3 Things You Should Call Your Banker About Today

## Episode Summary In this insightful episode of the Caxy Interactive podcast, CEO Mike Levista sits down with Mike Galitz, VP of Commercial Banking at FNBO, to explore how the banking industry is strategically leveraging technology and AI to better serve business clients. With over 32 years in banking and 14 years at FNBO, Galitz provides a unique perspective on the dramatic evolution of banking services and the challenges facing modern business owners. The conversation delves into how banking has transformed from traditional in-person interactions to digital-first experiences, particularly accelerated by the COVID-19 pandemic. Galitz explains how community banking has evolved to focus on growing businesses with 10-20 employees and seven to eight-figure revenues, requiring sophisticated financial partnerships rather than basic transactional services. The discussion also covers the critical role of AI in both enhancing operational efficiency and combating increasingly sophisticated fraud attempts that threaten businesses today. ## Key Takeaways - **Technology has fundamentally shifted banking expectations** -- Business owners now expect the same level of digital convenience they experience with companies like Amazon - **Community banking has evolved to serve larger growing businesses** -- The new "community banking" sweet spot includes companies with 10-20 employees and seven to eight-figure revenues - **AI serves two primary functions in modern banking** -- Driving internal operational efficiencies and providing advanced fraud protection for customers - **Fraud attempts are becoming more sophisticated** -- AI-powered fraud includes voice cloning and phone number spoofing that can convincingly impersonate trusted institutions - **Automation allows business owners to focus on strategy** -- Digital banking tools free up entrepreneurs to work "on" their business rather than "in" their business - **Dual authorization and positive pay are essential protections** -- Multiple verification layers help prevent fraudulent transactions before they occur - **Education and client ownership reduce fraud risk** -- Teaching customers to originate their own transactions reduces opportunities for bad actors to intercept sensitive information ## Notable Quotes

"We want to take banking and make it in such a way that they actually have to worry less about that and they can work more in the business and other aspects that they're what you're doing."

"The more automated you can get that stuff, the more you can actually drill into the actual meat of what you're doing as a business owner."

"Computer intelligence if you want to look at that way has been on it's been going on for really for the last better part of the last couple decades -- type in a Google search and see what populates before you finish out typing your sentence."

"The sophistication behind a lot of the attacks to the consumer to the business owners they're getting more and more all the time and they are really well disguised -- you have to be really careful."

## About the Guest Mike Galitz brings over three decades of banking expertise to his role as VP of Commercial Banking at FNBO, where he has served for 14 years. Throughout his career, Galitz has progressed through increasingly larger banking institutions, always maintaining his focus on building relationships with business owners and helping them achieve their financial goals. His approach centers on taking the complexity out of banking so entrepreneurs can focus on growing their businesses rather than managing financial operations. At FNBO, he specializes in working with growing companies that need strategic financial partnerships to manage their expansion and capital needs effectively. ## Topics Discussed - The evolution of banking from in-person to digital-first experiences - How COVID-19 accelerated the shift to online banking services - The changing definition of "community banking" in the modern economy - Customer expectations shaped by digital leaders like Amazon - The role of AI in banking operations and fraud prevention - Sophisticated fraud techniques including voice cloning and phone spoofing - Positive pay and dual authorization systems for transaction security - The balance between convenience and security in digital banking - How automation helps business owners focus on strategic growth - The importance of customer education in fraud prevention - Technology adoption patterns and lessons from previous banking innovations - Working with growing businesses that have moved beyond traditional small banking needs