Kearny Financial in
Fairfield, N.J.; Quaint Oak Bancorp in Southampton, Pa.; and Third Coast Bancshares
in Humble, Texas, were among the smaller banks to talk about upgrades in their
core platforms, working with fintech or moving into Banking-as-a-Service (BaaS).
The $7.7 billion-asset Kearny
said in a press release that it is looking to adopt a cloud-based digital
banking platform. The company also plans to expand its data analytics,
artificial intelligence (AI) and digital marketing capabilities.
Kearny has been working
with Glia, Q2 Holdings, clinc and ZSuite Technologies.
“We believe that our
strategic focus on digital client engagement is the ideal complement to the
exceptional service that our team provides within the communities where we
maintain a physical presence,” Craig Montanaro, Kearny’s president and CEO,
said in the release.
“This omnichannel approach
allows us to further strengthen our existing client relationships while
expanding our products and services into new markets in an efficient and
cost-effective manner,” Montanaro added.
The $752 million-asset Quaint
Oak said it is looking to introduce a BaaS platform to form more fintech
partnerships. The company also noted that, because of rising interest rates and
the chance of an economic slowdown, it could look to raise capital earlier than
planned.
Finally, the $3.4 billion-asset
Third Coast Bancshares said it incurred expenses in the second quarter tied to
fintech and BaaS initiatives. The company didn’t provide any other details.
"By making these investments, we believe we will be in a
much better position to grow deposit and fee income,” Bart Caraway, Third Coast’s
chairman, president and CEO, said in a press release.
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