Fintech partnerships: A win-win for community banks
ICBM highlights Micah Group and how these partnerships can create a competitive advantage
Fintech partnerships can help banks not only survive the transformation to a digital-first era, but thrive, according to the Independent Community Bankers of Minnesota (ICBM).
ICBM Impact, Fall 2021
Banks are increasingly tapping fintechs to differentiate their digital touch points and improve customer experience. New technologies can increase speed to market, efficiency and convenience to give banks a competitive edge.
“Quick responses can be a huge competitive advantage,” Micah Group customer and president of Glenwood State Bank, Peter Nelson said. “Finding ways to gain knowledge faster in order to make a quicker decision could really set us apart.”
Because fintech partnerships require an investment of time and money, it is critical to find the right fit and expertise. “[Micah] is a Minnesota company like ours, and it’s founded and run by a former banker, so they understand our business on a very pragmatic level,” Nelson added.
“We like banks to think of it less as a ‘fintech partnership’ but simply as a partnership with another small business that also works hard for its customers.”