In this engaging episode of FinTech Confidential, hosts Tedd Huff and Colton Pond, along with Rafael Reznek (Chief Technology Officer) and Sam Pause (Chief Innovation and Brand Officer), share insights into Mascoma Bank's distinctive approach in the banking sector. Known for its unique mutual ownership model and focus on community and environmental sustainability, the bank shines as a model of innovation and customer-first services in the digital banking era.

The conversation opens up about how Mascoma Bank prioritizes its community, highlighting its technological strides to push the boundaries of innovation, including its noteworthy achievement as a certified B Corporation. It spotlighted the bank's significant tech upgrades, designed to redefine banking for the digital customer by emphasizing proactive, tailored financial services.

The discussion moves to the strategic shift towards more personal, community-based banking experiences, emphasizing Mascoma Bank's effective use of technology to enhance customer service. Rafael and Sam explore the bank's deployment of Core Switch technology for efficient account transfers, addressing challenges in lending with innovative solutions and setting benchmarks for banking evolution. Looking ahead, they share thoughts on the future of banking and lending tech, focusing on utilizing data and artificial intelligence and crafting individualized customer journeys.

This episode is an essential listen for those keen on how traditional banking can adapt and thrive by focusing on technology, community engagement, and sustainability, showcasing Mascoma Bank as a pioneer in the financial landscape.

Key Highlights:

• Mutual Ownership and Sustainability: Mascoma Bank stands out in the banking industry for its mutual ownership model, which emphasizes community and environmental sustainability.

• Positive Use of Technology: The bank leverages technology not just for efficiency but also to improve customer experiences and positively impact the community.

• B Corp Certification: Achieving B Corp status enables Mascoma Bank to focus on its social and environmental impact, ensuring accountability and higher standards.

• Tech Transformation: Mascoma Bank is updating its technology infrastructure to become more proactive and customer-focused, shifting from traditional practices.

• Community Banks' Rise: The popularity of community banks like Mascoma is growing because of their attentive customer service and intelligent use of technology to meet current needs.

• Core Switch Technology: This technology offers a way to move away from outdated systems, providing more adaptable and friendly banking solutions.

• Simplifying Lending Platforms: By automating and tailoring their processes, the bank addresses the complexities of lending platforms, boosting efficiency and customer service.

Takeaways:

1. Community and Tech Commitment: Mascoma Bank exemplifies the balance between prioritizing community values and using technology to enhance services and impacts.

2. Customer-Centric Focus: The bank's shift towards prioritizing customer needs through technology shows the potential for community banks to stand out.

3. Unique Position with B Corp: Mascoma Bank's status as a B Corp underlines its commitment to ethical and responsible banking.

4. Forward-Looking Tech Approach: Mascoma Bank's move to update its technology and focus on customer needs underlines its approach to tackling future banking challenges.

5. Clear Success Indicators: Enhanced customer satisfaction, streamlined processes, and reduced costs are the benchmarks for Mascoma Bank's modernization efforts, showing a strategic approach to improvement.

Links:

Mascoma Bank

Website: https://www.mascomabank.com/

LinkedIn: https://www.linkedin.com/company/mascoma-bank/

X (formerly Twitter): https://twitter.com/mascomabank?lang=en

Facebook Page: https://www.facebook.com/MascomaBank

Instagram: https://www.instagram.com/mascoma_bank/

YouTube: https://www.youtube.com/@MascomaBank

Raphael Reznek LinkedIn Profile: https://www.linkedin.com/in/raphael-reznek/

Samantha Pause LinkedIn Profile: https://www.linkedin.com/in/samantha-pause-42b87646/

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Time Stamps:

00:00 Introduction to the Modernization Journey of Mascoma Bank

01:33 Spotlight on Mascoma Bank: A Standout in the Banking Sector

02:37 Personal Experiences and Insights into Mascoma Bank

05:12 Rafael Reznek's journey into banking and insights application.

05:12 The Unique Journey into Banking: A Conversation with Rafael and Sam

06:50 Sam Pause's diverse experience and innovation drive.

09:22 Raphael's approach to banking technology

11:17 The Role of B Corp Certification in Mascoma Bank's Mission

11:44 B Corp certification impact on Mascoma Bank.

14:01 The Start of Mascoma Bank's Modernization Journey

15:56 The Challenges and Solutions in Modernizing Mascoma Bank

19:44 The Impact of Technology on Customer Experience

22:42 The Power of Community Banks and Technology

22:52 Prioritizing Technology in Banking

23:32 Sponsored Message: LoanPro

24:12 Challenges and Solutions in Prioritizing Technology

25:44 Introducing Core Switch: A Game Changer for Mascoma Bank

28:38 The Impact of Core Switch on Customers

30:18 Addressing Pain Points in Lending with Technology

41:44 The Role of Data and AI in Future Banking

42:41 The Transformation of Roles in Banking

44:01 The Future of Banking: Implicit Interaction and Personalization

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This is a Production of Diamond D3, Media

About The Guests:

Raphael Reznek: As Chief Information Officer of Mascoma Bank, Raphael Reznek focuses on reintroducing the question ‘Why?’ into community banking. At a time when small banks face greater competition than ever, Raphael is on a mission to reinvent how community banks can thrive in an increasingly digital world. When he overhears a partner or potential partner saying, “Banks don’t do that,” he knows he’s on the right path. Raphael has decades of successful experience building and leading technology and product teams. From his own startup to financial services firms, Raphael’s goal has always been to build customer-facing enterprise applications that improve the customer experience and strengthen brand loyalty. He is focused on using technology strategy as an integral part of business development in the 21st-century economy.

Samantha Pause: As the Chief Innovation and Brand Officer at Mascoma Bank, where she has spent her entire career of over 32 years. Samantha started as a teller at the bank in 1991 and has held several positions in various functions over her 32 years. Samantha uses this breadth of experience daily to drive innovation that genuinely makes an impact for Mascoma Bank with their team members and customers. Samantha is always driving the brand forward and has been the most prominent advocate in getting Mascoma Bank to be a Certified B-Corp. This certification strengthens Mascoma Bank's mission to give back and serve their community.

Mascoma Bank: Mascoma Bank is a mutually owned bank and not for sale. With no shareholders to please, the bank is committed to remaining independent and to re-investing profits in the community. The first priority of Mascoma Bank has always been its customers, providing them with the security of a long-term relationship. The bank ensures that customers can get things done locally with people who make decisions on their behalf. With 25 locations throughout the Connecticut River Valley in New Hampshire and Vermont and having been incorporated in 1899, Mascoma Bank strives to provide exceptional customer service while improving the lives of its customers and the community. It is a full-service bank offering various financial services, including deposit products, loans, commercial banking, insurance, and wealth management. Mascoma Bank also offers a range of automated services to provide access to accounts 24/7, including internet banking, person-to-person payments, mobile deposits, and cash management products.

About the Hosts:

Tedd Huff is the Co-Founder of Voalyre and the President & Founder of Diamond D3, a consultancy renowned for its expertise in global payments and marketing. With over two decades of experience in FinTech, Huff has played a pivotal role in shaping the industry through his contributions to various startups and established companies, focusing on growth, innovation, process improvements, and enhancing user experience in the complexity of payments.

Colton Pond is a seasoned marketing executive with a strong fintech and financial services background. In his latest role, Colton is the CMO for LoanPro's API-first lending platform, aiming to meet the increasing market demands. His track record includes a significant tenure at Truv, where he led the marketing team to achieve a 300% growth in year-over-year revenue. Colton has also held key marketing and sales positions at MX, Lucid, and HealthEquity, demonstrating his ability to drive success and innovation within the fintech sector.

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