Reliance Bank Adds Tamarack President & CDO Scott Nelson to Board of Directors

St. Paul, Minn. (March 8, 2022) — Tamarack Technology, Inc., a leader in providing independent software solutions in the equipment finance and commercial lending industry, is proud to announce that its President and Chief Digital Officer Scott Nelson, PhD has been invited to join the board of directors for Faribault, Minn.-based Reliance Bank. Since June 2021, Nelson has been providing the community-founded financial institution serving Faribault and Southern Minnesota with guidance on the adoption and advancement of digital technology as part of his role on the bank’s advisory board.

“We are excited Scott has agreed to join our Board of Directors,” said Terry Saber, Board Chair for Reliance Bank and of its’ Holding Company, Reliance Bancorporation. “We have come to know Scott as a curious, intellectual strategic thinker with a forward-looking perspective and a deep understanding of the changing delivery channels community banks must embrace to thrive. His background and expertise bring needed technology skills to our board.”

In his role on the Reliance board, Nelson will provide guidance on technology strategy as well as the consideration and rollout of new offerings including fintech partnerships. A well-recognized expert in technology strategy and deployment including Internet of Things (IoT) connectivity, Nelson will help Reliance expand its services for customers through digital innovation with new offerings and the application of new technologies. In addition, Nelson will serve on both the board’s Audit Committee and the newly formed board Technology Committee.

“Reliance Bank has established a strong brand promise of customer service and financial performance since it was founded in 2007,” said Nelson. “I am honored to have been asked to join the board to help the bank with its next stage of growth expanding commitments to customers both existing and new.”

Since joining Tamarack Technology in 2020, Nelson has led efforts to refocus the business strategy around investment in digital technologies in order to provide greater value across the equipment finance industry. This included the expansion of the company’s infrastructure, technology offering and strategic partnerships. Earlier this year, the company launched Tamarack.ai, a business intelligence and productivity platform that applies machine learning and AI to continuously and autonomously help institutions increase productivity while reducing capital risk through analysis and learning gained from operational data.

Over his career, Nelson accumulated more than 30 years of product development, product management and entrepreneurial business growth experience as a technology and business leader. Prior to Tamarack, he served as the Chief Product Officer and Vice President of Product at Digi International, a leading global provider of business and mission-critical IoT products and services. In his role, he defined the business strategy to drive growth by working closely with customers and marketing to understand needs and trends.

In his role, he defined the business strategy to drive growth by working closely with customers and marketing to understand needs and trends. He was named a “Titan of Technology” by the Minneapolis/St. Paul Business Journal in 2015.

A doctoral graduate of Cornell University, Nelson is a sought-after speaker and contributor on topics related to innovation, design thinking and digital transformation. His writings have appeared in Harvard Business Review, CIO Magazine, The Monitor, Equipment Finance Advisor, and numerous other media outlets. Nelson has also been a Mentor with Silicon Valley’s Alchemist Accelerator since 2014.

About Reliance Bank

Faribault, Minn.-based Reliance Bank is a well-established financial services leader providing a full-service line of personal and business banking products with emphasis on technology and small business relationships. Founded in 2007, Reliance Bank is a State Chartered, FDIC insured, full-service bank. For more information visit www.reliancebankmn.com.

About Tamarack Technology, Inc.

Tamarack Technology, Inc. is a leading provider of independent software, operational, and technology services supporting the equipment finance industry. For more than 20 years, Tamarack has been helping lessors protect their investments, improve business performance, and provide customers with access to solutions that enhance operations. The company integrates and supports origination and portfolio management systems as well as critical functions such as lease accounting, sales tax, insurance and UCC compliance. Tamarack's software products connect and integrate key ecosystem applications with real-time data. The company also provides integration, implementation, and data migration services, as well as automation products for several leading industry portfolio management platforms. For more information, please email discover@tamaracknow.com or visit www.tamaracknow.com.