Everbank The bank has selected a third-party vendor to update manual processes across the bank. Lindsay LawrenceExecutive Vice President and Chief Operating Officer.
“We’re cramming about five years of change into two years,” Lawrence said. Bank Automation News.
The Jacksonville, Fla.-based bank, with nearly $40 billion in assets, previously TIAA BankThe company is continually updating its platform and strategy while investing in digital capabilities and efficiencies, she said.
Banks are in fact hiring technology providers internationalDigital One The consumer platform is expected to be available later this summer, and was announced in May. Finsley As a payment processor.
Lawrence recently Ban We discussed EverBank’s latest digital initiatives. Below is an edited version of that conversation.
Bank Automation News: How would you describe EverBank’s digital strategy?
Lindsay Lawrence: We want everything to be very technology-first, a lot of it will be built with new technologies, but API-first so that we can build things in Rails that will help us scale and be more efficient in the future.
When considering technology partners relevant to our digital strategy, it’s a customer-first mentality. We want to create personalized, customer-centric experiences for our customers. When selecting our payments hub and merchant treasury management provider, we wanted our partners to have the same mindset.
Ban: Do you approach it as buy or build?
LL: I’m a big fan of the act of buying. You can’t be great at everything, so it’s important to find other people and companies that have great skills and leverage them.
When searching for a FinTech company, it is important to develop our own strategy and roadmap as well as understand the FinTech company’s strategy and roadmap.
For example, banks have chosen European fintech companies. Back Base They wanted to enter the US market and wanted a bank that could grow with them, so they partnered with them as their commercial treasury management provider. To an extent, we can help each other out, which is great. Both parties want to get something out of the relationship, and it’s important that there’s a healthy, good challenge on both sides in the partnership.
BanWhat are some of the recent technology projects you have led?
LL: The biggest one is Digital One, a new consumer platform that FIS. Previously, when we were owned by TIAA, we used their online banking system. We’re launching Digital One later this summer, which will be our platform for online banking, online account opening, and branch account opening platform.
Ban: Can you quantify how automation has improved the customer experience for EverBank customers?
LL: We have capacity models in place to monitor account opening times, manual reviews, and fraud alerts. It’s extremely useful, especially as we bring in new technology like FIS’s Digital One, to be able to use the same capacity models we used before to see how much more push-through there is and how much less fraud there is.
With these insights, you may not need to add as many full-time employees to support these efforts going forward. This is where scalability and efficiency are key. It’s hard at first, but when you think about how much time is spent in different areas of the business, saving five minutes here and three minutes there can make a big difference. This is an opportunity to free up employees who were previously working on manual tasks for other roles.
BanHow would you describe your leadership style?
LL: Transparency has always been important to me: standing up for my team and explaining the direction we are heading in. It is also important for me to have humility – recognizing that I don’t have all the answers right now. I spend time in the branches, asking about frustrations and trying to identify areas for improvement. I listen to pain points, share my ultimate vision for the bank and communicate along the way.
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