St. Louis-Based Fintech Startup Announces Core Platform Launch
The new core aims to bolster community financial institutions by lowering the cost of their technology, security and regulatory needs.
There is a new core on the financial block. St. Louis-based Neocova, with a cloud-native financial technology platform built specifically for credit unions and community banks, announced its official launch.
Neocova’s design directly addresses what it describes as the industry’s widespread frustration with legacy core solutions by offering one-year contracts, modern artificial intelligence-based technology with flexible API integration and best-in-class cybersecurity protection.
The new core aims to bolster community financial institutions by lowering the cost of their technology, security and regulatory needs. “Community banks and credit unions are the bedrock of our country’s economic success, but they’ve been largely left behind – we’re changing that,” Sultan Meghji, CEO and co-founder of Neocova, said. “Unlike most players currently in the market, we are closely linked to the success of these community institutions. We have included bankers in every step of the process. Not only do our board and team members reflect that, but our focused and industry-specific product solutions reflect that. We know by offering secure, affordable and modern technology, we are helping these institutions better compete and better support the customers and communities that rely on them.”
Neocova’s AI-enabled, API-driven and cloud-based core platform manages financial institution customers, their deposit accounts and loan products in real-time. The new core provider noted the platform’s architecture aims to alleviate the challenges associated with manual, antiquated banking operations that have dominated time and budgets over the last twenty years. In addition, Neocova simplifies the management of fraud detection, anti-money laundering and know your customer (KYC) efforts.
Community financial institutions have struggled with legacy technology and limiting core infrastructure, while also facing mass consolidation and increased competition, Kelsey Weaver, co-founder and chief business development officer at Neocova, said. “Looking at the landscape it didn’t seem quite fair, so we decided to fix it.” On the subject of helping banks and credit unions get back to their core mission, Weaver added, “That’s why we made sure to consult regulators and to prioritize cybersecurity.”
Acknowledging the exceptional challenges, risks and regulatory oversight facing the industry, Neocova said it works closely with the regulatory community to ensure compliance and effectiveness across all AI offerings.
Additionally, recent key hires reflect the company’s regulatory-forward mindset and focus on hiring banking and security experts:
- Former Missouri Finance Commissioner Lee Keith as president of banking services.
- Former Crowe, LLP regulatory expert Dennis Hild as managing director of regulatory affairs.
- Former COO of Surety Bank Peter Longo as SVP and director of fintech partnerships and strategy.
- Former director of enterprise information security at the CIA Robert O’Connor as chief information security officer.