In 2019, fintech was the buzzword for the financial services industry in Georgia, especially as community banks began to recognize the growing importance of technology. Two professionals who witnessed this evolution—Chris Stanley and Christian Ruppe—described the changes that have already transformed the statewide banking environment and discussed what they see on the industry horizon. Their insights, shared here, resulted from an interview with Travillian’s Keith Daly, Principal, Banking & Fintech Search.
Both Stanley and Rupp serve on the board of the Community Bankers Association (CBA) of Georgia. In addition:
- Stanley is SVP of Payments and Technology, Georgia Banking Company
- Ruppe is Chief Innovation Officer, Colony Bank
How Fintech is Driving Change in Georgia’s Community Banks
According to Stanley, the CBA had long supported the continuous need for community banks to evolve technologically. “We determined that we need to make more of an effort with our banks around innovation,” he explains. This realization led to the formation of the Innovation Committee, a move that would soon prove essential as fintech continued to gain momentum during the COVID-19 pandemic.
Stanley describes the diverse group of banks participating in the initiative, ranging from metro Atlanta to rural areas in South Georgia and the Blue Ridge Mountains. The committee, formed just before the pandemic, pivoted quickly to hold virtual meetings with community bankers, providing them with resources and insights into emerging technologies.
The Importance of Technology for Smaller Banking Institutions
Ruppe expresses a passion for helping small community banks remain independent and competitive. He notes, “There are a lot of banks that aren’t able to stay by themselves because of things growing and them not being able to keep up in terms of technology.”
Ruppe emphasizes that smaller institutions are at a disadvantage compared to larger banks that can invest heavily in technology. By offering support through the committee, Ruppe hopes to enable these community banks to make informed decisions that allow them to remain autonomous. He believes that technology is a key factor in leveling the playing field, saying, “It’s just so much easier to be efficient if you’re using the right technology.”
A Practical Approach to Fintech Adoption
The Innovation Committee takes a pragmatic approach to fintech adoption, recognizing that smaller banks may find the sheer number of fintech solutions overwhelming. As Ruppe explains, “In reality, [banks] should only be thinking about the fintechs that solve the problems they’re trying to solve.” He advises banks to focus on their specific needs and avoid getting distracted by the flood of new technologies.
For those new to fintech, Ruppe and Stanley emphasize the importance of taking the first step, even if it’s small. “Just try something,” Stanley urges. He suggests that something as simple as a chatbot can be a good starting point for banks hesitant to adopt new technologies. “If you don’t like it, you can cancel it. But at least you’ve taken that first step.”
Fostering Collaboration Among Community Banks
The Innovation Committee doesn’t just provide advice—it fosters collaboration among its members. Ruppe describes how the committee has become a resource for community banks looking to share experiences and insights. “We’ve seen multiple banks go from, ‘Hey, we’re trying,’ to, ‘Now we’re having conversations about which one’s next and solving specific problems.’” This peer support has been crucial in helping banks overcome initial barriers to technology adoption.
Stanley and Ruppe also strive to connect community banks with broader technology organizations in Georgia. From partnerships with the Advanced Technology Development Center (ATDC) to involvement with the Georgia Fintech Academy, the committee ensures that banks have access to the latest innovations and expert advice. As Stanley explains, “We try to plug our community bankers into those organizations as a way to complement the things we’re doing with them.”
The Future of Fintech in Georgia’s Community Banks
As the Innovation Committee continues to grow, both Stanley and Ruppe are committed to supporting community banks in their journey toward technological efficiency. Stanley emphasizes the importance of education, stating, “It’s really just continuing to grow the group, continue the education, and make sure Georgia banks are on par with the rest of the country.”
Ruppe adds, “My hope is just that any bank that wants to use technology to further its vision isn’t scared to do so.” The goal is to empower banks, regardless of their size, to navigate the complex world of fintech and emerge stronger and more efficient.
The Impact of the Innovation Committee
Through the work of Stanley, Ruppe, and the other members of the Innovation Committee, the organization is creating a sustainable path for Georgia’s community banks to embrace fintech solutions. Through collaboration, education, and practical advice, the collective aim is to ensure that even the smallest institutions can compete in today’s technology-driven banking landscape.
For a more in-depth discussion on the challenges and opportunities facing Georgia’s community banks in fintech, please refer to the full interview with Chris Stanley, Christian Ruppe, and Keith Daly, available on Travillian Next.
