The Card Payment Platform Playbook for Community Banking

Jim Marous (00:11):

Hello, and welcome to Banking Transformed, the top podcast in retail banking. I'm your host, Jim Marous.

Jim Marous (00:18):

There's probably nothing more challenging today than the card marketplace, especially for community banks that are trying to decide how much do I get involved with it? Do I become a provider of cards or to become an agent? What's my model going to be in the payment space?

Jim Marous (00:36):

And as we look at community banking, we're really trying to make it so that we're future-ready while still being able to compete with the FinTech disruptors and the mega banks, and serve our local communities.

Jim Marous (00:49):

Today, I have Joe Schmithorst, Vice President of Product and Client Services at Primax joining me on the podcast. He has an extensive experience both from the banking side of it as well as the provider side of it. What he's going to do, he's going to be discussing how you can navigate this complex world of digital payments.

Jim Marous (01:11):

He obviously, will bring very unique insights into how community banks can build a more robust card payment platform while also understanding the nuances and the challenges in that process. Today, we discuss practical strategies for building a future-ready card business, including the importance of modern architecture and embedded payments capabilities, while also understanding that we're under constraints from a financial perspective.

Jim Marous (01:42):

We also can't forget the customer in this whole equation. We have to build a platform that is going to be customer-ready today and in the future. Finally, Joe's also going to discuss some really good examples of how successes were made. So, don't get off the podcast before you hear these because he gives some success stories on how organizations were prepared and stayed on plan to implement.

Jim Marous (02:12):

He also finally shares what can throw us astray, what can mess up the process no matter how good our intentions are; how do we stay on point focused on our North Star without going for the next shiny object?

Jim Marous (02:30):

Community financial institutions face an unprecedented challenge in the payments landscape where they must compete against both tech-savvy FinTech disruptors as well as resource-rich mega banks, while working with limited budget and the legacy infrastructure in many cases.

Jim Marous (02:48):

The pressure to deliver a seamless real-time payment experience that rivals though of larger competitors though has never been greater, yet community banks must find ways to innovate without losing their core advantage of personalized local services.

Jim Marous (03:06):

So, Joe, before we begin, could you introduce yourself to our audience and share a bit about your rather extensive background?

Joe Schmithorst (03:15):

Yeah, thanks Jim, and thanks for having me on today. So, my background is a bit extensive. The majority of my career has been in the issuing side of banking. So, started at a large issuer, or actually, if you go way back, I started on the merchant side but doing marketing for their co-branded credit card.

Joe Schmithorst (03:34):

So, then got into the issuing side of banking from a top five issuer, worked into a co-brand private label shop, so did some time there. And then most recently, was at a regional bank in the Midwest where I managed their commercial card, business card, and consumer card portfolios.

Joe Schmithorst (03:56):

And then as you can tell, most recently, I have joined Primax to really help solve some problems that I saw when I was on the buyer side or the issuer side.

Jim Marous (04:09):

It's a good position to be in because honestly, those challenges, the ability to work with partners but also, sometimes go it alone is better to see it from the perspective of the other side of the desk as you cross over and really help the financial institutions meet that.

Jim Marous (04:25):

Can you share a little bit about who Primax is also for those organizations that may not be familiar, and also, how you help finance institutions actually do what you said, navigate the complex battlefield that's out there today?

Joe Schmithorst (04:39):

Yeah, most definitely. So, Primax is in a unique position. We primarily focus on the community bank space. We lead with credit and debit from a payments perspective, and we really pride ourselves in doing exactly what you say — helping the community banks navigate the complexities of the payments ecosystem, if you will.

Joe Schmithorst (05:02):

Whether it be partner with us or partner with somebody else, we can help make those connections to identify the strategy and the needs that the bank is looking for. So, like I said, we start with the business credit card, consumer credit card, debit card, but then we also have a lot of capabilities and just knowledge within the industry to help connect the full payments strategies and the needs that the community banks have.

Jim Marous (05:33):

It’s always interesting, I go to a lot of events, I go to a lot of user conferences, a lot of bigger events. And honestly, right now, in the banking industry, there's no area that's evolving quicker and innovating more aggressively than the payment space in every element of it.

Jim Marous (05:51):

And you've been in this space for quite a while, what are the biggest challenges that you are seeing that community banks face today, and how have those evolved a bit over the last few years?

Joe Schmithorst (06:04):

Yeah, I mean, I'd say the biggest challenge is just understanding it because payments is such a broad word, it's a broad product. Banks look at it and they say, “Do we need a payments division? Well, we have a debit card, that's a form of payment,” but payments is much broader than just a debit card, a credit card, a business credit card.

Joe Schmithorst (06:27):

So, I think where the bank should start or where we started at my prior bank was really identifying what do the clients need in terms of a use case, and then start backing into what payment strategies fit that use case. So, is it a float? The small business needs float, well, we can maybe solve that through many different forms of payment, or it's they need to pay their invoice right now, so that's a real time payment.

Joe Schmithorst (06:54):

So, I think where we can help community banks is not necessarily saying you need this payment type, it's really helping them identify what are the needs of their either consumer or business clients and forms of payments, and then we can help fill in the gaps of what payment they might actually need.

Jim Marous (07:15):

So, it's interesting because there's so many different models available in the payment space and there's different approaches. What should banks consider when they're either developing or adjusting their payment strategy? Because really, you referenced it already, you have to kind of know what your North Star is before you even start because there's just many directions you can go. What should banks consider when they're developing their payment strategy?

Joe Schmithorst (07:40):

Yeah, so a lot to consider on that one. I think if we focus specifically on the card payment or that kind of loyalty mechanism that drives the client back into the bank, it's a lot around the risk appetite of the bank because there's agent bank models, there's self-issuing models, there's hybrid models, so there's kind of like three buckets that the bank could choose to then issue that credit card, whether it be consumer or business.

Joe Schmithorst (08:10):

And within those models, they could also work to say, well, consumers, the juice really isn't worth the squeeze. We're going to go agent bank model on that, but the commercial and business card, we do want that high ticket volume, high interchange revenue to help their net interest margin.

Joe Schmithorst (08:27):

So, I think there's different ways that they can look at it from a card perspective and really, that's where the partner becomes really important because we're Primax, we come in and say, well, what is — again, going back to what is the need and then figuring out which model best fits that need rather than just forcing them into a silo or a bucket.

Joe Schmithorst (08:53):

And I think that thought process actually evolves into the broader payments landscape, figuring out, again, back to what the need is and then bridging that gap with a payment product.

Jim Marous (09:07):

Well, not just in the payments landscape, but the overall product portfolio that they offer. How are you going to be identified? What are your customers asking for that you can provide, that you can round out that overall product portfolio beyond just payments?

Jim Marous (09:26):

It's interesting, when you're looking at — and it goes beyond just payments, but when community banks need to balance the need for cutting-edge technology, while still realizing they have limited budgets. So, how can organizations balance that and prioritize where their investment goes with regard to what they have the ability to implement against?

Joe Schmithorst (09:56):

Yeah, no, that's a really good one. I think the biggest thing is don't get caught up with the shiny headlines and the shiny objects and all the things that we see. They're good to keep an eye on, don't get me wrong, but I think community banks shouldn't go out and say we need all these things in our toolbox to get the clients to come into the door.

Joe Schmithorst (10:21):

I think of expense management a lot because that's a big play in the business and commercial card space. But I think a lot of it's like using that specific example, going out to the treasury management officers and understanding what are they going to use with that expense management? Is it really they just need a downloaded file to upload into the expense management of their choice, or do they really want an embedded expense management tool within the card management platform? Because that’s two very different things and will drive your investment strategies.

Joe Schmithorst (10:52):

So, I think using that as an example, and you can take that across other products of what is the real need? Are there things that we could go partner with or have a referral model which doesn't drive a lot of overhead to the bank, but still creates the relationship with the end client?

Joe Schmithorst (11:14):

Or is it something where, hey, we really want to build this capability out because we want the interchange revenue or we want the interest income to the bottom line or to the balance sheet, and it drives a stickier customer from a retention perspective.

Jim Marous (11:31):

So, let's say a bank identifies a payment strategy that appears to be the right fit. A lot of financial institutions may lack the in-house expertise to deploy against that in an effective way rather than just managing it.

Jim Marous (11:50):

How are organizations today bridging this gap between in-house capabilities to … and I'm going to keep on saying deploy it as opposed to simply manage it because you can simply offer it, but you're not optimizing that investment. Then how do organizations today bridge that gap between capabilities and what they want to do?

Joe Schmithorst (12:13):

Yeah, that's a great question and point, and I honestly think that's one of the biggest gaps we have in the community bank industry. Again, my time there, there's a lot of consultants that do a lot of great work on the upfront business case and the strategy and the why, and then they might out outline the how, but then it's up to the bank to go execute on that how.

Joe Schmithorst (12:36):

So, there is a gap and an opportunity I think within this space, to one, identify the business case, and the what, but then also help them with the how. So, that's where a really strong partnership is necessary. And I think the bank should look at that partnership as an extension of the team where it's the servicing aspect.

Joe Schmithorst (13:01):

And really, I always thought, if you don't get the servicing right, then you really have no foundation to grow the product on. So, if you can do a business case all day and talk to the executives and say, this product will drive X amount of revenue, but if the bank can't partner with a good partner to execute and deploy and service, then there really is no foundation for growth for those products. And I would say that's across the board for payments, products and all banking products in general.

Jim Marous (13:36):

Joe, it's interesting because I often on the podcast will talk about especially the importance of partnership and the expansive way we can use partners now to build a modern banking platform. That's good, but we have to avoid simply checking the box. Sometimes we say, okay, we need a card platform, we need this, we need that, whatever it may be within the portfolio.

Jim Marous (14:06):

And if you look at it as simply a check mark, then you're probably not deploying it with an effectiveness and resilience. The resilience of being able to say, “Will we be able to pivot when the marketplace pivot, will we be ready?”

Jim Marous (14:21):

And again, you emphasized the picking of the partners, but I think it goes beyond whether or not that partner has the product. It goes beyond simply whether or not they've implemented well with other organizations. It's really rather a relationship and a partnership and a collaboration to say, is this organization going to fill all the gaps I have in my expertise level to make this actually be optimal?

Jim Marous (14:52):

And there's a big difference between transactional and relationship and value-driven. And I think that that goes beyond just the relationship between the bank and the partner, but between the bank and partner, and the consumer or the small business bit.

Joe Schmithorst (15:10):

That’s right.

Jim Marous (15:11):

And I think when you look at that, it is a differentiator that we've now been able to get a little bit greedy and say, I want more than just the product. I need the back office, whatever that may be.

Joe Schmithorst (15:22):

Oh, a hundred percent.

Jim Marous (15:24):

You have a lot of examples both in your previous experiences as well as at Primax. Can you share an example of a financial institution that really successfully identified what they wanted to do and overcame the challenges, be it financial, be it talent, whatever it is when updating their payment strategies?

Jim Marous (15:44):

Because we often talk about the things that can go wrong, we forget to go, “By the way, there are examples of organizations that have done it right.” Can you give me an example of an organization that really did it right and maybe we'll say out punch their size a little bit in being able to deploy?

Joe Schmithorst (16:00):

Yeah, yeah, definitely. A couple examples come to mind. One in my previous role where we essentially rebuilt the card program. We looked at our product set, but first we looked at the foundation. We looked at our partners, what are we getting from our partners, what do we need from our partners?

Joe Schmithorst (16:20):

And then we looked internally to say, alright, here's our current situation, here's the P&L, here's the current situation in terms of operating model, what do we need to do internally to support this product or this suite of products?

Joe Schmithorst (16:34):

So, we did some changes. We actually implemented more of a matrixed organization where product was over here and then we had back-office kind of dotted line into product, but just a much closer relationship between product and operations to keep the lines of communications open with the back office, the frontline to support in service.

Joe Schmithorst (16:56):

Because we noticed that foundationally, we weren't solid and we saw huge attrition rates, and it wasn't really because of our value proposition of the product, it was because we couldn't service our customer. So, we turned that ship around, and that was I think a pretty big win for that institution.

Joe Schmithorst (17:15):

And second was actually in this role at Primax, we helped a recent institution go through a strategic shift of going from agent bank to self-issuing, which one, is just a big decision because you're taking risk, but now, you're going to get a little bit more reward out of it.

Joe Schmithorst (17:34):

So, understanding those decision points, and then fast forward, the implementation, the deployment of it, helping them do essentially what we did at my prior institution and set it up from an org structure perspective to say, alright, you're going to start seeing this flow through, you need to make sure you have a body here that knows how to use this tool and click this button and service.

Joe Schmithorst (17:59):

And then in parallel, start to build out what does the value proposition look like? Because as you know, an agent bank, the bank doesn't make any of those decisions. And now, it's really their decision, which I think is the fun part to say, here's our go-to-market strategy, here's what our customers look like, we're going to have these different products that fit those personas and back to the need of the client.

Joe Schmithorst (18:25):

So, I'd say those are two good examples of one, just kind of overhauling a current model, and then two, totally shifting from one model to the other model, but making it pretty successful.

Jim Marous (18:40):

There are many organizations that are playing catch up right now. There are other organizations that are looking, as you just explained, looking at moving ahead. There's a lot of different places in the overall mix.

Jim Marous (18:54):

When you first engage with a financial institution in their journey, what's the first thing that you want that institution to do to determine where they go next or where they go now? Either way. So, where do they start?

Joe Schmithorst (19:13):

Where do they start? Yeah, I would say they start with, well, two things. Their first one would be the need of their customer, whether it be consumer or business. Now, community banks tend to lean more towards the business side of it, but I would say identifying the need of the business client and the consumer client that's coming in the door from an overall payments perspective. So again, back to that, what are they doing? What do they need and how can we help solve that need?

Joe Schmithorst (19:42):

I think the second part of that is then falling into the business case around can we support it and what would it take to support that? And obviously, does the revenue kind of offset the expense because we all have P&Ls to uphold to.

Joe Schmithorst (19:58):

And I think there's two different avenues that could go from, is like, well, if the business case is positive, then maybe we should put the time and energy as a bank to build this out and deploy internally.

Joe Schmithorst (20:11):

If it's not, but we still know that it's a need for the client, then how can we get creative through partnerships or again, back to referral models or other things either within the community or outside of the community to solve that need so we don't lose the deposits or the loan that is really tying that client to the bank.

Jim Marous (20:32):

So, you sit down with a financial institution, the first thing you do is find out where they are, you find out where they want to go, and you provide alternative solutions for them to get there. That all sounds well and good, and you gave some examples of organizations that really implemented against it, probably pretty much on time on schedule or really, the way it should happen.

Jim Marous (20:56):

But not always do things go as smoothly as we'd like them to. What gets in the way of success from the perspective of where we thought we'd be in the beginning and where we'd go, and what actually happened? Is there any uniform thing that kind of messes it up a little bit from the standpoint of implementation? If there's any uniform way that we can look out for that or try to avoid that, what gets in the way of the feeling of success?

Joe Schmithorst (21:28):

Yeah, I'd say the first thing is losing sight of what you're trying to do. And what I mean by that is I think a lot of times, because these projects are long, they could be a year, they could be two years or six months — it could be that time of implementation.

Joe Schmithorst (21:47):

But during the time of when teams are in the weeds and really implementing and things are hard, I think a lot of times people lose focus of what the mission is. The mission of really helping the end user, the client solve a problem, pay a bill faster — whatever that may be, but knowing that hey, all this pain that we're going through right now is going to solve that need, I think helps.

Joe Schmithorst (22:16):

And then the second part of that is from a banker's perspective, the revenue or the expense save that it's going to bring to the balance sheet of the bank. So, knowing that this short-term pain of implementing something, it might be painful again or costly, but the long-term vision or mission, it's going to increase revenue by X or reduce expense by X and solve a client's need, I think is what often gets lost. It sounds crazy, but it often does. And then implementations go sideways, and things shift. So, yeah, I think that's a big one

Joe Schmithorst (22:56):

The other thing I've seen too is if it's a longer-term project like a conversion of a core or payments platform or whatnot, other things will come in that might shift it in terms of prioritization. So, I think it's also executives of the bank just being very clear with the team of like, “Hey, we're going to pause this and here's why.” Because sometimes it just has to happen. I mean, the priorities shift, but just having that sense of communication of we're pausing this because of X, Y, and Z helps teams get through it.

Jim Marous (23:30):

Boy, that’s interesting, because Joe, it's interesting how there's certain themes that weave in and out of all the podcasts we do, and you just brought them both up. Number one, don't lose sight of your North Star, what you're trying to achieve, and stay focused on that because there's all … you mentioned at the very beginning of this podcast, there's so many things coming at you from all eye — avoid going after the shiny object, get that one primary item executed and stay out of the way. A client of mine one time said the problem is bankers get in their own way. And we do, we tend to.

Jim Marous (24:07):

The other thing that you referenced is I had an organization that said, “We have never done anything that doesn't add layers. So, we got to make sure we focus on not adding layers to the process, not getting too technical in the process, but also being very clear from top down on what has to be achieved and involving all interested parties on the front end.” That goes from compliance, we sometimes try to leave out till the end, and that just messes things up.

Jim Marous (24:39):

But it really says, anybody who's going to be touching this, make it all their objectives to see this through. But top leadership plays an important role because it gets a second billing, third billing, fourth billing, whatever it may be. It's more likely it's going to fall off track if nobody's holding people accountable from the very top.

Jim Marous (24:58):

And the two elements you brought up, we take them for granted, going, “Well, yeah, we're committed to this, we're all on board.” Well, let's document that because as you mentioned, it can be a two-year conversion or a six-month conversion. Those differences may have exactly the same outcomes. It's just the pain that you went through to get there. So, it’s interesting.

Jim Marous (25:27):

And again, you get back to, as you brought up earlier, the selection of partners and vendors, and making sure you hold all parties accountable, and I'll add that you actually implement what you bought. Because sometimes, you throw some wrinkle into the equation after you sign the contract going, “Guys, we want everything. You said you're going to do this, this, but we don't want to let go of X.”

Jim Marous (25:54):

And that X is something as an internal person, going, “Oh, that's the thing that just throws this all out of kilter.” You're not going to get what you wanted because you're not going to let go of what's been in the past. So, it is an interesting dynamic, but it's true with payments for everything else.

Jim Marous (26:12):

Obviously, as I said at the very beginning, the payments industry is changing so very fast. There's so many trends going on: embedded finance, digital wallets, crypto — which of these should community banks be prepared for, and which ones can they afford to wait and see on?

Joe Schmithorst (26:33):

Yeah, no, that's a great point.

Jim Marous (26:35):

And I realize this is your perspective, but it's one that you see multiple organizations. It's just your point of view, it's experience you've seen on things that can destruct.

Joe Schmithorst (26:47):

Yes, yes. I think that's a key point too. Again, back to sometimes headlines can distract us and we chase a shiny object in the community bank space, but it is two points really. There is embedded finance and digital wallets and contactless. Even some folks, we're still working on getting everybody to contactless in a way.

Joe Schmithorst (27:13):

So, some of those things are here and we just need to realize that and move that way because consumers are starting to make their decisions off frictionless experiences. I think about the ease of making a payment either through social media or even in your car now through some apps, through Apple Play or Google Play, so the car connected.

Joe Schmithorst (27:38):

You can order your coffee ahead of time and make the payment through the app just in your car while you're driving there. But the bank needs to be aware of like, hey, we need to make sure our products … they don't need to do all the upfront UI and all that kind of stuff. Let the apples and the Googles of the world work through that.

Joe Schmithorst (27:54):

But do ensure that if you own the bin and all that, that you are registered within Apple and have all those license set up. So, when the consumer's ready to make that jump to that experience, your product's there and ready to go.

Joe Schmithorst (28:13):

So, I think that's a big part in terms of digital wallets and just that seamless payment experience, that's already here today within the Ubers of the world and Lyft and all that. So, I think that's one spot.

Joe Schmithorst (28:25):

And then where I go with kind of the, I don't want to call it a super shiny object, but the cryptos of the world, and it's becoming more real with stable coin and the things that are coming through regulation and Congress and Senate and all that. So, I think it's becoming more real.

Joe Schmithorst (28:43):

I think the thing that I would caution banks on is don't make a knee jerk reaction just based off headlines. It's more of be prepared for it, be very educated on what it is, but that doesn't necessarily mean that community banks need to go build a whole strategy based off that.

Joe Schmithorst (29:06):

So, I think those are the two buckets that I would look at as understanding what is here and now, and do we enable our consumers to play in that space. And then just being aware of what's coming or what could come.

Jim Marous (29:20):

Joe, that's great advice because I think you're right, we are still playing catch up at most finance institutions, not just community. But when you talk about real time payments for instance, that's a catch-up game. You've got to be there, embedded finance, you have to understand, that digital wallets.

Jim Marous (29:36):

We take for granted the fact that we zoom through toll booths on freeways, that's an embedded financial experience. And I'm going why don't we use the same device when we go to gas stations? Why isn't it the same thing in embedded? And that's going to come, something like that's going to come.

Jim Marous (29:53):

But I think you're right. I think that's the beauty of the partnerships of the collaborations. If you can pick partners that you know are in the cutting edge of what you aren't going to know, and that they're going to be prepared, that makes you more resilient as a financial institution in the payment space. You don't have to personally be there, but you certainly need to pick your partners in a way that says they will be there when I need to be there.

Jim Marous (30:20):

It's a nuance, but it's extraordinarily important, especially because changing partners is not the easiest thing in the world.

Joe Schmithorst (30:30):

That's right.

Jim Marous (30:31):

But building internally doesn't make sense in almost every instance. We see today, JPMorgan Chase building partnership for things that they just don't want to at least initially, be proficient at. So, we have to look at that.

Jim Marous (30:48):

So, finally, Joe, to wrap it up, if you had one piece of strategic advice, especially seeing that you've played on both sides of the desk, what would you give advice to a community bank CEO, who's feeling maybe just a little bit overwhelmed by what's going on in the payment space right now?

Joe Schmithorst (31:08):

Yeah, no, most definitely. So, I would say one, understand it. So, understand the complexities of it. I mean, not to the granular of how it moves. But understand what it does and what it does for your end clients. Again, understand it all should boil down to your North Star of what do my clients need and how do I deliver on that?

Joe Schmithorst (31:27):

And then the second part of that is once they understand it, spend a lot of time doing the due diligence on the partnership piece of it. Because like you said, the JPMorgans, the US Banks, the Citis, I mean even they're not building out a lot of this stuff. They're seeking out partnerships where in the past, maybe they did build it out.

Joe Schmithorst (31:47):

So, from a community bank perspective, that is the power of partnerships, which is pretty cool too. I love that. You can piece together this experience, but the end user doesn't really know where that's flowing through, which is a pretty empowering thing because it's built off partnerships.

Joe Schmithorst (32:05):

But I think part of that is, or a big part of it is do spend the extra time on the upfront due diligence. And it goes back to something you said earlier, which I want to call out, which is a critical point because if you go to a lot of partners websites, it's plastered on all the products that they deliver, which is great, but let's start saying, how do we deploy that? How do we execute on it? How are you going to help us grow? Do you culturally fit? Does the partner culturally fit with the community bank? Because ultimately, you want that partner to be an extension of your team, not just a vendor.

Joe Schmithorst (32:43):

So, I think the big piece of advice, especially coming from the buyer side, and now, on this side of the house, is do the upfront due diligence of the partner review, not only about what their products can do, but how are they going to be a good partner, and really be an extension of the community bank.

Jim Marous (33:05):

Great advice, Joe. And I would go even a step further and say, find the partner that understands how to integrate around your other services as well.

Joe Schmithorst (33:15):

Yes, yes.

Jim Marous (33:15):

Because the last thing we need are more silos.

Joe Schmithorst (33:19):

That's right.

Jim Marous (33:19):

And you can build a whole lot of partners that create their own silos because of the products they service. What's good is our partnership ecosystem today has never been better. At the Financial Brand Forum, other events I go to, these partners are all talking to each other wondering, how can I integrate the best with what you do, even though you do something completely different than me? Or even those that are the core providers that tend to say they do the exact same things that other partners do, but maybe don't stay on top of it as well. That's great advice, Joe.

[Music Playing]

Jim Marous (33:57):

And thanks so much for being on the show. It’s been a pleasure, and it is always good to talk to somebody that's been on both sides of the desk, because you have a perspective that says been there, done that, fought that battle, lost it, won it, and I understand where you can go right and wrong.

Jim Marous (34:15):

And I think sometimes it's simply finding partners that can set up the guardrails and let you know truthfully when you're going off track, because when it goes off track, it's hard to pull it back.

Joe Schmithorst (34:27):

That's right.

Jim Marous (34:27):

Appreciate the time, Joe.

Joe Schmithorst (34:28):

No, thank you. I really appreciate it. Thank you.

Jim Marous (34:33):

Thanks for listening to Banking Transformed, the winner of three international awards for podcast excellence. If you enjoyed today's interview, please take some time to give our show a five-star rating. Also, be sure to catch my recent articles on The Financial Brand and check out the research we're doing for the Digital Banking Report.

Jim Marous (34:52):

This has been a production of Evergreen Podcasts. A special thank you to my senior producer, Leah Haslage; audio engineer, Chris Fafalios, and video producer, Will Pritts. I'm your host, Jim Marous.

Jim Marous (35:02):

Until next time, remember, now more than ever, community financial institutions must leverage partnerships and collaborations as well as technology solutions to compete effectively while maintaining their community focus.