Four Tips for Successful Fintech Partnerships

Banks are increasingly partnering with fintechs to leverage new digital expertise and provide greater value to customers.

With more partnership activity in recent years, results have shown mixed results. The most successful partnerships worked toward aligning objectives, getting internal stakeholder buy-in and focusing on bettering the digital customer experience. 

Your bank can start realizing the full potential of these partnerships by:

• Being transparent about your problems

  Start by understanding the specific problem you seek to solve. The more a fintech understands your problem, the better solution they will be able to provide. 

• Getting an internal fintech advocate on board

  It is important to have a C-level executive leading the charge so the project gets the resources and attention it needs. 

• Putting a premium on the customer experience 

   Accenture research  suggests that nearly half of the banking public would stay loyal to a bank that offered a stellar customer experience. A strong digital customer experience is an ongoing focus and continual investment. 

• Keeping tabs on employee experience 

  Any successful digital transformation effort requires engaging your employees early and getting their buy-in, as well as a taking a thoughtful approach to training.

Learn more: American Bankers Association