Join the family bank? Nah, I'll start a fintech
The American Banker article, “Join the family bank? Nah, I'll start a fintech," quoted Russell Reynolds Associates Consultant
Robert Voth on small banks' need to attract the new generation of professionals. The article is excerpted below.
Banking is embedded in George Cook’s DNA.
Cook’s family has run the $1.3 billion-asset Somerset Trust since its founding 130 years ago. His father, G. Henry Cook, has been the bank’s chairman and CEO since 1992.
But the younger Cook has no plans to join Somerset, at least not anytime soon. Instead, he co-founded Honeycomb Credit, a crowdfunding firm in Pittsburgh that matches early-stage businesses with investors in their communities.
Since its recent graduation from a Pittsburgh accelerator program, Honeycomb has opened offices in Philadelphia and Cleveland, with another location planned in Detroit. The firm, which is in the middle of raising $1 million in seed capital, has managed several dozen crowdfunding campaigns, with 15 more in progress.
Small banks need to attract talented young professionals like Cook to address a looming “innovation imperative," said Robert Voth, who leads the commercial and consumer financial services practice at Russell Reynolds Associates. Voth says customers today are expecting positive experiences centered around cutting-edge technology.
“If customers are not supported by front-foot innovation, they’re going to look elsewhere,” Voth said.
To read the full article, click here.