Business View Magazine | May/June 2022

76 BUSINESS VIEW MAGAZINE VOLUME 9, ISSUE 5 technology is that it’s allowing us to become more efficient in the way we operate. I think that’s a very important parameter for every operator of a banking and financial institution. The ability to optimize cost structure and to drive operating leverage and technology is the way we’ve been able to make some of our gains relative to overall efficiency. Obviously, continued commitment and focus will allow us to do more.” In November 2020, Five Star made a strategic investment in a consortium of 12 mid-sized and community banks called Alloy Labs Alliance, founded by FinTech Forge. The consortium brings these smaller banks together to participate in research and surveys to leverage their combined resources, which will allow them to adopt new technology more effectively and efficiently. Through the consortium, Five Star has implemented a new peer-to-peer payment system for its customers, called CHUCK. The system is an open payments network that allows Bank digitally anywhere, anytime, any way you want. physical branch opening in that area just yet. Birmingham adds, “This team will be empowered to take advantage of our balance sheet capacity to support their customers, but as well, through technology, open up all the traditional deposit and cash management services you could have imagined you would do if we were all sitting in Baltimore.” Technology has been a major factor in accelerating Five Star’s growth within the New York region as well. Their technological offerings set Five Star ahead of other community banks that tend to lag behind when it comes to the latest in banking advancements. “Right now, if there are 5,000 U.S. banks, there are 50 of them that are dealing with this intersection of banking and technology,” Birmingham explains. “There’s a real opportunity to engage in that market space to continue to evolve and grow the bank in a safe and sound manner. The other thing that’s happening with