Newer Core Providers See De Novo Banks as Opportunity

Newer core bank technology providers like Nymbus, Finxact or Finastra see an opportunity building with the rising trend in de novo bank applications; 2018 saw 19 de novo applications filed, that was more than the 11 in the two previous years combined; the move to offer services to a new bank is a easier path than trying to get a long established bank to overhaul their current systems with one of the 4 top core providers; the traditional providers have better track records but their technology is not seen as being as cutting edge as the new providers; they have been working to update their technology and are offering products that compete, but newer providers are seen as more nimble and innovative. Source.

Todd is the Chief Product Officer of LendIt Fintech.

He is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists.

He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences.

He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.

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