Many banks cannot keep up with rapidly evolving technology and its related risks. The four largest U.S. banks are spending a total of $40 billion per year on developing technologies. That does not even include the venture capital money fueling the growing number of Fintech startups. Banks also face increased threats from hackers around the world who are constantly devising new methods to attack and infiltrate systems.

An ongoing focus at First Bank is the evaluation of several Fintech partners to enhance client experience. Our mobile-first approach and two-year vision is to offer business clients the convenience of taking out loans and opening accounts entirely via their phones.

Substantial investments have also been made to make our systems as safe as possible by upgrading to state-of-the-art firewalls and routers. Our safeguards are built under the assumption that we will eventually fall victim to an attack. That’s why we focus on measures that keep client data safe, even if a criminal happens to find a way past our initial barriers.