Altabanking episode 20 with Len Williams

July 24, 2020

Len Williams – Altabanking Interview KSL Radio Transcript:

Segment title: Online Banking

GRANT: Welcome to Altabanking. Weekly business talk geared toward elevating your financial future. Len Williams is President and CEO of Altabank. And Len, always good to have you. Online banking seems to be a hot topic nowadays given the current climate. So, what has changed over the past few years that makes online banking so valuable?

LEN: Great to be with you, Grant. We’ve seen continued technology improvements in both software and devices, and a change in demographic that is more comfortable and reliant on using online tools. As you mentioned, online banking use really accelerated in the past three months. This has driven real improvements in tools. They’ve begun to incorporate more capabilities covering more functions while becoming easier to use.

GRANT: A lot of online banking talk is pointed at consumers, what about commercial customers?

LEN: There is certainly overlap. Both want to access accounts online, pay bills automatically and add credit cards to their devices. There are also additional needs commercial customers have. For example, using ACH to ‘pay bills’ and ‘receive payments.’ We have a cool feature we call remote deposit that allows a business to virtually deposit cash and checks, and have those funds available almost immediately.

GRANT: At the risk of opening a broad topic, what impact do you see fintech having on traditional banks?

LEN: It’s becoming clear you don’t need to go into a physical bank branch to conduct most business. Fintechs have done a good job figuring out how to take a number of commoditized activities and remove the need for human interaction. That has already begun forcing traditional banks to rethink how they deliver services and explore new services. I also believe you’ll never fully remove the human element of banking, especially commercial banking where the banker-client relationship is more consultative than transactional.  

GRANT: Thank you for that information, Len. It’s been good talking with you. This has been Altabanking. Brought you by Altabank. Member FDIC. Equal Housing Lender.