The Independent Bankers Association of Texas (IBAT) and FedFis, a fintech firm specializing in data transformation for financial institutions, have announced Bankers Helping Bankers, a new bankers-only platform to help community banks survive and thrive. Texas-based FedFis brings more than 40 years of building data in the banking industry, information that can benefit every community bank in the U.S.
“Community bankers need answers,” says Dave Mayo, CEO of FedFis. According to Mayo, community bankers have confided in him that “misinformation, regulatory burden, changing customer expectations and warp-speed technological evolution are just too much for community banks to weather. We believe bankers can make the right decisions and thrive if they have the right information—period. That’s why IBAT and FedFis have partnered to pioneer an entirely new way for banks to band together, by forming a community of bankers in which conversations are driven by facts and data. The community banking associations have delivered the missing information that bankers needed to unlock the amazing opportunity that only a small number of banks have tapped into. Finally, there is hope for community banking, the backbone of our country.”
“The future of the community banking industry depends on the collaboration between community bankers themselves,” says Christopher Williston, IBAT president and CEO. “For decades, banking associations have offered the means of collaboration for bankers, mostly through face-to-face gatherings. But those means are no longer enough because the industry is changing too quickly. Bankers Helping Bankers is the next iteration of the traditional value proposition of associations—the promise that together we can accomplish more than we ever could alone.”
Bankers Helping Bankers will be rolling out for community bankers nationwide in the weeks ahead with support from state community banking associations and the Independent Community Bankers of America. “We are excited to get Bankers Helping Bankers into the hands of the community banking leaders across the U.S. via our network of association relationships,” Williston adds.
Technology discovery and the selection process is a true legacy problem in banking. Bankers needed a way to evaluate technologies and products that can integrate with their existing tech stack, eliminating their reliance on opinions and consultants. It’s intended to make bankers the smartest people in the room again.
Why make it free? “It's not free—the vendors support community banking with their sponsorship [of the program] because they know we are all in this boat together and we had better work together or we will all fail together,” Mayo affirms. “This is the Alamo for banking. Take a stand and fight for community banks. Bankers Helping Bankers is the place to join the fight!”
Click here for more information on Bankers Helping Bankers. For more information on FedFis, click here. More information on the Independent Bankers Association of Texas is available here.