“Technology comes and goes, financial needs change over time but at the very heart of financial services, this remains a human endeavour”, Bradley Leimer

The lunchtime debate at FTT Virtual North America provides a compelling and inspirational overview of how a range of financial institutions, from community banks to the first digital provider gain a federal banking charter, define the communities that they aim to serve and how they sustain those relationships in a fast changing world. Understanding the unique set of needs of those whom you count as customers is a crucial starting point. The passion and sense of purpose of the speakers makes this a must watch session.

The discussion covered a number of key themes that featured across the Virtual Festival. Exploring how communities are identified and understood in a digital world, including an understanding of the multiple communities in which individuals define themselves. Participants speak to the core of the success of FinTech as serving the under-served or excluded, whether that is providing impactful products and services directly or enabling other institutions to do so.

Given that across the US the largest banks have continued to increase their market share since the financial crisis, how can small providers compete? The answer lies in supporting innovation and partnerships with FinTechs and other technology providers. Banking as a service needs to be made relevant to community banks (and other smaller institutions) so that it enables change to be affected in a manageable way and at pace. Providers cannot hide from the technologies that are changing the industry or the technologies that customers are turning to already.

Every provider is, of course, also an employer and supporting the workforce is an important indicator of success, COVID-19 is but one of many challenges facing today’s workforce. This underscores the fact that financial services providers are tethered to the economies in which they are located. Understanding the broader forces and structural changes affecting clients and employees is what drives beneficial outcomes. The ravages of the pandemic, the realties of racial unrest and the societal challenges all impact the financial condition of consumers, businesses and employees alike.

Listen to the debate in full to learn how the speakers and their institutions grapple with all of those challenges and prepare for more to come.

• Josh Rowland, CEO, Lead Bank
• Lisa Violet, Chief Audit Officer, Varo Finance
• Huma Usmani, Strategic Partnerships &Technology, Radius Bank
• Jesse Honigberg, Technology Chief Of Staff, Cross River Bank
• Bradley Leimer, Founder, Unconventional Ventures (moderator)