When is the last time a bank put customer needs, security and open access to all first?
David Kinitsky, Kraken Bank CEO, outlined eight reasons why consumers need a customized banking structure that modernizes the products and services we all utilize on a daily basis.
To design the blockchain-based system that will be “more secure than traditional payment processing technologies,” Michael Giorgio was brought on as Chief Operating Officer of Kraken Bank where he will spearhead a forward-thinking team.
Last September when we first announced Kraken Bank, the Wyoming legislature had provided a pioneer framework to reimagine financial services. Michael sees that framework empowering his vision to “provide an additional level of comfort and safety for our customers.”
For the better part of the past two decades, Michael has built and led teams at commercial banks including Metropolitan Commercial Bank, Laurel Road Bank, Savings Bank of Danbury, Connex Credit Union and Quorum Federal Credit Union.
Through that work, Michael discovered the limitations of the traditional financial services system. Digital assets captured his imagination and he recognized that Kraken Bank could actualize the potential of this technology.
Michael and the team are currently building out the Kraken Bank infrastructure as well as ensuring all of the necessary regulatory approvals are in place. A smooth transition for all clients and a safe experience for all customers is our first priority.
Please enjoy the following interview!
You’ve worked at community banks for nearly 20 years. What do you think works about the current system? What are some areas that need improvement? What do you think prepares you for this opportunity?
One of the biggest challenges that banks face today is the continued use of legacy technology stacks, in particular their core banking platform. It’s clunky for the staff to use, the UI lacks customization and integration with third party or…