Jane Gladstone was recently named President of Promontory Interfinancial Network and has been at the forefront of fintech since the mid 90’s; she created a fintech M&A and advisory business at Morgan Stanley and Evercore; Gladstone sat down with Penny Crosman of American Banker to talk about fintechs and the challenges community banks face; some of the most common mistakes made by fintechs are that they try to reinvent all of financial services without fully understanding the industry and how it works; banks have a difficult path to navigate since they need to innovate but also ensure their legacy technology adapts enough for the new technology to fit; community banks need to rely on outsourcing of technology since they do not have the engineering talent of big banks, community relationships are their differentiator; Gladstone believes there was a fintech funding bubble, “I think there will be hundreds of fintech failures precisely because too many companies got funded,” says Jane Gladstone, President of Promontory Interfinancial Network, to American Banker; the interview also goes on to cover what fintech sectors are most at risk and how the financial services industry needs to do better to include more diverse voices in leadership positions. American Banker.
