By Philippe Benitez
Biometric technologies are here to stay. That much is evident, thanks to consumers’ avid adoption of mobile devices and everyday applications that leverage fingerprint identification, facial recognition and other modalities that already extend into the mobile banking realm. As that tech diffuses into other parts of daily life and business, including airports, automobiles and commerce, it’s worth considering how it might transform bank branches, one of the last bastions left relatively untouched by the digital revolution.
Behind the scenes at one of the nation’s fastest-growing banks.
By Dennis Wang
TriState Capital Bank was already one of the fastest-growing banks in the U.S. when, in 2016, it decided to refresh its commercial deposit line of business. As the organization neared its 10-year anniversary, its leaders were confident its treasury management deposit growth was only a fraction of what it could be. Their instinct was right. Now, three years after the bank shifted gears and implemented a new strategy to drive lower-cost commercial deposits, its enhanced treasury management business is a significant contributor to TriState Capital Bank’s phenomenal growth, with over $5.9 billion in assets and counting.
A new report from Austin, Texas-based Rabbet, an intelligent construction finance platform, found evidence of digital readiness among lenders and developers in an industry that has historically been slow to adopt new technology. Recognizing the potential impact of artificial intelligence and automation, more than 70 percent of lenders surveyed agree that aspects of the draw process can be automated, and 67 percent of developers think automation will expedite the process.
The American Bankers Association recently announced a partnership with Alloy Labs Alliance. The Alliance, a shared financial innovation lab and consortium co-founded by midsize and community banks, brings banks together to identify, evaluate and implement new technology and innovative products. Alloy is led by the team of financial technology experts at FinTech Forge.
London, U.K. // www.jumio.com
New video-selfie technology is available from Jumio, an AI-powered identity as a service provider. The secure and rapid authentication method is ideal for account logins and high-risk scenarios (e.g., logging in from a foreign IP address or authorizing high-risk transactions such as wire transfers and online purchases).