Michael Mettee (CFO, FirstBank) on the future of financial technology in the banking industry
In this next episode of the Distinguished Speaker Series, we sit down with FirstBank's CFO, Michael Mettee, to explore hisΒ ...
Chief Financial Officer, Cna Financial
Search every verified Michael Mettee interview, podcast appearance, and on-the-record quote β each transcript cross-checked by AI and human review to confirm speaker identity. Michael Mettee, chief financial officer at FirstBank, discussed the future of financial technology in the banking industry in a September 2024 interview. He said that money is moving from traditional banks into financial technology companies, and that FirstBank is seeking to partner with those companies. Mettee noted that the bank made an investment in Zippy Technologies, a company focused on manufactured housing loans, and that the bank generated $100 million in mortgage activity through related efforts. He also stated that the bank created a chief innovations officer position three years ago, a role he said does not exist in most community banks. Mettee described his career path, saying he initially wanted to be a stockbroker after graduating college in 2002 but later joined AmSouth Bank in Birmingham, Alabama. He emphasized the importance of hiring people who complement one's skillset and said he tells his team, "I hired you so you tell me what to do." Mettee also commented on deposit flows following the Silicon Valley Bank crisis, saying people were worried about their bank counterparty.
“Our business is based off of which was very important, by the way, in March and the last couple years, or last couple months, FDIC insurance, right that people bank with banks for FDIC insurance or for loans, or even lending has become commoditized in a lot of ways.”
“Money is moving out of deposits out of banks, traditional banks into financial technology companies, and they don't have the ability to just hold it. So they're moving it back into banks. And so we're trying to figure out, hey, let's partner with these guys.”
“We made a lot of really great things. It was actually - I'm still in charge of capital markets as well. We made $100 million in mortgage through a lot of those activities.”
“We made an investment, actually fairly sizable investment in a company called Zippy Technologies, which focuses on manufactured housing loans, which in an affordable housing crisis, you know, they provide technology, the resources, you can close your loan, and like seven days, the traditional MH space, it takes about 9...”
“We better move forward on this, we better figure out how we can provide you the same thing that JP Morgan can, but the same thing that Chime can, or other technology, you know, PayPal or whatever else - moving money.”
“Our children will never go into a bank branch. Likely not have to. But when they get older! It's a family requirement. And just make it easy for the customer to do business.”
“When something goes wrong, they don't want to be on hold for three hours. They don't want to be dealing with, you know, email back and forth, and no human, they want to be able to talk to somebody and so that that's really still a value add for banks in general.”
“Finance is not a skill or a function that most businesses have, you know, they have accounting, right? They balance the debits and credits. They work AP, but they're not finance and I'm a finance guy, right? Strategy, forward-looking. I'm not an accountant.”
“A lot of deposit flows, right? Over the last six months have moved out of banks. Given the Silicon Valley crisis, people were really worried about who their bank counterparty is and what that looks like.”
“I think it's important that you play a little bit of a long game when you think about your career, and so many of us get caught up in Well, Tom's asked me to do this. Yeah, what's he going to give me in return? Right? And not understanding opportunity.”
In this next episode of the Distinguished Speaker Series, we sit down with FirstBank's CFO, Michael Mettee, to explore hisΒ ...
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