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M&T Bank CFO: No single fintech product attracts accounts

M&T Bank Corp. CFO Darren King said customers tend not to make account decisions on any single financial technology product or service.

Likewise, he said banks do not lose accounts for failing to offer a particular product. But he did say banks need to offer compelling digital solutions and be "collectively competitive" or risk losing customers.

During the bank's Oct. 17 earnings call, Gerard Cassidy, an analyst for RBC Capital Markets, asked if the bank saw any losses in customer accounts because it was later than some of its peers in offering Zelle, a peer-to-peer payment platform. King responded that customers tend not to make account decisions on any single factor. Rather, King said, customers consider a bank's "total package of benefits," highlighting other factors such as the quality of the bank's mobile app, its branch footprint and its distribution of ATMs.

King said the bank had not seen any account attrition from the late Zelle rollout while also noting that the bank did not see much pickup in customers when it was one of the first banks to offer Apple Pay.

"We've been both the first and not the first, and it hasn't made a material impact in our customer acquisition rates or retention rates," King said.