Partnering For Innovation by Forbes Councils Member Kathleen Craig
Partnering For Innovation: Selecting Your Fintech And Maintaining The Partnership
What in recent years has been used as a term to define alternative lenders, and direct-to-consumer disrupters of banking, “fintech” has circled around again to include any technology company creating innovative solutions for financial institutions. And, while the goal of fintech companies over the past 10 years was to disrupt the financial industry by offering an alternative to traditional banking due to perceived consumer distrust that emerged from the 2008 financial crisis, that goal has shifted again. Fintech companies and financial institutions have realized that by working together, rather than competing, they can both be better positioned for success.
The challenge? Finding the right fintech partner can be overwhelming. The industry is flooded with thousands of fintechs, with more popping up every year. It can be difficult to know which company’s offerings are right for your financial institution and your customers. By understanding fintechs and their industry, you can be more prepared in your approach to finding the right partner.