Cornerstone Advisors, a management and technology consultancy for banks, credit unions and fintech firms, today announced the acquisition of BankSmart, a consulting firm specializing in bank operations, vendor selection, project management solutions and payments.
Scott Sommer, chief executive officer at Cornerstone Advisors, said:
“Since its inception in 2008, BankSmart has built a solid reputation in the community bank space helping financial institutions navigate critical technology vendor relationships. The BankSmart team brings decades of hands-on operational expertise to Cornerstone and a shared commitment to helping financial institutions thrive in a challenging market. This deal enables us to deliver expanded services and new products to community-focused institutions across the country.”
As part of the acquisition, Cornerstone will also “add BankSmart’s ‘SmartKits’ to the company’s existing array of proprietary products.”
SmartKits are operational tools “that provide a written framework to guide clients through complex initiatives such as bank acquisitions or data processing system conversions.”
Sommer added:
“BankSmart clients that use these tools have experienced enhanced productivity as well as improved project, document and data management capabilities. We look forward to incorporating SmartKits into our toolbox to increase the value of the consulting services we provide to clients.”
Jim Wilkson, BankSmart president, said:
“We are honored to have caught the eye of a firm as esteemed as Cornerstone Advisors. When it comes to our clients’ success, the long game has always been our goal, so being part of a firm with Cornerstone’s reputation for delivering long-term, transformational outcomes to banks and credit unions perfectly aligns with our vision. We look forward to growing together.”
As noted in the update, Cornerstone Advisors, “a management and technology consulting firm, brings innovative insights and strategic execution to banks, credit unions and fintech companies, helping them reach the next level of performance.”
In May 2023, Cornerstone Advisors announced that it has entered into an exclusive partnership agreement with VPCtech, a specialized technology advisory and implementation services firm, “to jointly provide clients with an elevated level of services to optimize their DNA account processing software platforms.”
Brad Smith, a partner with Cornerstone Advisors and head of the firm’s Technology Solutions group, said:
“The benefit of this collaboration to our clients is clear. Cornerstone has successfully negotiated more DNA contracts and managed more DNA conversions than any other firm, and VPCtech brings to the table unrivaled expertise in DNA configurations, forms, workflow, batch effectiveness and release testing. Our combined proficiencies will help customers maximize the return on their DNA investments.”
