2015 has been a very blessed year at Genesys. We have much to be thankful for and there is no better time than New Year’s to take a look back and thank God for the people he has put into our lives. After all, that is what it is really about, honoring those you come into contact with and celebrating the richness that your customers, associates, co-workers and acquaintances bring to your life. Looking back on the year...here is my top ten:
#10 - In House to Outsourced Evaluations
Here at Genesys we saw a significant increase in the number of banks hiring us to help sort through the details of an in-house to outsourced decision. Make no mistake, it’s a huge undertaking and in most instances driven by executive management or the board of directors looking for a more cost effective means to manage their technology. In very few situations do we see Operations chomping at the bit to make the move. Interestingly enough, only 50% of our clients who hire us to help with decision actually make the move to outsourcing. There are so many variables to consider like the long-term cost of a transactionally heavy outsourced pricing model, the ability to hire and retain key personnel to manage the in-house systems, regulatory pressures and contractual obligations in the event of a merger or acquisition just to name a few. In the end, it is so rewarding to help our customers wade through the analysis and make the wisest decision for their institution. I know this hits #10 but we are thankful that our clients trust us with this process and refer other institutions to enlist our assistance.
#9 - Mergers and Acquisitions
I know, I know...you are probably thinking - WHAT? Why would you be thankful for the rampant consolidation in the industry? First, we have seen time and again where our clients are protected by the language we add to the contracts in relation to merger and acquisition. Language that protects them against opportunistic vendors who charge through the nose to liquidate a contract (you know who you are) or convert an acquired institution to the acquirers systems. It is rewarding to see our efforts protect our customers. Secondly, merging institutions often turn to us for assistance in managing the merger of systems and/or negotiating a stronger processing agreement for the new combined entity. It’s good to be appreciated and needed. We are thankful for that.
#8 - Forward Thinking Vendors
We are thankful on two fronts. First, in relation to the BIG 4 processors in the market, we need to tip our hat to Jack Henry and Associates. Moving Silverlake to a real-time processing environment is going to fill a huge gap in the market for thrifts that are landlocked to old antiquated solutions and provide the growing number of commercial banks that find value in a real-time solution. Additionally, the Banno suite of services are bringing a much needed face-lift to a very tired set of online solutions for the BIG 4. Jack Henry has shown year after year that they acquire companies that add value to their current customer base and not just size to their organization. Standing ovation please. Secondly, new startup companies and their forward thinking philosophies hit the FinTech space almost on a daily basis. Granted, they will most likely be snapped up by larger companies in the near future but they drive change and get bankers the tools they need to patch gaps in their current solution set. Very thankful for forward thinking vendors and the value they bring to our clients.
#7 - Forward Thinking Bankers
Bankers wear so many hats that checking the boxes each day is two full-time jobs. We get that. This year however, we have seen bankers embracing cloud based collaboration systems like Google Apps (Google for Work) - hats off to Pam Ihli and the Citizens National Bank in Sevierville, TN. She gets it and recognizes the value of real time collaboration in the cloud. Sorry, I got off track for a second...we saw bankers inviting us to brainstorming sessions on digital disruptions and how they adapt. We witnessed bank executives who understand that millennials are a different breed of customer and they need to adapt now to try to hold the attention and business of a generation that has everything at their fingertips. The list goes on and on but make no mistake, bankers are shaking off the mentality that regulatory pressure stifles creativity. You know who you are and we are thankful for you. It makes our job so much more fun.
#6 - New Entrants into the Core Market
As much as we love the BIG 4 - we focus on the community banking space and that space is in desperate need of some new players. NYMBUS tops our list of what is hoped to be on the horizon for bankers. Backed by some seriously deep pocke