As we head into the holidays, I am incredibly excited to share my reflections on joining Bond as VP Strategic Partnerships. I’m thrilled to head up this critical role as we accelerate the pace of financial innovation to create seamless connections between banks and brands with our financial technology platform.
I recall opening my first bank account when I was 11 years old. My mum and I went down to our local ASB Bank branch in Paihia, New Zealand — a small town of fewer than 2,000 people. After completing the paper forms and having my details entered into their system, the bank teller prepared my “Electronic Funds Transfer at the Point-of-Sale” card — or more simply put, EFTPOS card. I could use my card at an ATM, and if I wasn’t near an ATM, I could find a payphone and call the customer service line to check my balance. I had no clue what the terms EFTPOS, ATM, or even ASB stood for, let alone what a debit or credit was. It was a foreign language then, just as it continues to be for many even today.
Connecting banks and brands is a delicate integration of culture and language. Through my time in banking, first at Goldman Sachs, then at WebBank, I learned to speak “Bank.” Bank is a language steeped in regulation and riddled with acronyms, but understanding it is implicit to the success of financial technology. Witnessing the rise of fintech through the cultural lens of banking taught me the critical role compliance and regulatory standards play in creating a successful fintech program.
Despite the early successes many banks have had with fintech partnerships, there continues to be a general disconnect between the desire for rapid technological innovation and the methodical and deliberate nature of regulatory requirements. From due diligence, to onboarding, and ultimately to ongoing monitoring, processes at many banks still rely heavily on email, spreadsheets, and word processing. Banks historically have not had the tools to scale their critical compliance and reporting requirements. We at Bond realize we need a technology platform built specifically for banks and their partners – one that not only speaks “Bank”, but also translates it for the technology companies with which they work, creating a more efficient process for both.
That is why I am so excited to be part of Bond and to be part of building the future of banking. Before joining Bond, my wife and I discussed what this move might mean for our future and the future of our three children, ranging from five months old to eight-years-old. We imagined the innovations their generation will realize, and how their experiences will be far different than ours.
As part of Bond, I look forward to helping banks and brands work together to make the next generation of financial products a reality. We have great things in store, and we can’t wait to share them with you.