Host Amber Buker, Chief Research Officer at Travillian, sits down with Rick Geloff, EVP of Bank of North Dakota, to discuss how the only state-owned bank in the U.S. is tackling fintech disruption and shaping its innovation strategy.
Geloff’s role was created to focus on strategic initiatives, including stablecoin, embedded finance, and deposit diversification, all while supporting North Dakota’s community banks. From building a culture of innovation to preparing boards for risk discussions, this conversation offers bankers practical takeaways on navigating emerging technologies without losing sight of mission and community.
Available now on YouTube, Apple Podcasts, and Spotify — or read the full summary with timestamps below.
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00:00 – 01:09 | Introduction
Amber Buker introduces Rick Geloff, EVP of Bank of North Dakota. She highlights the bank’s strong performance ($10.8B in assets, 1.90% ROA) and its growing fintech strategy.
01:09 – 03:36 | Why Innovation Matters
Rick explains his mandate: exploring fintech opportunities, including stablecoins, crypto, embedded banking, and diversification of deposits. He frames fintech disruption as both a threat and an opportunity for banks.
03:36 – 05:01 | Stablecoins and New Payment Rails
Discussion of how stablecoins and new payment methods could shift interchange income and deposits, and why banks need to pay attention now.
05:01 – 07:07 | How to Prioritize Innovations
Rick shares his approach: networking, industry research, and filtering opportunities through Bank of North Dakota’s mission. He stresses risk tolerance and practical strategy over chasing trends.
07:07 – 09:03 | Three Core Filters
The bank evaluates every initiative by asking:
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Does it diversify deposits without competing with local banks?
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Does it advance education for North Dakota institutions?
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Does it diversify non-interest income?
09:03 – 11:16 | Use Cases and Peer Collaboration
Rick emphasizes the importance of identifying clear use cases and learning from how other banks apply similar technology. Collaboration creates efficiencies and avoids dead ends.
11:16 – 13:44 | Partnerships and Board Concerns
The conversation turns to banking-as-a-service risks, consent orders, and how boards should balance risk with opportunity. Rick underscores transparency, board education, and building trust through governance.
13:44 – 16:24 | Risk Mitigation and Education
Rick details how Bank of North Dakota uses legal counsel, consultants, and open dialogue to manage BSA, AML, KYC, and compliance risks while pushing innovation forward.
16:24 – 17:46 | AI and Back-Office Efficiencies
He discusses AI-driven underwriting platforms and how regtech can deliver efficiency gains, enabling faster decisions and better customer service without reducing workforce.
17:46 – 20:18 | Leadership Journey
Rick shares how his long-standing relationship with CEO John Morgan led to his EVP role, and offers lessons for other banks on structuring teams for innovation.
