Cambridge Bancorp in Massachusetts formed an innovation group in 2016 and is now positioned to compete against bigger banks; head of the innovation Group Scott Chamberlin tells American Banker, “We spent a couple years proving … we could win business externally and, more importantly, internally from a credit standpoint. We’ve proven that out. This is year we start to add scale.”; the bank is looking to be an alternative to the likes of Silicon Valley Bank and Square 1; they see a differentiating characteristic being their local reputation and that they are in it for the long haul. Source.
