First Internet Bank operates as a branchless, digital-only financial institution providing a full suite of FDIC-insured personal and business banking services, including high-yield checking and savings accounts, loans, and specialty finance solutions to clients nationwide. Pulse 2.0 interviewed First Internet Bank Chairman and CEO David Becker to learn more.
David Becker’s Background
Can you tell us a bit about your background? Becker said:
“Sure. I’ve always been a tech guy at heart and a bit of a serial entrepreneur. Before First Internet Bank, I built several companies focused on software and data processing for banks and credit unions. I didn’t set out with a master plan—I just kept spotting inefficiencies and thought, “We can do better.” That mindset led to a few successful ventures, some acquisitions, and eventually, a deep dive into fintech. By the late ’90s, the internet was changing everything, and I saw a chance to reimagine banking.”
Formation Of The Company
How did First Internet Bank come to be? Becker shared:
“It started at my kitchen table in the late ’90s. The internet was transforming how we lived and worked, and I realized banks were lagging behind. I thought, “Why not offer all banking services online?” That idea became First Internet Bank. By February 1999, we were the first state-chartered, FDIC-insured bank to operate entirely online. Back then, people said, ‘Not in my lifetime.’ Now we’re a $6 billion institution serving customers nationwide.”
Favorite Memory
What’s been your favorite moment at the company? Becker reflected:
“Launching the bank was huge, but getting our charter was a wild ride. Regulators didn’t know what to make of a bank with no branches, no ATMs, no teller lines. They even made us buy a vault—so I picked up a safe from a big-box store and filled it with candy bars. It was a three-year process that usually takes months, but it was worth every minute.”
Core Offerings
What are your core offerings today? Becker explained:
“We provide full-service personal and business banking—checking, savings, lending, and more. On the business side, we have become a top 10 SBA 7(a) lender. Even though we’re digital, we’re big on relationships.”
Recently Challenges
Any recent challenges you’ve tackled? Becker acknowledged:
“Regulatory shifts in 2023 kept us busy. As the backbone for many fintechs, we had to stay ahead. When new federal guidance dropped in 2024, we were ready. We streamlined compliance and cut our fintech exam cycle from five months to three weeks. For us, compliance isn’t just a checkbox—it’s how we deliver value.”
Evolution Of The Company’s Technology
How has your tech evolved over the years? Becker noted:
“We’ve come a long way since 1999. Back then, going fully digital was unheard of. Today, we’re using AI to speed up and improve loan underwriting, fraud detection and customer onboarding. AI is a game-changer, but it’s not a substitute for human judgment—especially in banking. At First Internet Bank, we see technology as a partner, not a replacement. It’s here to sharpen decision-making, not sidestep responsibility. That’s why we’re using AI to empower our teams, not edge them out.”
Milestones
What milestones stand out to you? Becker cited:
“Launching as the first online-only bank was groundbreaking, as was going public. We have carefully cultivated, what I believe is a unique workplace culture, one that has been validated by being named a Top Workplace for twelve consecutive years. More recently, we’ve grown our SBA division into a national leader and have leaned into fintech partnerships while others pulled back. We adapt quickly and innovate. We keep evolving because, as I always say, ‘change is the only constant.’”
Customer Success Stories
Any customer success stories you’d like to share? Becker highlighted:
“There a couple that are top of mind. On the fintech partnership front, I’m proud to share that High-fidelity ACH, a solution we developed with Increase, was named Innovation of the Year by American Banker in the Payments category. It’s a powerful tool that brings speed, reliability, and full visibility to ACH transactions—so users know exactly when payments are submitted and when funds are available.”
“We’re continuing to deliver working capital to business owners across the country—our SBA team closed over $600 million in loans in 2024. And most recently, we upgraded our online banking platform, giving us the opportunity to offer the latest cutting-edge products and services to our customers moving forward.”
Target Market
What’s your target market? Becker assessed:
“We’re focused on anyone in the U.S. who wants fast, transparent banking without stepping into a branch. Digital banking is mainstream now—two-thirds of Americans use it, and that number’s climbing. But as an entrepreneur I have always had a soft spot for helping small business owners by delivering the products and services they need to succeed.”
Differentiation From The Competition
What sets First Internet Bank apart? Becker affirmed:
“We’ve always been about building smarter products for a consumer-first world. From pioneering online banking to embedding AI, we blend innovation with decades of regulatory know-how. Geography doesn’t limit access anymore—people want to bank their way, and we’re here to meet them wherever they are.”
Future Goals
What’s next for the company? Becker concluded:
“AI is changing the game. We’re building systems that handle complex tasks like underwriting and risk assessments faster and more accurately. It’s about making banking more responsive, personalized, and efficient. We’re not just keeping up—we’re continuing to imagine more and shape what’s next.”
