How is the technology selection process for a de novo bank different than for an established bank?
Given: Regulators want you to narrow down your selection as part of your business plan. We submitted our charter application — by the time the regulators come back and ask questions, you have to be pretty well down the road with a vendor. The technology advisory firm Abound Resources [Austin, Texas] helped us quickly narrow the field down to two or three competitive vendors. BS&T: What future technology initiatives is the bank currently considering? Given: We’d like to offer a P-card, or purchasing card, to our customers. The big banks offer it; it allows a business to restrict the type of purchases an employee is able to make, such as allowing a delivery driver to only buy gas or the purchasing department to only buy supplies. It’s pretty slick and is integrated in the accounts payable system. BS&T: What has been your greatest career challenge? Given: Starting a de novo. It was a lot of fun, and we were lucky to have a supportive shareholder base. Being able to compete immediately wa
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