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Transcript – Alex Carriles

Hello, my name is Alex Carriles and I am the Chief Digital Officer at Simmons Bank. The idea behind coin checking was to have a product that would be attractive to a younger generation of customers. Potential customers under the age of 25 have significant issues opening an account online. And the reason is that in order to open an account online, you are required to fund it from another account. So, it's almost like the chicken and the egg. How do you open your first account if you don't have another account to fund it from? So, one of the key differentiators of this account is that we completely did away with what's called the funding stage in the account opening process.

So, all you need to do is to have a state issued ID, five minutes, and your mobile phone, and you'll be able to open an account. We think that it has been very successful. So much so that in the second half of the year, a little bit more than 7% of all checking accounts at the bank were coin checking opened through the digital process. We added things this year, for example, like Zelle, a de facto industry standard for person to person money movement. We also added a really interesting feature called real time open to buy for our credit card customers, which is the ability to pay their card using the app, but have immediate access to those funds because now you don't have to wait one or two days for that payment to clear, you can go to a... I don't know, grocery store, swipe your card, if the card is declined because you are at your limit, you get your app, make a payment, and then swipe the card again and the payment will go through.

I can tell you that we kept our 4.8 star rating in the Apple app store. And a lot of our customers are using the word love to describe their relationship with mobile banking. We also saw a 23% increase in digital transactions over 2020. Today, 58% of all banking transactions are done through digital channels. We really think that we're bringing a level of innovation that we don't see normally in a mid-sized bank.