Cloud-native, AI-first Backend Technology Platform Built Specifically for Community Banks and Credit Unions
ST. LOUIS, MO / ACCESSWIRE / October 22, 2019 / Neocova, a banking technology platform built specifically for community financial institutions, announced its official launch today. Neocova's cloud-native platform is designed to directly address the industry's widespread frustration with legacy core solutions by offering one-year contracts, modern AI-based technology with flexible API integration and best-in-class cybersecurity protection.
Headquartered in the Midwest - a strategic location considering more than half of the nation's 4,900 banks reside in the central U.S. - Neocova aims to bolster community financial institutions by lowering the cost of their technology, security and regulatory needs.
'Community banks and credit unions are the bedrock of our country's economic success, but they've been largely left behind - we're changing that,' said Sultan Meghji, CEO and Co-Founder of Neocova. 'Unlike most players currently in the market, we are closely linked to the success of these community institutions. We've included bankers in every step of the process. Not only do our board and team members reflect that, but our focused and industry-specific product solutions reflect that. We know by offering secure, affordable and modern technology, we are helping these institutions better compete and better support the customers and communities that rely on them.'
Neocova's AI-enabled, API-driven and cloud-based core platform manages bank customers, their deposit accounts and the bank's loan products in real-time. The platform is designed to alleviate the challenges associated with the manual, antiquated banking operations that have dominated time and budgets over the last twenty years. In addition, Neocova simplifies the management of fraud detection, anti-money laundering and Know Your Customer (KYC) efforts.
'With the number of bank charters dropping from over 14,000 to below 5,000 since the mid-1980s, it's no secret that community banks are facing extreme competitive pressure,' says Michelle Toll, President and CEO of The State Bank Group. 'New technology is one avenue for community banks to better compete in the market, but many institutions are finding new technology efforts to be slow and prohibitively expensive with their existing core providers. That's why new providers such as Neocova are critical for our industry.'
'Banks have struggled with legacy technology and limiting core infrastructure, while also facing mass consolidation and increased competition,' said Kelsey Weaver, Co-Founder and Chief Business Development Officer at Neocova. 'Looking at the landscape it didn't seem quite fair, so we decided to fix it. We designed Neocova to empower community banks with the technology they need to be flexible and with the safety their customers need.'
Acknowledging the exceptional challenges, risks and regulatory oversight facing the industry, Neocova works closely with the regulatory community to ensure compliance and effectiveness across all AI offerings. Additionally, recent key hires reflect the company's regulatory-forward mindset and focus on hiring banking and security experts:
Former Missouri Finance Commissioner Lee Keith as President of Banking Services
Former Crowe Howarth, LLP regulatory expert Dennis Hild as Managing Director of Regulatory Affairs
Former Chief Operating Officer of Surety Bank Peter Longo as SVP and Director of Fintech Partnerships and Strategy
Former Director of Enterprise Information Security at the Central Intelligence Agency Robert O'Connor as Chief Information Security Officer (CISO)
'Neocova's platform will help us focus on what we exist to do - serve our customers - while leveraging technology that costs less, performs better and integrates more effectively with a growing fintech sector pushing the boundaries of the banking industry,' said Neocova investor Dave Mansfield, CEO of The Provident Bank. 'We're thrilled to work with a team that has the expertise to understand our needs of serving specialty markets and a genuine interest in helping community financial institutions do more than survive but grow.'
On the subject of helping banks and credit unions get back to their core mission, Kelsey Weaver added, 'That's why we made sure to consult regulators and to prioritize cybersecurity. Banks cannot afford to ignore the boring stuff. But they also need to be enabled to focus on their primary purpose - serving their clients.'
Neocova will continue building out its client roster throughout the end of 2019 and is currently hiring for more than 20 open positions in its St. Louis office. To learn more, visit neocova.com.
Neocova is the first AI-based, API-driven banking technology platform designed specifically to support community banks and credit unions. Entirely cloud-based, Neocova's core platform manages customers, their deposit accounts and loan products with ease. Most importantly, Neocova's low-cost technology offers unmatched cybersecurity to keep financial institutions - and their customers - safe. Visit neocova.com for more information, or follow Neocova on LinkedIn.
888.550.6385 ext. 11
View source version on accesswire.com: