Building banks of the future is something O’Malley, a self-proclaimed “data nerd” whose company makes a real-time business lending and growth automation platform for banks, knows quite well.
His platform helped Eastern Bank, the largest and oldest mutually owned bank in the U.S., make a digital transformation that quadrupled the size of its loan portfolio and doubled its rates. A lending process that used to regularly take 2-to-3 weeks has now been completed as fast as 2 minutes and 57 seconds.
O’Malley told Bank Innovation it came down to recognizing an opportunity to transform lending, which is a huge profit-maker for banks, and having the right partners.
“If you think it’s crazy to bring a team of entrepreneurs inside of a bank, it’s, like, double crazy to bring them inside a 200-year-old bank, on top of that a mutual bank, which means it doesn’t have any access to the capital markets to fund things,” he said. “But, nonetheless, that’s what we did.”
After helping Eastern Bank become the No. 1 small business lender in Boston (beating banks “literally 100 times its size,” O’Malley said), Numerated was spun out as an independent company in 2017, with backing by the Rockefeller VC arm Venrock, as well as FIS and others.
Numerated, which has grown both its customer base and staff by 50% over the last 4 months, recently raised an additional $8 million to meet market demand and accelerate growth. It also welcomed Raj Date, a former head of the Consumer Financial Protection Bureau, as an advisor and investor.
Prior to his work with Eastern Bank and its fintech incubator, which led to Numerated, O’Malley was CEO co-founder of the debit rewards company PerkStreet Financial, for which he raised multiple rounds of capital and grew to $1 billion in annual transaction volume. He was previously an executive at Capital One, where helped start the payments division and relaunched the company’s cashback credit card. He has a degree in Operations Research from Princeton University.
As part of the panel, O’Malley will discuss which fintechs have the potential to revolutionize financial services, what FIs are doing right (and wrong), as well as future technology trends that will affect financial services.
Bank Innovation Ignite will be held at the Hotel Olive8 in Seattle and will feature startup demos as well as sessions on data-sharing in the era of open banking, wealth management in the AI age, and much more. Attendees will also have the chance to seek advice and insights from fintech experts at the Innovation Bar. Other companies speaking at the event include Wells Fargo, HSBC, and Fiserv.
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