
Table of Contents for the Digital Edition of Independent Banker - February 2020
Table of Contents
Independent Banker - February 2020 - Intro
Independent Banker - February 2020 - Cover1
Independent Banker - February 2020 - Cover2
Independent Banker - February 2020 - Table of Contents
Independent Banker - February 2020 - 2
Independent Banker - February 2020 - 3
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Independent Banker - February 2020 - Cover3
Independent Banker - February 2020 - Cover4
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