fintech partnerships

Oldest

fintech partnerships

·Nov. 29, 2016

Fintech Partnerships Helping Revenue at Traditional UK Financial Services Firms

A survey of 70 traditional UK financial services firms by Mayer Brown has quantified the benefits of fintech partnerships in the financial services industry; 100% of survey participants said they would purchase a product or work directly with a fintech company over the next three years and 49% of respondents said they were currently working with a fintech firm in a joint venture partnership; other highlights from the survey report found that 87% of respondents could reduce costs after a fintech partnership, 83% of respondents were able to refresh their brand and 54% of respondents increased revenue. Source

Read Full Story

Fintech News Roundup

·Dec. 8, 2016

Community Banks See Fintech as Tool to Compete

Community banks are beginning to view potential partnerships with fintech firms as a natural way to compete with some of the larger national banks; while there's not the internal resources available to even consider overhauling their own technology, they view these partnerships as lower cost ways to enhance customer experience or build out their customer base; for their part, fintech firms have been happy to consider any type of bank partnership as a way to help legitimize what they are doing; long term these banks view partnerships as more of a complimentary piece of their business, not a threat to their survival. Source

Read Full Story

News Roundup Online Lending

·Dec. 22, 2016

Lend Academy Article: The New Intersection of Banks and Marketplace Lending

Lend Academy reports on the intersection of banks and marketplace lending in their article; Zopa, the industry's first P2P lender, is leading the way again; it is now the first P2P platform to seek a bank license; SoFi also says it has plans to take deposits and has been leading the market in product expansion; at the same time digital banks are becoming more prevalent and fintech partnerships are occurring industry wide. Source

Read Full Story

Fintech News Roundup USA

·Feb. 8, 2018

Radius Bank Building out Fintech Partnerships for the Long Haul

Radius Bank in Boston has been partnering with fintechs for the last few years in an effort to build relationships for the long term that benefit the bank and fintech company; “We’ve built a culture inside this company that believes in the future of virtual banking, and the demands clients are going to put on us to be an Amazon-like experience for them,” says Radius CEO Mike Butler to American Banker; the bank is looking to use fintech companies to build this experience as they are unable to build all of this in house. Source.

Read Full Story

Fintech News Roundup USA

·Mar. 13, 2018

Regulators Looks to be More Flexible in Oversight of Bank/Fintech Partnerships

Leaders at the Federal Reserve, the OCC and the CFPB spoke at the Consumer Bankers Association annual conference about the need to be more flexible when applying oversight to bank & fintech partnerships; “We need to do a better job of educating our supervision staff, in some cases, in terms of interpretation of the guidance,” said Dan Quan, who leads the CFPB’s Project Catalyst, as reported by American Banker; they also talked about better coordination to ensure consistency in oversight. Source.

Read Full Story

Europe Fintech News Roundup

·Dec. 8, 2016

Fidor Bank Thinks Incumbents Will Continue Buying Fintechs

Fidor Bank saw in 2016 that incumbent banks were beginning to buy up and partner with fintechs because they needed to stay competitive; other digital banks do not share this view as Starling Bank issued a report back in September saying that collaboration with main street type banks will help to erode what fintechs are attempting to disrupt; 2017 looks to be a pivotal year for partnerships as big banks, regional banks and community banks are all moving in the direction of utilizing different aspects of new innovation. Source

Read Full Story

Fintech News Roundup

·Dec. 12, 2016

Build, Buy or Partner Debate in Mortgage Technology

Bank and non-bank mortgage lenders are currently having a debate seen across the financial landscape on whether to build, buy or partner with new technology; mortgage lending in particular is seen as archaic and overly reliant on paper applications; companies like Better Mortgage are trying to change this through innovative technology; other firms like Finance of America Holdings, a portfolio company of Blackstone Group, are still weighing their options as more fintech firms are beginning to disrupt the mortgage business. Source

Read Full Story

Fintech News Roundup USA

·Feb. 5, 2018

PayPal Has Another Solid Quarter of Growth

PayPal saw payment volumes grow by 29 percent and they added 8.7 million new accounts in Q4 2017; the recent announcement that eBay was replacing PayPal with Adyen for processing overshadowed what was another strong quarter by the company; while the Adyen news was not positive for PayPal it could be seen as that in the long term as the company has been diversifying more in recent years; PayPal has seen growth through more partnerships with card networks and banks globally. Source.

Read Full Story

Fintech News Roundup USA

·Feb. 27, 2018

Banks Strengthen Relationships with Online Lenders

Online lending has been maturing the last few years with more companies reaching scale and some beginning to be profitable; banks have diversified their partnerships with online lenders and in some cases have launched their own online brands; one of the big shifts in the last few years is that banks and fintech companies are not seeing each other as enemies anymore, they can and do exist together through a number of different means. Source.

Read Full Story

Europe Fintech News Roundup

·Mar. 23, 2018

Lloyds CEO Says They are the Largest UK Digital Bank

Lloyds CEO António Horta Osório told a conference that his bank is the largest digital bank in the UK with more than 30 million digital customers; the bank plans to spend about $1.5bn annually on their digital strategy for the next three years; he also stated he thought partnerships between banks and fintech companies will become even more important and wants to work with them in a symbiotic relationship. Source.

Read Full Story