The Finxact Board of Directors is composed of industry leaders in banking, finance, and technology who have created some of the biggest and most innovative financial services companies in the world.
Chairman of the Board
Frank Sanchez boasts four decades of financial technology experience with numerous success stories throughout his career. Prior to his current role, Mr. Sanchez served as the co-founder and CTO of the digital bank Zenbanx, which was acquired by SoFi for approximately $100M in 2017. Mr. Sanchez also served as a President of Enterprise Banking and Retail Solutions of Fidelity Information Services Inc (NYSE: FIS) from 2007-2011 and global head of R&D from 2005 on.
Mr. Sanchez joined FIS after the Company acquired his previous bank software company, Sanchez Computer Associates (NASDAQ: SCAI), for $184M where he was the co-founder and CEO for 24 years. At Sanchez Computer Associates, Mr. Sanchez was the chief architect and developer of the industry’s first and one of its most successful core banking systems, which operates across hundreds of financial institutions around the world and is recognized as an industry leading banking platform for direct banks.
Mr. Sanchez also served as a board member for payments system provider, TSA/ACI (NASDAQ: ACIW – payments system provider), global technology and consulting services provider, Covansys (acq by CSC), and electronic payment systems software provider, TSA.Read Franks Letter
Arkadi Kuhlmann introduced the world to direct banking with a simplified customer focus when he founded ING DIRECT Canada in 1996, creating the brand strategy and growing the bank during 1996-2000 to a successful market position while serving as the bank’s President and CEO. In 2000, he founded ING DIRECT USA and as the bank’s Chairman, President and CEO, led its growth to become the nation’s largest savings bank and number one direct bank, with more than $84 billion in deposits and 7.8 million customers.
Prior to ING DIRECT, Kuhlmann engineered an organizational and systems restructuring as the President of North American Trust. The execution of Kuhlmann’s tactical business plan along with new product development resulted in a transformation from a $10M operating loss to a $17M operating profit.
As President and CEO at Deak & Co. and Deak International (1985-1993), Kuhlmann restructured Deak International’s operations, launching a revitalized company in April 1986. He was responsible for expanding the company from 52 to 192 branches and 350 to 1,500 employees worldwide, achieving revenues of $1B wholesale and $2.5B retail, and income of $70M. Kuhlmann oversaw the successful divestiture of Deak International in 1990.
From 1977-1984, Kuhlmann served as Vice President, General Manager and Manager of Royal Bank of Canada. Before that, he served briefly as a consultant for the banking industry and as an Assistant Director of the Institute of Canadian Bankers.
In addition to his corporate successes, Kuhlmann was a professor of International Finance and Investment Banking at the American Graduate School of International Management (Thunderbird) in Phoenix, Arizona, and has written several books on leadership, culture and innovation, including “Rock then Roll: The Secrets of Culture-Driven Leadership” and “The Orange Code: How ING DIRECT Succeeded by Being a Rebel with a Cause,” as well as several books on finance and numerous business cases.
Craig Phillips has more than three decades of executive leadership in finance in both the public and private sector, with widely regarded expertise in capital markets, risk management, regulatory policy and consumer and commercial credit markets.
Between 2017 and 2019 Phillips served as Counselor to U.S. Secretary of the Treasury, Steven Mnuchin, where acting in the capacity of Under Secretary for Domestic Finance, he led the development of comprehensive policy recommendations for regulating the US financial system. He also oversaw policy efforts to enhance the financial sector’s cyber security and resilience through the Office of Critical Infrastructure Protection and Compliance Policy.
Between 2008 and 2017, Phillips was a Managing Director and member of the Operating Committee of BlackRock where he founded and led the Financial Markets Advisory group, a global risk consulting practice that served over 200 unique clients in 32 countries. From 1994 to 2006, Phillips was Managing Director at Morgan Stanley where he was global head of the Securitized Products Group. Prior to Morgan Stanley, he was Managing Director at Credit Suisse First Boston from 1984 to 1994.
Michael Sanchez currently serves as Chairman and CEO of Savana, Inc., a fast-growing business process automation company serving the financial services marketplace. Mr. Sanchez has led Savana, Inc. for eight years, providing banking, mortgage origination and mortgage servicing for some of the largest financial institutions in the industry.
Prior to his current role, Mr. Sanchez served as the President of International Divisions of Fidelity National Information Services Inc (FIS) (NYSE: FIS), where he led significant growth during his tenure. Prior to FIS, he was the founder and Chairman of Sanchez Computer Associates (NASDAQ: SCAI), a leading global supplier of core banking systems, which went public in 1998 and was acquired by FIS for $184M in 2004.
Let’s Redefine the Core Together
If you believe in open, cost-efficient, modern banking systems – join us and our community of like-minded banks and ecosystem partners. If you want banking to be bank-driven and not vendor-constrained, join us and Love Your Core.