Oct 31, 2018
As long as banks have existed, they've deployed innovative
technology to better serve their customers and improve efficiency.
On the latest episode of the ABA Banking Journal Podcast, two
leading bankers discuss distinct approaches to partnering with
fintech firms today.
- At Lincoln Savings Bank,
Mike McCrary leads fintech partnership efforts -- and this
more-than-century-old Iowa agricultural bank serves as bank of
record for several fintech firms, including Acorns, Square, Money
Lion and Qapital. LSB has flipped the script as a vendor to fintech
companies. McCrary discusses how these partnerships bring in
additional insured deposits in a time of heightened competition, as
well as driving non-interest income.
- Christopher Maher of OceanFirst Bank discusses his bank's
partnerships with fintech companies to speed up mobile account
opening and enhance investment choices in its trust/wealth
management offering. He outlines considerations banks should make
when developing a fintech partnership, including how to identify
what functions potential partners can best perform and how to
structure partnerships in a way that preserves the franchise value
of the banks.
This episode is sponsored by
CSI Fintech Focus.