Sept. 10, 2020
West Virginia Banker
The rise in FinTech has significantly impacted the traditional banking model in recent years. Despite the banking industry’s initial resistance in embracing these companies, national, regional, and local banks alike have recognized the utility in providing customers with the innovative products and services these FinTech companies can provide. Embracing partnerships with these companies can present customers with innovative solutions to unique problems, increasing revenues and innovation while decreasing costs.
However, many banks are hesitant to dive in and take advantage of the innovation FinTech companies can use to supplement their product portfolio. Much of the hesitancy surrounding the cultivation of these partnerships stems from the difficulty navigating the complex regulatory requirements.
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