With customer preferences changing at an expeditious rate and expectations from users for a seamless omnichannel experience on the rise, disruption is occurring within numerous industries including financial services. Today’s community bankers understand that continued success is dependent upon the adaptation of banking practices to meet the evolving needs of the market. Fintech companies offer possible partnerships and collaborative relationships that can help community banks enhance the customer experience and promote mutually beneficial relationships. Community banking is successfully built on a relationship-based business model.
Fintech began as a process of experimentation in efficient ways to use technology to deliver customer services. Initially, banks looked to fintech to upgrade their potential to serve a built-in customer base—think of the evolution of credits cards, ATM machines, automated telephone services, electronic bank records, online account access, remote deposit capture, Interactive Teller Machines (ITMs) and more. This history of smart evolution has proven very successful for the community banking industry.
Today, fintech is at a tipping point—companies are not simply focused on enhancing customer experiences—they want to radically change and improve the way banking services are offered in the digital economy. Community banks that wisely engage with fintech will have an opportunity to do just that.