Washington, D.C (March 13, 2018)—The Independent Community Bankers of America® (ICBA) today released its Fintech Strategy Roadmap for community banks as they increasingly work in partnership with fintech firms to deliver services to their customers. The roadmap, written in collaboration with Hunton & Williams LLP, offers a look at how community banks can successfully create, collaborate or invest in fintech partnerships while providing necessary considerations to ensure these strategic decisions fit within regulatory risk parameters.
“Continued success in the financial services industry depends on the adoption of banking practices that meet the evolving needs of the market,” said ICBA Group Executive Vice President of Innovation and Technology Kevin Tweddle. “Fintech companies offer potential partnerships and collaborative relationships that can help community banks enhance the customer experience and promote mutually beneficial relationships. Our goal in creating the roadmap was to help community banks as they engage in discussions with fintech firms and think strategically about how to navigate the decision-making process.”
The Fintech Strategy Roadmap is available exclusively to ICBA members and is the first community bank resource that takes a deep dive into the legal and compliance elements associated with fintech partnerships. Elements highlighted in the Fintech Strategy Roadmap include:
- strategic fintech opportunities in the community bank sector,
- community bank advantages of participating in the fintech space,
- approaches to fintech for community banks,
- regulatory considerations, and
- risk factors for community banks to consider when evaluating fintech relationships.
“Community banks should base any foray into fintech on a strategic plan that accounts for risk management and their compliance framework before implementation,” said Hunton & Williams Partner Peter Weinstock. “Community banks have an excellent opportunity to shape their future by asking the right questions now. The Fintech Strategy Roadmap will help them do just that.”
ICBA encourages all community bank members to download a complimentary copy of the ICBA Fintech Strategy Roadmap today.
The Independent Community Bankers of America®, the nation’s voice for nearly 5,700 community banks of all sizes and charter types, is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education and high-quality products and services. For more information, visit www.icba.org.