Banesco USA Favors Fintechs over in-house Teams to implement New Tech

By Jake Martin, Bank Innovation

Working with $11.9 million from its shareholders to continue growing and investing in technology this year, Banesco USA entered into an agreement recently with Silicon Valley-based accelerator Plug and Play Fintech. The Coral Gables, Fla.-based bank may be a community bank, but it’s thinking big when it comes to digital transformation. President and CEO Jorge Salas said the bank can do no less, considering the changes in how people consume financial services and what they expect from financial institutions.

“We believe we have to focus our energy on choosing the right partners and making sure that the frame of mind and the culture is one where everyone realizes that this roller-coaster that has been going uphill for 200 years is about to do some twists and turns.” he told Bank Innovation. “We have to be prepared for it and take good care of our clients, focusing basically on good advisory and not so much on the technology.”