Choosing the Right Technology Partner for Growth
There were 271 mergers announced in 2019 – the busiest year since 2015, according to data from Compass Point and S&P Global Market Intelligence. Many banks and credit unions turn to M&A as a vehicle for growth. With that burst in growth, however, financial institutions must have the strategies and tools in place to scale accordingly.
Evans Bank, a community bank with $1.4 billion in assets, has undergone significant growth in recent years, both organically and through acquisitions. Growth, no matter the source, brings its fair share of challenges and obstacles for different departments within a bank. One of those challenges is balancing risk with growth, which often falls on the shoulders of BSA departments. To scale a BSA department to match the surge in growth, many financial institutions look towards technology.
Choosing a technology partner is no small feat with so many vendors available today. For Chris Nowak, VP, BSA Officer at Evans Bank, a big priority was finding a solution that integrates with its core system. Evans Bank ultimately decided on Abrigo’s BAM software, later upgrading to BAM+ in 2018. “Abrigo was able to accommodate for our homegrown core system, which shows that they were able to adapt and change, and be customizable for us, which was really important to us,” Nowak said.