4 myths preventing more fintech+banking partnerships

Many misconceptions surround alliances between innovative fintechs and traditional banking providers. Here's how to manage some key structural differences to produce partnerships with greater potential for both parties.

Challenges with partnerships between fintechs and traditional banks and credit unions are understandable in a world where a financial institution tries to forge a partnership with a fintech from scratch, figuring out everything for itself. But a disappointment they surely don’t have to be.

Solutions exist that make it easier for both sides to participate in building the next generation of financial services. By serving each organization’s needs and simultaneously streamlining what each must accomplish, these partnerships help move innovative — and fully compliant — products to market.

The right partnerships, leveraging full-stack and customizable fintech platforms, eliminate potential roadblocks. Equally important is re-thinking what partnerships look like, and the number of players they involve.

First let’s examine some of the myths in this area.

 

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