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Cornerstone Advisors Unveils 2024 GonzoBanker Award Winners

On December 31, 2024, Cornerstone Advisors, a renowned consultancy specializing in management and technology for banks, credit unions, and fintech companies, hosted its 24th Annual GonzoBanker Awards. This prestigious event celebrated notable achievements within the banking and fintech sectors, recognizing individuals, companies, technologies, and innovative deals that have made significant impacts in the industry.

A Year of Challenges and Triumphs

CEO Steve Williams highlighted the incredible performance of banks and credit unions this year, particularly in navigating a complex economic landscape. “We commend the industry 'troublemakers' for successfully addressing fundamental challenges while enhancing their customers’ financial experiences,” stated Williams. This year's awards featured various categories aimed at recognizing exceptional financial institutions and their progress.

Award Highlights

One of the standout categories was the Smarter Banks Awards, which honors institutions that have transformed their operations and achieved strategic growth. Some notable winners included:

• - Smarter Bank Hyper-Efficient Award: Space Coast Credit Union took this award for showcasing remarkable efficiency through digital self-service and process automation. Under CEO Tim Antonition's leadership, their ratio of non-interest expenses to assets reached an impressive 2.5%.
• - Smarter Bank Differentiated Award: Western Alliance Bancorporation celebrated this accolade due to its specialized approach in pursuing unique market niches, generating a notable net interest margin of 3.61% and maintaining a mere 0.45% non-performing loan ratio.
• - Smarter Bank Nimble Award: SoFi, led by CEO Anthony Noto, earned this recognition for its quick adaptability and impressive growth of its third-party loan platform while expanding its Galileo technology solutions, serving over 9 million customers.

Outstanding Individuals

The GonzoBanker of the Year awards recognized individual contributions across various sectors:

• - Regional Bank: Kevin Blair, chairman and CEO of Synovus in Columbus, Georgia, was honored for driving a substantial 55% increase in stock value while ensuring a strong focus on culture, customer loyalty, and technology.
• - Mid-Size Bank: Malcolm Holland, founder and CEO of Veritex Holdings in Dallas, was acknowledged for creating a dynamic organization valued at $1.6 billion, delivering on a mission rooted in transparency and integrity in banking.
• - Credit Union: Kim Sponem, president and CEO of Summit Credit Union, received accolades for elevating the institution from $200 million to over $7.5 billion in assets and emphasizing empowering individuals, particularly women, towards financial security.

Technological Innovations

The Bank Technology of the Year award recognized the groundbreaking progress in account opening fraud management solutions developed by bold tech vendors, helping financial institutions combat fraud effectively. Prominent companies like Alloy and Sardine are at the forefront of this initiative.
Additionally, the Fintech Startup Innovation of the Year award went to Laurel Taylor, founder of Candidly, for pioneering the Student Loan Retirement Match Solution that allows employers to contribute to employees' retirement savings while they pay off student loans, thereby enhancing long-term financial health.

First Live Event

For the first time, Cornerstone Advisors aired a live broadcast of selected awards, hosted by well-known podcast personalities such as Ron Shevlin and Al Dominick. Viewers can catch the event online and explore detailed insights on the award recipients from Cornerstone's blog.

With over two decades of dedication, Cornerstone Advisors continues to empower the banking and fintech landscape through valuable strategies, insights, and innovative solutions, making them invaluable partners in creating smarter financial institutions. For further details, visit Cornerstone Advisors.