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.