Fin Tech: Buy It On The Outside? Or Build It On The Inside?
Chief Digital Officer, Eastern Bank
Eastern Bank broke new ground in April, 2014, when launched Eastern Labs, a technology incubator inside the bank. Two years later, Eastern Bank won the top honor amongst more than 100 banks from across the world to earn Celent’s “Model Bank of the Year” for its Express Business Loan, which delivers within five minutes to small business owners working capital up to $100,000. Through Eastern Labs, the bank built an entirely new loan origination system from scratch in 14 months and showed game changing results on par with anything that the most disruptive fintech company has achieved in this space. Dan O’Malley, Eastern’s Chief Digital Officer, will share the story and highlight critical decisions banks must make as they decide whether to buy or build their financial technology for small business.