Fintech Hub Interview with Gary Lewis, Managing Director of Lending & Deposit Solutions at Jack Henry
Hi Gary, welcome to our Fintech Hub interview series. Could you start by sharing your fintech journey with us?
I’ve been immersed in the financial services industry for as long as I can remember. My passion for finance began in college, driven by a desire to help business owners realize their aspirations. Over 23 years, I’ve held various roles at three community banks, focusing heavily on commercial lending and community banking. This experience gave me deep insights into how banks operate, their responsibilities to the community, and the importance of strong partnerships between banks and borrowers.
In 2012, facing a challenging period for the banking industry, I decided to shift gears and join Jack Henry. I began as a sales executive specializing in lending solutions aimed at enhancing net interest margins and overall profitability for financial institutions.
My journey at Jack Henry saw me rise to the role of Director of Lending Sales within five years, leading a team that delivered commercial lending solutions across institutions of varying sizes. I was also part of the acquisition team for our FactorSoft product, which introduced me to the non-chartered lending space.
After over a decade in sales, I transitioned back to my operational roots and now serve as Managing Director for Lending and Deposit Solutions at Jack Henry. My role involves consolidating our 11 lending solutions, with LoanVantage being our flagship product, under a unified strategy. This approach is designed to streamline features and functions based on client needs, aiming to reduce duplication, enhance efficiencies, and improve experiences for our team, customers, and their accountholders.
LoanVantage recently won the “Best Loan Origination Platform” award at the FinTech Breakthrough Awards. What makes it unique?
LoanVantage is our comprehensive loan origination platform supporting commercial, consumer, and agricultural lending. It’s an all-digital solution that simplifies the loan lifecycle by automating routine tasks like data entry and consolidation, providing a streamlined user interface. This allows financial institutions to offer a more efficient and consistent experience for borrowers and lenders, positioning them competitively against large banks and fintechs.
While many platforms focus on consumer lending, we saw an opportunity to develop technology tailored for commercial clients, acknowledging that commercial transactions vary greatly. Our extensive experience in commercial lending has led us to create a platform that addresses these unique needs and has since expanded to cover consumer and agricultural lending as well.
What transformative trends are shaping the lending tech landscape? Can you highlight two?
In the current climate, financial institutions are becoming more risk-averse, tightening credit in response to recent financial instability, recent bank failures, and fluctuating consumer purchasing power. Additionally, the depletion of stimulus funds has reduced liquidity, prompting institutions to focus on acquiring deposits to support their lending activities. This cyclical pattern sees a shift between deposit acquisition and lending emphasis over time.
What are your top challenges in loan growth, and how can technology address these issues?
Currently, the scarcity of liquidity has led institutions to prioritize deposit gathering over loan portfolio expansion. However, as these conditions evolve, loan demand could rise significantly. Institutions that build strong client relationships and offer modern lending experiences will be well-positioned to capitalize on future opportunities.
How have you automated the loan lifecycle, and how can technology accelerate the renewal process?
LoanVantage streamlines the entire loan lifecycle, from application through underwriting, approval, closing, and post-closing management. By leveraging data from existing stores, we enhance accuracy and speed throughout the process. For renewals, quicker access to information and automation in data requests and underwriting improve efficiency, benefiting both the institution and the account holder.
What’s your top productivity hack or work-related shortcut?
As a leader, surround yourself with talented individuals and support their efforts. In today’s fast-paced, tech-driven environment, no single person can keep up alone. Success comes from effectively managing and leveraging superior resources.
What are your predictions for the future of fintech?
I anticipate that open, API-first technology will integrate current fintech advancements with legacy systems, bridging the gap between old and new technologies.
Your favorite fintech quote?
I’m inspired by the quotes: “Fail fast, iterate faster” and “Don’t be afraid to fail.”
Before we conclude, do you have any final tips for fintech leaders?
My key advice is to embrace and collaborate with legacy providers to create superior experiences for clients. Working together can yield better results for all involved.
Thank you, Gary! That was fun and we hope to see you back on Global Fintech Series.
