Helping Your Financial Institution Succeed
“I can do all this through him who gives me strength.” (Philippians 4:13)
Experienced Banker, Consultant and University Professor.
Steven Simpson has over thirty years of experience working with financial institutions of all sizes and geographies. His focus for the past two decades has been in the area of advanced analytics, specifically identifying segments of customer or member data that represent opportunities for measured action. Mr. Simpson has a passion to empower lines of business within the financial institution to best utilize profit, or member contribution metrics, incentive and next product models, and how to uncover opportunities and build recurring best practices to help achieve strategic goals.
Working with Mr. Simpson, he will guide the financial institution on identifying specific customer segments where there is untapped potential for opportunity. For example, an opportunity to cross and up-sell customers without a debit card, or mature mortgage holders without an equity loan. The goal is to help the financial institution understand which campaigns, sales opportunities or cross-sell initiatives have the biggest impact. Over time, using advanced analytics and Mr. Simpson’s expertise, financial institutions will uncover additional segments of opportunity by applying statistical models on historical behavioral data. When working with Mr. Simpson, financial institutions experience an immediate return on their investment and benefit from impactful actions based on the analytic findings.
Background
Mr. Simpson’s deep financial institution experience began with Bank of America. For eight years he played a key role in corporate change management where Mr. Simpson implemented technology, profit solutions, and electronic banking solutions for affiliate state charters. He worked on the BofA modem based consumer banking application that led to him being headhunted to create a competitive solution for community banks. Mr. Simpson was hired as CIO of TIB: The Independent Bankers Bank ($8B) and, later, promoted to COO. The internet banking solution, built in partnership with First Data Corp., was taken public in October 1999. Steven exited TIB with the internet banking product and was a top-five executive of the publicly traded firm in charge of product management and strategic solutions.
The internet banking company later sold to Checkfree, now part of Fiserv, and Mr. Simpson transitioned to Professor of Advanced Managerial Finance and Advanced Managerial Economics for the MBA program at Texas Woman’s University. He also taught at the Cox School of Management BAI Graduate Banking Program at Southern Methodist University. While teaching, Mr. Simpson helped community banks and credit unions with strategic and technical planning services, core conversions and even served as Contract CFO for a $600MM credit union.
As his consulting practice grew, Mr. Simpson was hired by Sheshunoff Management + Consulting as Managing Director of Software and Analysis Services. In this role he implemented BI solutions for Compass BBVA, Wachovia, Capital One, The Huntington Bank, and dozens of others. He created software solutions that are still used today by hundreds of banks and credit unions and holds two patents on machine-learning and self-adjusting equations for banks and credit unions.
As a consultant, Mr. Simpson began working for, and was hired by Caja Madrid that acquired City National Bank Miami ($7B). He served as CIO creating a business intelligence group and converting them from FIS to Fiserv. He was promoted to Chief Strategy Officer to work directly with the lines of business to achieve strategic initiatives using the information from BI. He was a vocal member of the Advanced Analytics Advisory Board for Fiserv and was headhunted by McKinsey & Company to join Saggezza as SVP Financial Institution Solutions where he authored TruVantage, an advanced analytic system built on R, Hadoop, MongoDB and Spark.
In total, Mr. Simpson has completed nearly 60 core conversions, has implemented over a dozen different profit systems including the major products of Jack Henry, Fiserv and FIS, worked on a $1.1MM profit implementation project for a large bank with First Manhattan Consulting Group, has over 100 articles published in Harvard Business Review, and state and national bank and credit union publications. Mr. Simpson holds a BBS, MBA, a Graduate Degree in Bank Operations from Vanderbilt, and has completed two PhD programs and recently received his PhD in Management with a concentration in Finance. His dissertation was a quantitative analysis of the unintended consequences of the Dodd-Frank Legislation on the U.S. Banking Industry.
Mr. Simpson has a demonstrated history of success.