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The Bancorp Releases Finetics™ Studio Interview Series: “The Shift from Traditional Banking”

February 22, 2016

Exclusive Interviews Feature Ben Katz, Ryan Caldwell, Hamed Shahbazi, Lars Sandtorv and Pete Chiccino

WILMINGTON, Del.--(BUSINESS WIRE)-- The Bancorp, Inc. (NASDAQ: TBBK), today announces the release of its next Finetics™ Studio interview series: “The Shift from Traditional Banking” featuring Ben Katz, CEO and Founder, Card.com; Ryan Caldwell, Founder and CEO, MX; Hamed Shahbazi, CEO, TIO Networks; Lars Sandtorv, CEO, MeaWallet; and Pete Chiccino, Executive Vice President and Chief Information Officer, The Bancorp.

Filmed from the Money20/20 show floor, the exclusive videos focus on the widespread shift away from traditional banking solutions and products as more innovative alternative banking providers enter the market.

“Historically, there hasn’t been a lot of choice for consumers in terms of banking so they didn’t have a lot of power and banks and credit unions didn’t have to cater to and worry about taking care of consumers as a result,” said Caldwell. “But the shift we are going to see as more entrants bring innovation to the market is that banks are going to have to become obsessed with figuring out how to deliver more value to their end users. And if they don’t figure that out, their customers will just pick up and go somewhere else.”

“There are 90,000 branches in the United States, but the top five banks only control about 30,000 of those. So, there are 60,000 community banks that are going to have a hard time surviving, in the same way regional booksellers have struggled with the introduction of Amazon,” added Katz. “So, if you’re a community bank who isn’t the best lender in your community and is just surviving on consumer deposits, you’re toast because I can service the customer better and for 80 percent less.”

In addition to alternative banking solutions, mobile payments and mobile banking were a key focus of conversation in the studio, including predictions for the future of mobile technology in financial services.

“When you look over the history of technology change, there hasn’t been any technology that has changed and been adopted as quickly as mobile has and that makes the future possibilities for mobile banking very exciting,” said Chiccino.

“I think the proliferation of mobile will play a huge role in increasing financial inclusion and there’s a lot of literature out there that demonstrates that the underbanked have a higher degree of penetration in smartphones than higher income groups,” added Shahbazi. “But I do think there is still an opportunity for service providers to create those compelling, simple and powerful experiences for end users in the way Apple does. And I think the major disruptors that you’ll see pole vault in the marketplace are going to be the ones that are able to create solutions that are increasingly simple and easy.”

The release of these videos supports The Bancorp’s Finetics™ Studio video series, which features exclusive, one-on-one conversations with more than 30 of the financial services industry’s most influential and innovative executives, launched late last year.

The interviews, conducted by Sarah Gill, senior reporter with PaymentEye, cover topics ranging from the future of payments innovation to regulation and fraud and will be released on The Bancorp’s fineticsblog.comthroughout early 2016.

Finetics™ Studio participants include the following executives:

About The Bancorp

With operations in the US and Europe, The Bancorp, Inc. (NASDAQ: TBBK) is dedicated to serving the unique needs of non-bank financial service companies, ranging from entrepreneurial start-ups to those on the Fortune 500. The company’s chief financial institution, The Bancorp Bank (Member FDIC, Equal Housing Lender), has been repeatedly recognized in the payments industry as the Top Issuer of Prepaid Cards (US), a top merchant sponsor bank, and a top ACH originator. Specialized lending distinctions include National Preferred SBA Lender, a leading provider of securities-backed lines of credit, and one of the few bank-owned commercial leasing groups in the nation. thebancorp.com.

Press:
The Bancorp Finetics™ Studio
Sarah Nickell, 720-726-5454
Communications Strategy Group
snickell@csg-pr.com
or
The Bancorp, Inc. Investor Relations
Andres Viroslav, 215-861-7990
aviroslav@thebancorp.com

Source: The Bancorp, Inc.

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