first_img 15SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Innovative financial technologies, such as Venmo, NerdWallet and LendingClub, have taken the financial-services spotlight. Those technologies, more commonly known as fintech, show little chance of fading to the background. Instead, they seem primed to give financial institutions (FIs) a literal run for their money.Industry headlines can be deceiving, however. The growing popularity of fintech has not sounded the death toll for the traditional FI model. In fact, fintech owes a significant portion of its success to FIs. Participation and cooperation from reputable FIs can give fintech the boost it needs to have staying power in the industry.As fintech companies work to stay relevant in the marketplace, they should consider partnering with FIs, not competing with them for the following reasons:History goes a long wayConsumers have been turning to credit unions and community banks for the services they offer for centuries. There is an established familiarity with these institutions, which fintech firms will find difficult to win on their own. As the newcomer to the financial services scene, fintech should consider tapping into the consumer loyalty FIs currently boast. continue reading »last_img

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