Jon Briggs, Head of Commercial Product & Innovation at KeyBank shares more on why it is becoming crucial for banks to partner with new age fintechs to drive transformation and modernization in this fintech chat:
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Hi Jon, tell us about yourself, your time in the fintech market and more about your role at KeyBank?
As head of Commercial Product & Innovation at KeyBank, I am responsible for core treasury, liquidity and cash management, merchant services, integrated payments, and commercial loan product capabilities as well as our fintech partner strategy. I oversee all aspects of KeyBank’s fintech product strategy, including the product development, implementation and risk management of our fintech partners. We work closely with our business development and client support teams to commercialize, implement, and deliver innovative client solutions. I am also a member of KeyCorp’s Executive Council, Compliance Committee, and a PayCo board member for The Clearing House.
My introduction to the fintech market goes back about a decade when KeyBank turned its focus to payments as a growth driver. I’ve been with Key for about 15 years and spent my time in different functional areas of the bank – finance, strategy, and credit risk in our commercial business –and it allowed me to spot the value prospect and positive impact the fintech industry could have on bank in the years to come.
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We’d love to hear more about your recent partnership and how it enables end users?
Our latest partnership with Zentist, a leading cloud-based insurance Revenue Cycle Management (RCM) software provider for Dental Support Organizations (DSOs), simplifies and improves the financial operations of dental groups and practices across the country. At the heart of this partnership is Zentist’s flagship software product, Remit AI, which offers a suite of features designed to simplify and accelerate the often complex process of dental insurance claims management.
The Cavi AR module, a component of Remit AI, is particularly noteworthy. It allows DSOs and dental practices to optimize their claims status and follow-up workflow, potentially saving considerable time and resources. The module also provides intelligent categorization and ranking of open claims based on factors such as AR days, expected/submitted amounts, and last updated dates.
KeyBank will introduce Zentist’s Remit AI software to its extensive network of DSOs. Zentist’s unique platform is nimble enough to serve KeyBank clients ranging from small dental practices to large DSOs and everything in between. It will enable KeyBank to address the challenges of large, specialized players but also empower small businesses with the kinds of tools that were once only available to companies at a much greater scale.
What about the current state of the global fintech market most interests you, can you talk about a few top products that pique your interest and why?
According to Fortune Business Insights, the global fintech market was valued at USD 294.74 billion in 2023 and is projected to reach USD 1,152.06 billion by 2032. (Source)
The advent of open banking and the use of Application Programming Interfaces (APIs) have created significant opportunities for fintech partnerships. What has been exciting for KeyBank is that our collaborations with fintech companies have allowed us to develop innovative solutions and improve the client experience.
As you know, the COVID pandemic accelerated digital transformation across various industries – healthcare, financial services, consumer – as examples. As businesses and consumers increasingly turned to online and mobile banking, there was a surge in demand as e-commerce, contactless payments, and digital wallets became more prevalent during the pandemic.
For KeyBank, we have seen substantial growth across our healthcare, real estate, manufacturing, and retail industry verticals, providing products that embed payments capabilities that address our client pain points and provide added value.
The adoption of AI and machine learning will play a significant role in driving further innovation. Fintechs like Zentist are incorporating AI and machine learning to enhance payments processing as well as customer service and customization of financial services. Integration of AI in the solution enables faster, smarter, and more intuitive financial interactions.
With increased digital financial transactions, there is a growing emphasis on cybersecurity so we’re talking to fintechs to learn about advanced security measures that help to protect financial data and transactions. The demand for real-time payments is also on the rise as financial technology service providers are delivering solutions that enable instant, cross-border, and secure transactions.
How is it becoming more crucial for banks and fintechs to power better capabilities that meets market demands: can you throw light on some recent partnerships that have made waves in the market?
I believe innovation drives growth. Banks, who have adopted fintech strategies, are investing in products that will enhance existing capabilities as well as build new, market-differentiated services. At Key, we believe payments and deposits are the gating item for growth for all banks, as banks need an enduring way to compete for deposits beyond just competing on prices or rates. Recent partnerships that have moved the needle for us include Qolo, where we launched KeyVAM, a virtual account management solution for treasury management clients, and AvidXchange, an accounts payable automation software company that targets middle-market businesses.
What about today’s state of AI in fintech most interests you and why?
With the rise of AI, the world of banking and financial services will become far more customizable. As generative-AI has come to the forefront of all technologies, it will continue to drive innovation and product development in the industry.
Gen-AI can be used to automate routine tasks, from customer service inquiries with AI chatbots to predictive maintenance in manufacturing processes. It can also assist in ideation and development of new products by analyzing trends, customer feedback, and market needs at scale. It enables faster prototyping and testing by generating designs, simulations, and models, thus reducing time-to-market, and fostering innovation.
Today, technology and banking are inextricably linked, and gen-AI can offer highly personalized customer experiences through tailored product recommendations, personalized marketing, and dynamic customer service interactions. Gen-AI’s ability to analyze large datasets in real-time allows for a deeper understanding of customer preferences, enhancing engagement and loyalty.
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KeyCorp’s roots trace back nearly 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation’s largest bank-based financial services companies, with assets of approximately $187 billion at June 30, 2024. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,200 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank Member FDIC.
Jon R. Briggs is the Head of KeyBank Commercial Product & Innovation in KeyCorp’s Payments business. He is responsible for the strategy, development, and the portfolio management of our Fintech partnerships, Core Treasury, Commercial Liquidity, Merchant Acquiring, Integrated Payments and Commercial Loan product capabilities. In this capacity he oversees all aspects of product strategy, management, development and risk management as well as partnering closely with our business development and client support teams to commercialize, implement, and support services. He is a member of KeyCorp’s Executive Council, Compliance and Qualitative Risk Committees.
