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Banking


Shook: [In] the community bank sector, we don’t have the same breadth of branch networks that the large play- ers do. T e internet piece will not force us to have to have that build-out and infrastructure in bricks and mortar. It really levels the play- ing fi eld. It maybe tilts it a little our way on the expense side, ultimately, because we can deliver this at a lot less cost than bricks and mortar would be.


Shook


Cherry: But one of the largest areas of new adopters to mobile banking, interestingly, are the ones you would think least. It’s the older people who are fi nding they can access their accounts and information much easier than they can go to a bank, and it’s rural people, a farmer sitting on a tractor who has to drive miles to get to the bank who now


doesn’t have to do that any- more. So while we think of it as being the millennials and the young, and they clearly were the initial and the largest group of adaptors, it’s now shifting.


VB: What about the emer- gence of FinTech startups that are off ering a variety of fi nancial services? Do they represent a threat to banks or can banks learn something from them?


Beale: FinTech came into being when banks were in a weakened state. All of them have started up since the downturn. You can make an argument that, had banks tried to create a LendingClub or a Prosper … we probably couldn’t have or wouldn’t have been allowed to. I think there are things to learn from


them. T ey’re a box, and the [lending decision process] that come out of that … is pretty interesting, but it has never been tested in a downturn. It’s all post- 2010.


We partner with some of them


and are continuing to look at that as an alternative way to deliver consumer loans, but we’re sort of toeing the water in trying to feel our way. I think they’re a disrupter. I think


they will and do take business away from the banks, which is why I think you’ll fi nd more and more partnering going on.


Cherry: One of the reasons that Fin- Tech has come [about] is because they’re not regulated. As they become a bigger and greater force, they ultimately are going to be subjected to regulation, and I think that will have a signifi cant impact.


Shook: I think that the real change will come where there is a downturn, and the music stops; then not everyone has a chair to sit in. Or there’s a breach. T en, and I’m being halfway facetious here, there will be new regulations put on the banks because of what FinTech has done cause they can’t regulate FinTech. We always end up getting the brunt when these things take place.


GOLD SPONSORS


Event Information: www.acg.org/richmond


Registration and


Virginia Capital CONFERENCE


September 21-22 2016 The Jefferson Hotel • Richmond, VA 30 AUGUST 2016 • Private Equity Marketplace & Cafe


• Investment Banking hosted beer tasting


• Baseball Night at TJ’s


• Networking-Deal Flow- Connections


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Photo by Jay Paul


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