Group 912

Thoughts on the Banking Crisis Canary: Ron Shevlin’s Observations on July 17th The Banking Crisis Has Only Just Begun

Thoughts on the Banking Crisis Canary: Ron Shevlin’s Observations on July 17th The Banking Crisis Has Only Just Begun

Jean Donnelly

I’ve been reflecting on Ron’s recent Forbes article – (and thank you for the call out for Sandbox Banking!) and see true advantage for our company and others who are focused on improving and enabling banking infrastructure.  

In looking at the five elements of the banking crisis cited, I see many ways banks, and partner fintechs are currently engaged on these fronts.

  1. Checking accounts – as banks are looking for ways to increase deposits – the ability to move structured and unstructured data, share data in real-time and trigger multiple account creations at a lower cost through API integration is no longer just a game changer, but is table stakes for any product development.
  2. Zombie Cores – while core modernization DOES take multiple years and conversion may be a dirty word in operations teams,  having the ability to move data to more nimble platforms for specific services or products (eg: marine or specialty vehicle lending) through API platforms – Banks can lower their risk and dependencies on their cores and engage in a longer strategy horizon as suggested.
  3. People shortage – this is very interesting and on point, I really like the observation about  IT teams changing in terms of skills needed from builder to vendor manager to integrators –  Platforms like Sandbox Banking’s GLYUE are focused on providing the pathways to do this eg: by being multi-player software. By leveraging developer docs like readme portals, and sandboxes to test,  the foundational blocks are in place for building nextgen applications. Glyue incorporates AI for coding co-pilots to fill that skill gap but we can forsee a world where all banking users have their own AI bots interacting with our customers’ systems. 
  4. And don’t forget security expertise! In the world of cloud-native APIs meeting hybrid infrastructure while carrying PII, it’s another level of considerations that require the ability to navigate, monitor and obfuscate data in both the most granular and summary levels. There are a lot of changes for banks (removal of walls figuratively and literally), so middleware and integration platforms can meet the banks where they are today with specific integrations, and grow with them to be broader iPaaS opportunities that are configured to their specific workflows.
  5. The creative imperative – as banks not only unbundle and re-bundle product offerings but leapfrog the competition with new products, they won’t be built internally – the importance of connectivity to multiple partners and data movement is only growing. Products like Glyue seek to build networks so that fintechs and banks can both maintain high product velocity.
  6. Political Element – It is very true that we will see banking regulation focus and change given the recent crisis and due to the many other issues facing us economically, the importance of the ability for banks to adapt will increase. The journey from builder to vendor manager to integrator will continue.

As Ron alluded to, with the Carpenters song reference in his title: When it comes to addressing the crisis,  “We’ve only just begun”.

Group 913

File Imaging and Upload Into Outside Services

File Imaging and Upload Into Outside Services

Travis Walter

Banking in today’s world revolves around passing documents of various types and purposes from one system to another. From payroll management to commercial and consumer loan booking, documents are an integral part of the industry. This poses a problem to banks of all shapes and sizes due to the need for specialized processes to handle these documents.

Many of these specialized processes are done manually by the bank’s staff members. This creates increased overhead on all banking products that require document processing.

Banks are beginning to realize, with the help of companies like Sandbox Banking, that manually processing documents and the headaches that come with it can become a thing of the past.

Sandbox Banking has broken this problem down into its core elements and come up with modern and robust solutions to the many problems that file movement can elicit.

Using our product, Glyue, you can design specific workflows that meet your business requirements. Working off of our prebuilt solution templates makes this a streamlined experience, as up to 80% of the work has already been completed. The last stretch becomes tailoring the integration to fit your business needs.

Glyue has the ability to integrate seamlessly via API as well as to integrate with SFTP/FTP servers. Glyue can also ensure that specific file types or file movement scenarios are each handled in specified workflows.

Users of our solutions in this space are members and directors of operations within the bank. They are the members of the banks that are manually processing the files that Sandbox Banking is being sent. They already have processes in place, but see the potential benefit of integrating automation into their workflow to increase the speed and precision of processing.

Customers of our solutions range from institutions that manage ~$26 billion in assets to less than $7 billion in assets and work in both the commercial and consumer banking sectors. Their customers are first-time home buyers, new families, new local businesses, and much more. Their customers rely on them to process their business in a timely and accurate manner. Our customers realize that increasing their bandwidth for more business by increasing the efficiency of the process will make them more competitive and allow them to offer their services to more customers.

By modernizing and automating current manual processes, Sandbox Banking is allowing our customers to reduce overhead, increase profit, eliminate human error, and reduce confusion around file processing. Glyue allows our customers to reduce processing times for these files which increases consumer convenience and satisfaction.

Leveraging Glyue as a solution to file movement business processes is a step forward towards any technical innovation initiatives that financial institutions are aiming for.