Waiting Out An Innovation Wave Is Actually A Plus For Community Banks

When Massachusetts Banker magazine wanted to understand the positive and negative impact of fintech on community banks, they turned to a number of digital experts including GCAi founder, John Garvey.

The impact of fintech continues to be a hot topic, with debates about fintech startups being a threat or potential partner to traditional banks. How do you view the impact of fintech on the banking industry? 

“Contrary to popular belief,” says John Garvey, president of GCAi, a digital marketing firm based in Springfield,  I think the slow adoption of new technologies by community banks is a good thing. Usually, the innovations created by entrepreneurs and implemented by national, first mover financial institutions, lack a widespread user base. Therefore, when they reach the community bank level, they are better, vetted innovations timed with actual consumer knowledge and demand. That innovation pipeline and process should be welcomed by community banks because it promises new products and services, while also releasing them from the responsibility to develop them.”

As most on #GCAiPlanet know, John has spent a considerable amount of time in and around the innovation economy as a mentor for MassChallenge and the global fintech accelerator Startupbootcamp.org as well as being a former board member of Valley Venture Mentors. 

For more on the Massachusetts Banker magazine article featuring John, please visit: http://gcai.co/MassBankers