Integration to US FIs (Part 2) - S2E7

Category: Data Connectivity , Podcast
Author: Amy Rice
In part two of a two-part series on OmniTalk FI, Randy Goggans, Partner at NXTsoft, will be sharing his extensive knowledge of the financial industry and how NXTsoft's integration solution can help banks and credit unions automate their mortgage, consumer and commercial loans. Randy also talks about how NXTsoft is the go-to partner for international fintechs looking to break into the US banking industry. With pre-built connections and over 25 years of experience, NXTsoft offers their partners a complete integration solution to connect their next big fintech solution to their target market. 

S2E7 - Graphic

Randy Goggans, Partner -Randy Goggans was involved in the founding of NXTsoft. He is passionate about making digital banking a reality and works diligently with Fintech companies and financial institutions of all sizes to make that happen. Randy has previous experience in the Fintech industry heading up U.S. sales for Temenos and serving as national sales manager for TriNovus. Randy is an alumnus of Auburn University.

 

 

NXTsoft is the leading provider of API connectivity between fintech companies and financial institutions.

With NXTsoft’s connectivity library, we can have you up and running with a new bank or credit union customer within 90 days, no matter which core they utilize.

Fintechs are choosing the NXTsoft partnership for their connectivity solution because:

  • They get their product to market faster, and at a lower cost.
  • They are closing more deals, faster.
  • They can offload the cost and compliance burden of managing and maintaining that connectivity onto the experts, freeing up their resources to focus on their expertise, their products, and their clients.

Tune in on Monday, April 19th as we take a deep dive into NXTsoft's Client Experience with Jeff Dixon! 

Gain access to the U.S. financial market

For more information about how to become a NXTsoft strategic partner, visit https://www.nxtsoft.com/contact or call 1-800-915-3381


Transcript:

Amy Rice: Today we're picking up right where we left off of our last episode. Randy Goggans, sales partner for NXTsoft, will continue to share his extensive knowledge about the financial industry and how NXTsoft is helping Fintech companies connect to every US core vendor in the market. Not worrying about the integration piece of the puzzle, allows them to focus their valuable time, money, and resources on making their solution even better.

You mentioned Fintech partners. And I know there's definitely the staples, there's Ellie Mae and there's Mortgagebot. But there's also a lot of new Fintech partners out there that allows people to do more with their data. I just had a podcast with Lokyata and they're into AI. Can you talk a little bit about the benefit of being able to work with any partner for a banker credit union?

Randy Goggans: Yeah, that's a great question. Yeah, we are totally unbiased as to the size or scope of a partner that is ... The only requirement we have at NXTsoft is that you're selling to banks and credit unions. So because that's our market, that's what we help you do. I would say, we've got partners today all over the board, from the really large mortgage processors, the Ellie Mae's, all the way down to a Fintech with 40 customers.

The good thing about NXTsoft is that one way to think about us is that we've already got these connections built, and we've been ... People ask us all the time, "What is your niche? What is your niche? Why can't I just go build these integrations myself?" Well, the niche is, it's taken us ... It's just time, it's taken us ... There's a lot of companies that could probably go build the integration. Working with the core systems and getting integration to each one of those core systems that we've done over 25 years takes a lot of time. So the institutions and the Fintechs need the solution now, they cannot build for 10 or 15 to 20 years this solution because they need it right now. This is the consumer demand right now.

So the answer to your question is any partner out there that's listening to this podcast, and a partner can be really any Fintech that needs data to run their application. And what we're finding is these partners like Kasasa and Bottomline Technologies, a lot of these partnerships we have in place, even though they're larger companies, what they don't want to do, they can probably ...

They don't want to be in the software business or the product business, selling products to their market of banks and credit unions. They don't want to be in the integration layer business, writing APIs, having a development team, ongoing support maintenance, security. That is not their business. So the concept of outsourcing that out and basically leasing the API connectivity from NXTsoft is just a good business model.

So the answer, your question is, any Fintech out there that wants to open up their market and have access to all the core systems in the US, give us a call. And our process is very, very simple to become a partner of NXtsoft. There is a fee to be a partner, a monthly fee. What that monthly fee covers is the initial development of the integration between NXtsoft and that partner and to all the core systems. And then that also covers a maintenance and support of ongoing. So we take care of that whole process on behalf of that partner.

But 2021 is going to be a big year for NXTsoft on bringing on new partnerships, because really what we want to do as a company is we want to add value to the whole market. We want to add value, like I said, to the banks, the credit unions. Given them the ability to buy from the best of the best, what they perceive as the best, not just what they're maybe forced into to being offered from an existing vendor.

And then on the Fintech side, we're seeing not just domestic companies, we're seeing a lot of international Fintechs with very, very interesting technology that as a consumer, I'm interested in. And I may be different, but I think I'm a lot like a lot of other people, that I want the technology I use today to be very quick, easy, effective, and meet a need that I need.

So there's a lot of international companies out there. And if you're an international Fintech, we've got a lot of them onboard right now that are looking at coming into the US with their solutions. And we're a perfect fit for an international solution that is looking to get into this market, and immediately give you connectivity to all the core banking systems so you can come in.

And that's really been ... We've got previous experience in companies, international companies that have made attempts to come into the market, but without connectivity in the US market to the core banking systems, it's very hard to sell product. So we are definitely meeting that pain point for domestic Fintechs and international Fintechs.

Amy Rice: Awesome. I mean, it sounds like being a partner of NXTsoft is a lot better than employing and having a whole team of developers, when NXTsoft can just take it over make sure that that piece is taken care of.

Randy Goggans: Right. Yeah. And we're a really good partner. We see a lot of our business partners that utilize our integration. We're not the company that they're trying to vary in their contract, and they use the relationship with NXTsoft to help them be competitive and sell more product.

Because what we see, going back to the 2021, what we see banks starting to ask third-party vendors when they'd be able to show or a virtual show or whatever you want to call it these days, or a vendor tries to sell them a product. The very first question they ask that vendor is, "Do you have connectivity to my core system? And not just a general company, but my core system." And usually what we're seeing, if that vendor says, "No, we'll figure something out," they're out of the process. They're not even involved with that.

So that is a major competitive advantage to the Fintechs today, to be able to walk into any institution and say, "If you like our product, you're welcome to buy it. We've got an integration company NXTsoft who works with over 1,500 banks and credit unions have been in business for 25 years. They take care of the integration between our product and your core system so you don't have to do anything." And the banks and credit unions love that.

They also, just like the Fintechs not wanting to spend time building integrations and supporting and maintain it, even more so the banks and credit unions do not want to get involved with that. Because they don't have the expertise to do that, to build integration. And their expertise is taking in deposits and make it loans, which it should be. So we take care of a big pain point between the banks, the Fintechs and the core system.

Amy Rice: Well, I know that we could probably talk about this all day, but I'm going to cut it off here. I just have one more question, and this is a question that I typically ask everyone that comes on my podcast. We're coming up on a year of dealing with the pandemic and of COVID-19. And probably, I definitely haven't traveled where I would like to travel to, you probably have the same. So my question is, what is your favorite place that you've ever traveled?

Randy Goggans: That's really an easy question. I don't like cold weather. I just don't, I don't like it. So by far a hundred percent Bahamas. I love it.

Amy Rice: I live in Florida, so I don't have to deal with the cold that much, but the Bahamas definitely sounds like a place to be right now.

Randy Goggans: Absolutely. And thanks so much for doing this, and hopefully it will be valuable for the market, including banks, Fintechs. But like I said, we have a really strong team here and we're meeting a big pain point. And what we're doing is really helping grow value in the Fintech businesses out there, as well as meet a big pain point solution for the financial institutions. And so if you're a partner looking for integration, give us a call. We're very accessible and we'd love to talk to you. And if you're just a bank or credit union out there looking for more information on how you partner with an integration company, you're welcome to give us a call as well, and we're very responsive. So appreciate the time.

Amy Rice: Thanks so much for your time and for being on the podcast, Randy.

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April 5, 2021
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