FinTech is Like Climbing Mountains - Not Always Easy, But So Worth It.

This week Baker Hill and hundreds of our clients will all converge in Scottsdale, AZ – the Valley of the Sun! One of the best things about this location is the geographical beauty did it brings - from the landscape to the cactuses that are blooming and best of all the mountains that surround this valley. I took advantage of having some time before Baker Hill’s Prosper conference started and actually completed the ASU Arizona State University Mountain Challenge - which consisted of climbing to the top of the Tempe Butte (which is approximately 1,495 feet in elevation) four times.

In between catching my breath and the breathtaking views, I had a little bit of time to reflect on fintech and where we are in banking. Let me share them with you.

First, Do not underestimate the effort. 

Hiking to the top of a mountain is hard and so is the change that your bank will take on to redesign any process. I have never climbed this mountain and so I did not know what to expect.  At some points the  trail is extremely steep – and if it wasn’t for the fact that I have been training for the past 18 months for a 60-mile hiking adventure this summer with my kids, it would have been difficult. From a fintech perspective you cannot just assume it is a simple process to install, have the right change management, and ensure adoption at your bank or credit union unless you put the work into it. We are not just installing an app on your iPhone here – for most financial institutions, we are changing significant processes.

Second, Make the reason to go to the top worth it. 

As I was climbing up the peak the fourth time, there was no new views of the valley, the cacti were not blooming any differently than they did just an hour ago and while the view at the top was still breathtaking, I had seen it. So why was I doing it? It goes back to that 60-mile hike I will be doing in June/July. That is my goal to make that and do it with the 40-pound backpack on my back and smile on my face! Same thing with any fintech process you are going to be taking on. Make sure it is for more than just a shiny new User Interface, or because “well, everyone else is doing it.” There will be times when your executive team will say throw in the towel, you will be frustrated, your team will be challenged – but what is the long-term goal you are trying to accomplish here? Have that goal, be it superior customer service, outstanding employee satisfaction, or exceptional return on investment and keep that in mind.

Lastly, Do not fear the last 20 steps. 

When you get to the top of ASU Mountain you can just stop at a nice little point for most hikers, or you can go about 20 steps more and literally be on the top of the mountain. There is no guideline or guardrail, you need to plan it out, and you need to be a little careful, because you do have a bit of a drop-off, but man the view from there…no words! Many of you also have a fintech project that is going to require a push near the end. You will be scared because your organization has never done something like this, or you will have to trust yourself and your partners like Baker Hill to get you there, but again when you are on the top you will be amazed.

Again, maybe a bit more personal than most blogs, but I hope that as you look at some fintech project and start to maybe feel a bit overwhelmed, know that you got this. Let’s climb summits together!

Author Bio

With more than 25 years of experience in the financial services industry, Mike Horrocks possesses a unique and extensive blend of financial expertise, technology skills, process redesign abilities and solution management experience. Horrocks’ background enables him to create go-to-market strategies for new solutions, help clients convert strategies into revenue generating initiatives and forecast market direction.

As the Vice-President of Product Management at Baker Hill, Horrocks’ responsibilities include the identification and development of new market opportunities in the business of lending, risk management, and analytics for financial institutions. Mike holds a MBA both in International Finance and Venture Technology Management from Indiana University and a B.S in International Finance from Brigham Young University.

Before joining Baker Hill, he held executive positions within several other organizations, including Experian, Profit Technologies, SAIC, Broadway and Seymour (FIS), Zions First National Bank and Zions Data Corporation.

Horrocks is a member of many associations including the Risk Management Association and Bankers Without Borders. In his free time, he enjoys traveling internationally with his wife and five children.