The challenges of bank-fintech partnerships
The challenges of bank-fintech partnerships
18 Nov 2021
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Description
Fintechs are no longer viewed as intruders in the finance industry by banks and credit unions, but rather as beneficial partners. However, there are still challenges for financial institutions. Kimberly Kirk, Executive Vice President, COO, Queensborough National Bank & Trust Co., outlines the difficulties of working with fintech's from a financial institutes perspective.
Table Of Contents
Obstacles small businesses and banks face when partnering with FinTech
FinTechs are assisting financial institutions in achieving new goals or increasing client engagement.
However, there are challenges from the perspective of financial institutions. Kimberly Kirk outlines how banks are responsible for vetting FinTech firms' capabilities.
In addition to the necessary resources, FinTech firms must have sufficient procedures in place to protect banks` customer information.
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