Bankers, Fintech will connect at the summit in August | Arkansas Business News

Members of the financial community are set to come down to Little Rock 15-17. August for the first VenCent Fintech Summit hosted by the Venture Center of Little Rock.

VenCent is set to be a “like no other” summit, and there are a few things that make that difference true, explained Wayne Miller, CEO of Venture Center.

The summit will not only bring financial technology to bankers in an intimate setting, but the goal is also to get bankers to communicate with each other about which fintech their companies are implementing.

“Crossing this digital transformation that is happening in banking and finance is a big challenge,” Miller said. “It takes a lot of courage, so it’s also part of it: getting people who have done this and are doing well to help others understand.”

VenCent also specializes in: Venture Center hand-picked and researched fintech products to solve the specific problems facing banks. The main focus includes cyber security, banking as a service, data analysis and new forms of payment.

The summit will feature participants from around the world, but will also be an opportunity for Arkansas fintech companies to showcase their work to bankers. Gas Pos and Abaca of North Little Rock, Teslar Software of Springdale and FI Works of Little Rock are just some of the local companies presenting their technology at the event. Venture Center Mimi San Pedro expects around 400 participants, including 150 bankers and 100 fintech entrepreneurs.

“We have created an environment where bankers can ask the difficult questions, and fintech companies can also ask the difficult questions to find out how they work together to solve problems through these partnerships,” Miller said. “The confidence that we have been able to gain from bankers and fintechs is what gave them the confidence to come and want to support and participate, because they know that this is an environment where everyone can win.”

Keeps relevant

For social banks, the summit will help to modernize dated systems that may be incompatible with new technology. In the past, these banks have seen success in using fintech to implement electronic banking to save customers a trip to the bank.

This success is something Larry Wilson, CEO and chairman of First Arkansas Bank & Trust of Jacksonville, has seen on his own. Implementing fintech as a mobile check deposit helped his customers and reduced banking costs, for the benefit of all, Wilson said.

Miller hopes the summit provides “actionable insight” for banks to be profitable and successful, and San Pedro added that banks need fintech to remain relevant and useful to customers.

“Our customers are not particularly interested in what we have done for them in the past; they want to know what we can do now and tomorrow, Wilson said. “In order for us to continue to attract and retain customers, we must be a player in the electronic banking arena.”

And staying relevant can be difficult for banks in an “ever-changing” industry with a lot of complexity, Miller said. It’s not as simple as plugging in a product code anymore.

“What we do is complicated. We want people to leave with a better vision and understanding of the industry, Miller said.

“We want to keep banks competitive by entering into partnerships that will serve consumers and make people’s lives better. But also to look beyond that into the future, to ensure that they have a holistic understanding of what is happening in the industry today. And they may want to gather some new tools that will help them better serve their customers. “

Wilson said that even if banks opt out of a partnership, the summit is still a great resource and learning opportunity for any bank.

“Every time we learn more about the technology involved in the development of the financial world, it’s worth it to us even if we do not enter into an agreement with anyone to use their product.”