Vikar

Congratulations to the 2024 Warren Hill Award Honorees, Suellen Arecchi of Manasquan Bank and Nancy Schneier of Vikar! This award recognizes current or former NJBankers Committee Members who go above and beyond to ensure their committees' success. Below are excerpts from their nominations. "As the co-chairperson of the NJBankers Women in Banking Committee since 2020, Suellen has been a tireless advocate for advancing the role of women in the banking sector and is an integral part in helping to plan the Women in Banking Conference. Additionally, Suellen actively contributes to NJBankers' BSA, and Compliance and CRA Committees, offering insightful feedback and innovative perspectives." "Nancy's extensive involvement goes well beyond committee participation. Her passion for the industry and the association’s members, and her unwavering commitment to excellence, is invaluable in helping to shape the association's value for its members. Nancy serves on six key committees, including Women in Banking, Security, and Enterprise Risk Management. She further leverages her expertise by sitting on the advisory boards for three additional committees." The award will be formally presented during NJBankers Banking on the Future Conference this September. To learn more about the conference, visit https://hubs.la/Q02J49r60.

What's Going on in Banking 2024: "Did you know that more than half of banks are losing wallet share - and revenue - to big tech and FinTech competitors?” - Ron Shevlin This reality highlights the transformative impact of hundreds of #FinTech companies in the #banking sector, which I've explored during my tenure at Cornerstone Advisors. Banks with an average of $1 BILLION+ assets utilize on average 20+ technological systems in their tech stacks. It's clear that, without these FinTech innovations, modern banking as we know it would not exist. My fascination with FinTechs began during my time with the Haas Finance Group at the University of California, Berkeley, Haas School of Business, sparked by an enlightening talk by Alexandre Gonthier, founder of Trustly. His journey in establishing a leading company in the digital #payments arena opened my eyes to the deep and complex world of FinTechs. 🔹 Core Systems: The backbone of modern banking, these systems integrate various functionalities necessary for daily banking operations - from processing loans to managing account balances and everything in between. Fiserv, Jack Henry, and FIS dominate in the core banking space holding more than 80% of the market share. 🔹 Digital Systems: Over the past two decades, digital systems have revolutionized banking by enabling virtual account management, digital account opening, loan origination, bill payments, and spending tracking, making digital banking indispensable. Similarly to core systems Fiserv, Jack Henry, and FIS, with the addition of Q2 Software, Inc. are the dominate holders in this space.   🔹 Lending Systems: These platforms have simplified the loan application process, allowing consumers and businesses to secure financing with just a few clicks on their smartphones and computers. The leading players are Finastra, MeridianLink, and ICE Mortgage Technologies who control the market in #Commercial, #Consumer, and #Mortgage lending. 🔹 Payments: This segment includes well-known players like Zelle®, Apple Pay, and PayPal, and continues to expand as new technologies make transactions simpler and more integrated into our daily lives. SoFi, Chime, and Block currently represent more than 20 MILLION primary checking accounts used for B2C, C2B, B2B, and B2G. What fascinates me most is the diversity of players in each segment. Many firms often replicate others' services — raising questions about their life cycle and the timing of potential industry consolidation. As we navigate this ever-evolving sector, I'm eager to see how these technologies will continue to transform our financial experiences. 👇 I’m curious to hear your thoughts on the future of FinTech and how it’s shaping our approach to banking!