Jonathan BenAmoz, John Buhrmaster, and Scott Broughton at ICBA Live 2020.

1st National Bank of Scotia, a $508 million-asset bank in Scotia, New York envisioned a digital transformation to help their customers browse, shop, and apply for credit cards online. The Bank is a well-established credit card issuer and recognized their need for an online credit card application to grow their digital customer acquisition. In an effort to find the right technology partner, 1st National Bank of Scotia attended the first Independent Community Bankers of America® (ICBA) ThinkTECH Accelerator powered by The Venture Center in Little Rock, Arkansas in January of 2019.

The Accelerator introduced community bankers to early-stage FinTechs with solutions focused on enhancing customer service, increasing online customer acquisition, and improving banking operations. MK Decision (MK) was chosen as one of eight other FinTechs (out of a candidate pool of nearly 200) to present our technology solutions to community bankers from across the country. By participating, we showcased our products and communicated the need for community banks to invest in their financial technology as a result of rising customer expectations for digital banking services.

The Venture Center’s mission is to “inspire social and economic change”. Keeping with their mission, The Venture Center’s Executive Director, Wayne Miller states, “MK Decision is dedicated to helping communities transact through the use of their innovative technology. By delivering world-class deposit account opening and loan origination solutions to community banks, MK is helping Americans bank local.”

At the Accelerator, we were introduced to 1st National Bank of Scotia and demoed our ICBA-endorsed Credit Card Origination System (CCOS). The bank was impressed by the product and seamless customer onboarding workflow. Encouraged by its support from ICBA Bancard, which worked with MK to tailor and package its offering for the community bank marketplace, bank officials decided to pursue a partnership with MK.

By implementing CCOS, 1st National Bank of Scotia has enabled their customers to apply for credit cards online through our digital lending platform. SalesFunnel is helping the bank's customers make educated decisions by providing detailed credit card landing pages. AppFlow is guiding the bank's customers through an intuitive online application with digital signatures on disclosures via SecureSign. Finally, the Bank is leveraging Messaging to send automated updates to customers throughout the approval process, keeping customers informed during the onboarding process.

At MK, we strive to have our community values radiating far beyond the walls of our company and into our partnerships. In making it our top priority to be attentive to 1st National Bank of Scotia’s requests for customization, Chris Hebbard, senior credit officer at 1st National Bank of Scotia, states, “MK Decision has set the bar high for our expectations of working with a vendor. They are proactive and listen to our needs to come up with creative solutions.”

Research by PYMNTS concluded that, “78.3% of Bridge Millennials consider it important to be able to access financial and banking services online,” (Where Will We Bank Next, 2019). Bridge Millenials are, “comprised of approximately 52.6 million American consumers between 30 and 40 years of age”, who will determine the future of consumer banking trends (Where Will We Bank Next, 2019). In recognition of evolving consumer habits, 1st National Bank of Scotia adapted their technology to offer online credit card origination.

“As forward-thinking community banks continue to partner with MK Decision, we’re exceeding rising customer expectations for online access to financial products. With MK at their side, 1st National Bank of Scotia’s digital transformation will provide their customers with intuitive online shopping and application experiences,” said Har Rai Khalsa, CEO of MK Decision.