Creating a Clear Path to Innovation: Our Conversation with ASA Chief Strategy Officer Lisa Gold Schier – Finovate

From Open Banking to Embedded Finance, there are more ways than ever for financial institutions and financial services providers to embrace digital technology plus bring better, more personalized, and easier to use financial products in order to market.

One company that is playing a role in helping businesses make the most of the latest innovations in financial technology is ASA . The company, headquartered within Utah and making its Finovate debut last month at FinovateFall , facilitates collaborations between financial institutions and fintechs. An embedded solution, ASA’s technology helps community banks and credit unions offer their customers the same quality of innovative digital solutions offered by their larger rivals.

We caught up along with Lisa Gold Schier, Chief Strategy Official with ASA, to talk about the opportunity of collaborative banking, how to make bank/fintech partnerships work, and what financial institutions are focused on right now.

Tell me about your time in the industry and your new role at ASA. Why did you make the switch from banking to fintech?

Lisa Gold Schier: I started my financial services career with a bank, then worked with banks plus fintechs. However, I had never worked directly for a fintech. Prior to joining ASA, I served as a leader at the particular American Bankers Association (ABA), where We led product evaluation and served because a strategic advisor in order to bankers, technology providers, plus consultants across areas such as technology trends, digital transformation, and the customer experience. I helped establish and spearhead the particular only industry committee focused on guiding strategic direction for industry innovation with an emphasis on bank/technology partnerships plus core processor engagement.

I actually evaluated hundreds of fintech solutions during my years at ABA. When I discovered ASA, I knew it was something unique. I realized ASA’s technologies and framework changes and improves how financial institutions, fintechs, and clients access technology and work together. By joining the team, I help banking institutions and fintechs meet the particular needs of their account holders. I am now Main Strategy Police officer at ASA, driving the strategy associated with collaborative banking and creating a clear path to innovation, scale, and customer financial empowerment through stuck fintech.

Who is ASA and what is collaborative banking? What makes it different than Open Financial or Banking as the Service?

Schier: While OpenBanking and Banking as a Service each have their place in the market, challenges exist with each. Banking since a Service requires fintechs to jump through regulatory hoops plus open financial puts banking institutions and fintechs against each other in competition for customers’ finances. Collaborative banking, on the other hand, is a model that allows finance institutions and fintechs to function together, sharing revenue and business opportunities. Collaborative banking takes the spirit of open banking plus mitigates the particular pitfalls, allowing institutions and fintechs in order to partner in a mutually beneficial way by removing the regulating risk traditionally associated along with partnerships.

ASA, the pioneer of collaborative banking, will be an embedded fintech solution that connects financial organizations with customer-facing fintechs within a secure, compliant, and easy to implement marketplace, powering growth plus opportunity with regard to all. Account holders select and instantly download the apps that will meet their own individual needs, and link their accounts without giving the fintech access to any personal information. With ASA and collaborative banking, financial institutions are the hub of monetary choice, maintaining the account holder relationship and providing financial empowerment through individualized choice.

Mack Gold Schier introducing ASA’s demo in FinovateFall 2022 in New York.

What challenges have got traditionally made bank/fintech relationships difficult, and how is the ASA model helping to overcome them?

Schier: There are many challenges, some of the largest include developing an innovation strategy and the particular team in order to implement plus follow through, researching and vetting all the fintechs and determining which ones will solve the majority of customers’ requirements, contracts, core integrations, and balancing development with liability and risk. These roadblocks can be especially challenging regarding community establishments, who lack the large tech budgets associated with regional plus national players.

ASA addresses these issues by acting as a single integration point among financial institutions and fintechs, either through the particular institution’s primary, online provider, or data aggregator. Fintechs never interface with institution’s core, and ASA normalizes, tokenizes, plus anonymizes client PII information, ensuring fintechs can’t access personal accountholder data.

Simply by solving the one-to-one incorporation pain point, ASA is usually enabling personalization at level by permitting customers to choose and download the particular niche apps they crave without diluting the partnership with the bank or credit score union. ASA creates a trusted closed network between economic institutions plus fintechs, making partnerships simpler, more affordable, and more secure than ever before.

How do you mentor and support women in the business?

Schier: We strongly believe in having diverse views around the table, and part of doing so means proactively seeking out those different perspectives. This often looks like creating networks, whether within my organization or within the industry, and then supporting one another. It’s important to foster relationships with junior and senior women plus share advice and insights.

I also assistance women through social media and speaking opportunities, looking at plus creating diversity in promotional and advertising materials. It’s disappointing in order to see panels and conference sessions that lack variety. So, when I is working with meeting coordinators, I actually make it a priority to seek diverse representation, which includes recommending industry leaders and women that may not be tied in with the particular conference circuit. This also includes dealing with and supporting varied communities. Since so many have supported me, I want to continue to give back to the industry.

What is top of mind for financial institutions plus fintechs now and over the next 12 months?

Schier: To quote Ron Shevlin, our industry is at a hard fork in the road, and it’s critical intended for banks and credit unions to move toward the collaborative future of banking. Doing so will certainly enable them to keep up with all of the new technologies apps, grow business, plus remain relevant. Financial institutions and fintechs that will embrace inlayed fintech plus lean into secure consumer choice, offering consumers with more authority over who has access to their data and under what circumstances, will gain a strong competitive advantage. Moving forward, financial institutions and fintechs should prepare to embrace self-sovereign identities more fully, enabling customer ownership of their data inside new, revolutionary ways.

Customers increasingly need easier, quicker access in order to a range of monetary education and wellness resources, especially given current market volatility. Those economic institutions that proactively provide more choice, providing customers with simpler, more safe, wider entry to the tools needed to develop their particular financial health and education, will be well positioned to promote financial empowerment plus equity.

Photo simply by Genine Alyssa Pedreno-Andrada