Executive Spotlight Series with Jeff Marshall from D3 Banking
How long have you been in the financial services industry? How did you get involved in the industry?
I have been in the Financial Services industry for about 25 years. I founded an internet banking company in 1996, prior to that I worked in the actuarial pension field.
What do you enjoy about FinTech?
I enjoy the velocity of change in the marketplace as it relates to financial technology. The challenge of getting legacy banking minds in tune with emerging channels has been interesting and fun.
What are some of the biggest challenges financial institutions are facing in today's digital landscape?
Financial institutions face a data challenge that they are not fully aware of. There is data available which is not being leveraged because of a resistance to change due to regulatory pressure and the simple fact that a lot of bankers have the attitude of, “it works well enough”.
What threats do you see for financial institutions in terms of the digital banking landscape?
Financial institutions run the risk of being disintermediated by the likes of Amazon, Apple, Paypal and Walmart. These companies are building huge payment networks that could be used for depository accounts. If consumers deposit paychecks into their Apple account, financial institutions may find it hard to compete digitally.
What are the primary benefits of the D3 Banking platform?
D3 Banking has developed a new type of platform for digital banking. We have taken advantage of modern frameworks that enable us to quickly code, deploy and scale our solutions. Because D3 Banking’s solution was built from the ground up, we can leverage responsive designs, restful API's and enormous scalability right out of the box.
Where do you see the digital banking landscape in 5 years?
The digital landscape will start to migrate more to Machine to Machine (M2M) integration. Paying for groceries from your refrigerator, working with home devices like Alexa and integrating with embedded apps will grow.
What is the most important thing decision makers should keep in mind when evaluating FinTech companies?
Decision makers need to understand that the back office channels are very important. Understanding data analytics, so that systems like Alexa can have conversations with consumers, enabling better returns via virtual assistants. When someone asks Alexa for their checking balance, Alexa should return the balance along with some smart consulting – “Congratulations, I see you have reached 90% of your new car savings goal and you have been pre-approved for a new car loan. Would you like me to set up a call to talk about your new loan?”
What are the biggest benefits to partnering with FinTech vs. Building within?
FinTech companies have scale, experience, and expertise. It is difficult for a Financial institution to keep up with the maintenance of new frameworks, the security related to regulation and the “new blood” experience we get as we grow out the company. FinTech companies also integrate with the vendor community so that we can maintain competitive advantage as well as stay informed on new and existing players.