The Financial Brand Insights - Summer 2022

Q: Where have you seen the most growth during your time working with financial institutions? It’s great to see that financial technology overall is gaining more consumer and investor attention. There’s now a huge market opportunity in the space. In fact, global fintech deals and investments reached new heights in 2021, with a record $132 billion in funding. I believe this will continue an upward trajectory in coming years.

By Shelba Murphy SVP of Sales at Veritran

Real-World Advice on Digitization in Banking from an Experienced SVP

Over the past two years, local banks and credit unions across the nation realized the need to rapidly modernize at a time when many were already playing catch up. The pandemic intensified pressure among financial institutions to maintain a competitive edge, position themselves as innovators in a hot labor market and provide the frictionless and simple digital experience that today’s customers demand. Shelba Murphy, SVP of Sales at Veritran, a leading global low-code platform provider, has helped financial institutions, from community banks to credit unions, adopt new technology and ensure their digital initiatives are up to par. Murphy spoke to The Financial Brand about how she’s helping drive digitization in the financial industry and providing advice to financial institutions that may need support in their innovation journeys. Q: What is your experience in financial services? How have you helped push forward digitization in the industry? I have spent over 20 years in this industry, starting off at a community bank where I supported technology transformation and implementation, and eventually moving into financial sales roles where I helped drive technology product penetration and adoption in financial services. In my current role I’m aiming to help financial institutions across the U.S. meet the increasing demands of today’s digital-first world. Many banks, credit unions and other financial organizations have a disjointed technology platform, with their teams working on innovation initiatives in silos. I hope to partner with forward- thinking credit unions and banks to create a unified technology platform on which they can build a financial ecosystem.

Growth Expected: The payments industry will only continue to grow as consumers increasingly demand a frictionless commerce experience from their banks and merchants.

One particular area where I’ve seen significant growth is within payments. It’s been a hot topic for a few years and has become an even more urgent priority as the pandemic has forced a lasting shift towards contactless, digital payment options. I expect that the payments industry will only continue to grow as consumers increasingly demand a frictionless commerce experience from their banks and merchants. Q: What advice would you give to banks looking to implement new technology and modernize? You have to think past the cliché to really understand that modernization is a journey, not a destination. What this means is that you need to keep moving forward just to keep from slipping, because there is no question

Financial institutions must be prepared to shift from ‘imitator’ to ‘innovator’ to stay competitive in an era of technological transformation, says Shelba Murphy, who has spent more than 20 years in financial services helping companies do just that.

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THE FINANCIAL BRAND INSIGHTS SUMMER 2022

THE FINANCIAL BRAND INSIGHTS SUMMER 2022

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