Digital banking solutions startup Banno announced last week that it has appointed industry veteran Charles Potts to fill the newly created role of President.
Potts, who has been working in the fintech industry for 25 years, has an impressive work history. His previous experience includes:
- SVP of Business Development at ProfitStars
- Founder and President & CEO of Beacon Software
- Co-Founder and President & CEO of iBank
- VP of Business Development for nFront (now Digital Insight)
- Global Accounts Manager at Interactive Planning Systems or IPS-Sendero (now a Fiserv company)
Potts (pictured right) previously sat on Banno's advisory board, and will now be helping the Iowa-based company accelerate the product delivery strategies of their partnerships and direct growth within the financial services marketplace.
We caught up with Potts this week to get some insight on his recent move:
Finovate: How has your past experience prepared you for this role?
Potts: Starting my own companies and working with entrepreneurs is something I understand. I've been very fortunate in my career both in banking and in the FinTech space to witness firsthand what works to make a successful venture as well as what doesn't. I believe I can contribute some of that experience to helping Wade and the Banno team.
Finovate: What are you most looking forward to in your new role?
Potts: Working with Wade and the team to nurture and grow their ideas is quite exciting. As an outside advisor, I got some sense of the passion they possess for the groundbreaking innovation being created. That passion and hunger to build really good products and provide outstanding service to the customers is quite uplifting. Now I get to be part of that firsthand.
Finovate: What advice would you give a young entrepreneur in the fintech industry?
Potts: Understand the buying behavior of the market you serve and what it means to be a fiduciary. Banks and credit unions have a very important role in the communities they serve and much of that is centered on a strong fiscal and social responsibility. We as partners to the financial institutions must respect and protect that role.
Finovate: As someone who has seen a lot of fintech come and go, what attributes does Banno have that will help it succeed?
Potts: A common or shared vision amongst the employees is supremely important to the success of any organization. As the old adage goes, "If you don't know where you're going, any road will get you there." This requires focus, communication and an unwavering commitment to the common goal and each other. Banno has that in abundance.
Finovate: How long does it take to get from Atlanta to Cedar Rapids?
Potts: Ha! While it seems like it has taken me 3 years to get here, given my work on the board, fortunately Delta is ready when I am with many choices into the area. The trip can usually be no more than 2 hours, enabling me to make frequent visits to the office and spend quality face time with the entire team.