Why the Association for Financial Technology?
In the late 1960's and early 1970's, independent service bureaus provided core data processing services for small and medium size banks, thrifts and credit unions. Some of these data centers were privately owned and others were co-ops owned by the financial institutions served by them.
The principals of these data centers attended the leading financial industry meetings but found that their needs were not adequately served. A group of forward-thinking, entrepreneurial data center operators decided to form their own organization and the forerunner of the Association for Financial Technology was born on December 6, 1972 at a meeting held in Fremont, Ohio with representatives of 19 data centers attending.
The National Association of Bank Servicers (NABS) grew to 120 companies in the 1980's, and then shrank in numbers as mergers and acquisitions became very common. The industry continued to grow and the organization continued its success with a smaller membership. The organization also opened its membership to providers of computer hardware, software and other applications and solutions of benefit to core processors.
The organization changed its name in 1994 to better reflect the scope of its membership. Today, Association for Financial Technology member companies provide core processing services for over 80% of the nation's banks, thrifts and credit unions.
The businesses and business people brought together in the AFT network as Collective Minds, pooling our individual intelligence to build collective intelligence. AFT facilitates the exchange and flow of information and helps to guide and support the development of new competencies and effective business process for our members and member companies.
Leading Financial Technology companies from around the world coming together twice a year in a casual, open setting to discuss the critical issues of the day. In this environment competitors work together to solve problems they have in common. That is the Powerful Advantage of AFT.
As leaders in our respective companies we can all agree that our industry continues to evolve and consolidate. Along with that comes ever increasing challenges to exponentially grow our organizations faster while running leaner. So why try to re-create the wheel? One time proven method for accomplishing this goal is through channel partnerships. Membership in AFT provides a venue for open dialog and networking with peers, complementary product line managers and competitors. Today the lines are blurred between who was once a traditional competitor and who tomorrow should be your next ally.
We all have the best intentions each year to better our person and industry knowledge base. Reconnection with old acquaintances sometimes requires a boost. That is why our members chose to invest their valuable time in AFT. As an active member in the association you will participate in meaningful, education and deliberate financial services technology related meetings twice annual. AFT brings together top national speakers and various thought leaders from around the world to provide the latest in best practices specific to our discipline. AFT's world class programs include industry experts from the vendor pool the regulatory and governing bodies as well as the national consulting community each year.