Independent Banker - November 2020 - 41

Next: A win for community bankers and their customers
loans a month in the same time period
with automation.
Fintech partnerships are evolving
COVID-19 is arguably creating some
seismic changes within relationships
between banks and fi ntechs.
Donald J. Hawkins, founder and
CEO of Overland Park, Kan.-based
Griffi n Technologies, a geo-location
intelligence platform that connects
fi nancial institutions to their customers,
says the crisis is serving as a
leveler, giving banks and fi ntechs more
common ground.
" Before the pandemic, fi ntechs met
with banks in beautiful offi ces with
mahogany and granite and stainedglass
windows, " he says. " Now we're all
meeting via Zoom in our living rooms
or kids' bedrooms. It's something we
all share. "
Hawkins notes that COVID-19
highlighted challenges that banks are
now taking to heart. For instance, he
says, " banks that did not off er online
account openings felt the pain of not
being able to sign on customers without
requiring a signifi cant amount
of paperwork being faxed or emailed
back and forth.
" A lot of community banks have had
to take a hard look at becoming more
digitized, " he adds. " COVID-19, in my
estimation, has accelerated banks'
digital transformation by at least
fi ve years. "
Phillips says the crisis gave bankers
a chance to assess opportunities
to bolster their capabilities. Many are
looking to streamline legacy practices,
upgrade existing solutions or
incorporate new ideas like electronic
signatures into their processes.
" Community bankers learned a lot
during COVID, " she says, " and they
will be using and adopting this knowledge
going forward. "
Elizabeth Judd is a writer in Maryland.
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Independent Banker - November 2020

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