Banks and fintechs must revise expectations

Relationships matter, but their nature and parties’ roles are changing

As customers, competition, and regulations intensify with every new technological advancement, banks and fintechs must reinvent their relationships with each other.

This will involve entirely new approaches to regulatory development and vendor-bank agreements. In many organizations, basic cultural changes from top management on down will also prove necessary.

These were among the observations of a panel consisting of a bank chief innovation officer and a cofounder of a fairly large fintech consulting firm. They spoke during the recent ABA Payments Forum in Washington, D.C.

While nominally focused on the rapidly changing payments technology environment, this panel took a more philosophical, big picture look at the changing relationships between banks and fintechs in general.

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