Stratum, New Technology That Will Revolutionize Banking!
By:
Sharon J. Lorman
Guest: Clay Adams, President and CEO of Mascoma Bank
Podcast Show Notes:
Our This Month In Banking (TMIB) podcast features discussion with colleagues and other industry thought leaders on interesting banking topics. TMIB is available on the last Wednesday of every month here, and on Apple and Droid podcast apps for your listening enjoyment. Join us on your commute, at your desk, or at home.
Topic: Stratum, New Technology That Will Revolutionize Banking!
Our guest is Clay Adams, President and CEO of Mascoma Bank.
Many banks continue to depend on outdated, non-cloud-based legacy software for managing customer data. In response, Mascoma Bank developed Stratum, its own in-house middleware data hub platform, with the intention of offering this technology to other banks. Stratum allows financial institutions to manage data across disparate platforms and allows an iterative approach to core conversion. Each fintech platform can be integrated sequentially and customer account data can be migrated over time into a new core system. To support this initiative, Mascoma has established a separate subsidiary for its middleware platform, set to launch in partnership with financial tech firms in 2025. Recognizing the industry’s shift away from legacy systems, the bank is focused on enhancing comprehensive access to customer data. Stratum serves as a bridge between various applications and systems, ensuring seamless integration and overcoming the limitations of outdated technology that stifles innovation. This platform is poised to make a significant impact in the community banking sector, where providing excellent in-person service alongside modern offerings is essential for attracting and retaining customers. Listen and enjoy!
Biography
Clayton R. Adams
President and CEO of Masoma Bank
Clay Adams became President and CEO of Mascoma Bank in January 2017. Prior to joining the Bank’s senior leadership team, Mr. Adams served on the Mascoma Bank Board of Directors as an external board member. Under his leadership, Mascoma Bank expanded into new markets, experienced significant growth, and became one of the first banks in the United States to become a certified B Corporation.
Before joining Mascoma Bank, Mr. Adams led Simon Pearce, a family-owned manufacturer and retailer of hand-crafted glass and pottery, where he had been CEO. Prior to that he was COO and CEO of Resource Systems Group (RSG), a firm specializing in quantitative modeling.
Mr. Adams graduated from Dartmouth College with a B.A. in Government. He also was awarded an MBA from the Tuck School of Business Administration at Dartmouth College.
Clay also serves on a number of different community and corporate boards.
This podcast relates to The Kafafian Group’s Strategic Management service. Click here for more information.
Watch for episode 108 of This Month in Banking to be released on Thursday December 26th, 2024, and a new episode on the last Wednesday of every month.
Thank you for listening!