The nationally acclaimed Independent Community Bankers of America®’s (ICBA) ThinkTECH Accelerator Program selected RiskScout in May as one of the exclusive innovative companies invited to attend its 2024 boot camp. The program connects the most innovative, cutting-edge global fintech companies with more than 1,400 community bankers and industry leaders, identifying and designing workable solutions that address today’s banking needs. Naturally, we were thrilled to selected for such an impactful program (you can see just how excited we were here).
“BSA departments are often viewed as the departments that say ‘no’ rather than ‘yes, if…’”
The program promotes early-stage solutions designed specifically for community banks and their customers. The 10-week boot camp offers attendees mentorship from a distinguished cohort of industry stakeholders, and RiskScout is proud to be among the six prestigious businesses selected for this invaluable opportunity.
RiskScout’s CEO & Co-Founder Justin Fischer and VP of Compliance & Operations Kristin Parker took full advantage of their involvement in the 10-week program, accomplishing:
Two weeks of meetings in Atlanta
Seven weeks of daily meetings with community bankers
One week in Boulder, CO, pitching to the Graduate School of Banking
Unveiling our new BSA software solution
Gathering with more than 40 community banks
Speaking to more than 100 community bankers
Before the immersive boot camp, Justin remarked, “As a team of former BSA Officers and regulators, we’re excited to provide a simple, effective, automated, and affordable BSA system in a time where financial crimes are proliferating, often impacting the most vulnerable people in our local communities.” We believe we imparted our message, helping community banks see how to deliver better service to their most important assets—the people they serve.
Feedback from RiskScout’s ICBA ThinkTECH Accelerator Participants
Three weeks of the ten-week accelerator program were spent in person, giving Justin and Kristin plenty of time to interact with bankers one-on-one. The duo spoke about RiskScout’s story and BSA solutions and intently listened to feedback from potential customers.
When it comes to what BSA departments are looking for in their fintech partner, RiskScout distilled the sentiment down to, Keep It Simple. BSA Officers who are overwhelmed by their software solution are left with a software problem.
It’s always good to remember that people don’t buy products; they buy solutions to problems, and their needs and problems aren’t the same. Every bank has challenges to solve in their BSA department, whether that is staffing, technology, or a mixture of both. Community banks really need better software providers that are efficient, effective, and affordable. “BSA departments are often viewed as the departments that say ‘no’ rather than ‘yes, if…’” says Kristin. “But most BSA Officers want to be enablers for their FIs but can’t because they lack the proper tools in their tech stack.”
We’re like the Swiss Army knife your bank has always needed and can finally have.
RiskScout stood out to community banks for several reasons. “Few new companies are building BSA or other traditionally back office solutions for FIs,” Justin comments. “It’s unique to be a back office system that works in the front office and helps FIs grow and be more efficient. Our team has lived and breathed the problems bankers experienced. That’s why we’ve made a solution that can be used in all FI departments, not just BSA. We’re like the Swiss Army knife your bank has always needed and can finally have."
We have to mention the impressive businesses (and their people!) in our 2024 cohort as RiskScout was in notable company: Finboa, Prelim Technologies, Inc., Rego Payment Architectures, Inc., Savvi AI, ScribeUp. Justin looks forward to working with their teams in the future, stating, “A rising tide lifts all ships.” Kristin adds, “The people at the ICBA are stewards of the community banker community. They care deeply about helping us get our message out to the right people because they know our solutions can help FIs survive.”
We are already busy at work using the input we received and will continue to cherish these new relationships forged to build better technology.
Overall, the best part of RiskScout taking part in this remarkable boot camp experience is the direct feedback and guidance from financial institutions. We are already busy at work using the input we received and will continue to cherish these new relationships forged to build better technology.
RiskScout thanks the ICBA for this educational opportunity and our complimentary ICBA membership. We see an exciting and collaborative future ahead.
Additionally, a sincere thank you to everyone we met during the program. Introducing our services and receiving acute feedback improves our solutions, resulting in next-level client-focused products that will continue to streamline and automate your BSA.
We loved sharing our new BSA/AML solution with over 100 community bankers in the past 10 weeks and we’d love to share it with you too! If you’re interested in fighting financial crime in your community more effectively, request a demo here.