Three industry leaders share how strong leadership, cross-company collaboration, and a clear vision can help teams embrace innovation and drive meaningful change.
In a recent episode of the Monitor Podcast, Editor in Chief Rita Garwood sat down with Spencer Thomas, CEO of KLC Financial; Alistair Canal, President of Syndifi and Scott Nelson, Chief Technology Officer at Tamarack Technology to discuss how collaboration between finance companies and technology providers can accelerate modernization and growth in equipment finance.
Watch the full conversation on YouTube or listen on Spotify.
Rita Garwood: Alistair, can you start by explaining what inspired this conversation and how the three of you came together?
Alistair Canal: Thanks, Rita. I’ve always believed that collaboration drives great outcomes. Our industry is on the verge of an exciting transformation — modernization through meaningful technology. This conversation came together to explore that. We wanted to share a real story about what happens when a lender, a technology provider, and a syndication platform work together with a client-first mindset. Spencer’s experience at KLC really illustrates that — it’s about creating efficiencies, building trust, and advancing the industry through partnership.
Garwood: Spencer, as the client in this collaboration, what challenges made you realize you needed technology to help solve them?
Spencer Thomas: Our main challenge was developing our syndication desk, especially on the sell side. We needed to build efficiency and security into that process while making it easy for funders and banks to do business with us. Essentially, we wanted to create the rails that would make syndication fast, secure, and simple for everyone involved.
Garwood: Scott, when you hear those challenges, what stands out from a technology perspective?
Scott Nelson: The first thing that stands out is Spencer’s awareness. He understands that technology isn’t the goal — it’s the enabler. It’s not about the tools; it’s about creating trust and efficiency. What’s powerful about this partnership is that it’s built around trust — getting the right data in the right place at the right time — and using technology to strengthen relationships, not replace them.
Garwood: Alistair, how common are these challenges, and how can providers help overwhelmed leaders?
Canal: They’re very common, especially among independents and newly bank-owned lenders like KLC. The key is helping leaders take a step back to assess what they’re trying to achieve. Technology providers need to simplify adoption and align with a client’s broader vision. Collaboration is essential — not just between vendors, but within the client’s own organization.
Garwood: Spencer, can you take us inside KLC? How did you align your team during this process?
Thomas: Collaboration starts inside KLC. We use the Entrepreneurial Operating System (EOS) to stay aligned — setting quarterly and weekly goals, identifying priorities, and assigning accountability. Everyone from operations to credit to syndication was involved. It takes structure, communication, and a lot of teamwork to keep everyone moving in the same direction.
Garwood: Scott, from your perspective, what separates companies that succeed with technology from those that struggle?
Nelson: Leadership and fear. The best companies, like KLC, have strong leadership and aren’t afraid to fail small. Fear of failure is the biggest obstacle. Good leaders empower their teams, ask questions, and stay curious. Technology moves fast — hesitation is the real risk.
Garwood: Spencer, you brought Syndifi and Tamarack together. What made you push for that collaboration?
Thomas: I saw overlap in ideas — not products, but approaches. Both companies had innovative thinking and complementary strengths. Instead of keeping them separate, I thought, why not collaborate? By bringing everyone together, we created something that works better for all of us and, most importantly, for our customers.
Garwood: Scott, how about you? What convinced you to say yes to the collaboration, and what did it look like from your side?
Nelson: Collaboration isn’t optional in tech—it’s essential. In a modular, cloud-native world, everything is built to connect. When I first saw what Syndifi was doing, I immediately recognized they were solving real problems. Tamarack and Syndifi may have some overlaps, but our philosophies aligned, especially with Spencer at the center pushing for progress. In this industry, collaboration isn’t just efficient—it’s the only way to deliver value fast.
Garwood: Spencer, earlier you said you’re not afraid of breaking things to move faster. How did you develop that mindset, and how do you balance innovation with risk?
Thomas: It starts with knowing which parts of the business you can’t break — your foundation has to be solid. At KLC, we’ve always had an entrepreneurial, forward-thinking culture. Now that we’re part of Gulf Coast Bank & Trust, we also have to balance that agility with bank-level compliance and controls. Fortunately, the bank is also innovative and supports that mindset. Internally, we map out what’s flexible and where we can test and learn. Our EOS structure helps with that — it keeps everyone aligned on goals and accountable for execution.
Garwood: Alistair, how do tech providers support that kind of cultural shift during implementation?
Canal: It’s about process, communication, and empathy. Good tech providers don’t just plug in software — they partner. We ask a lot of questions, we listen, and we adapt. When you have a leader like Spencer setting the tone, it empowers the whole team. You can’t underestimate the fear factor — fear of failure, fear of replacement, fear of disruption. So we focus on removing fear and building confidence. That’s how teams get buy-in and momentum.
Garwood: Scott, you’ve worked with many companies at different stages. What’s the biggest difference between those that succeed with tech and those that don’t?
Nelson: It boils down to leadership and mindset. Successful companies empower their people and have the courage to move forward even if it’s not perfect. The ones that struggle often fall into the “good enough” trap—relying on manual processes or legacy systems because they’re familiar. But good tech makes “good enough” obsolete. Innovation isn’t about perfection — it’s about continuous improvement and delivering better outcomes for your customers.
Garwood: And that brings us to the heart of this collaboration. Spencer, what advice would you give to another leader who’s feeling stuck but knows they need to modernize?
Thomas: Start with an open mind. Encourage intrapreneurs — those people inside your organization with new ideas. Empower them. Not everything will work, but the process of trying and learning is essential. Talk to your partners, ask questions, and explore the possibilities. Innovation is a team sport. I’m just one part of what we’re doing at KLC — the credit goes to our entire team.
Garwood: Scott, what would you add?
Nelson: Don’t let the size of the mountain stop you. This isn’t the 1980s — you’re not swapping hardware. Modern tech is fast, scalable, and adaptable. Ask questions, learn from others, and don’t wait. Standing still is the biggest risk.
Garwood: Alistair, your closing advice?
Canal: Surround yourself with the right people and focus on what’s possible. Innovation doesn’t happen in silos. When you bring the right minds together — like we did here — you don’t just implement tech, you build momentum. That’s where transformation really begins.
