Fintech may enable US community banks to challenge their larger rivals, as their personalised approach and need for digital products are well suited to financial tech innovation. Community banks are focusing increasingly on fintech start-up partnerships to develop useful consumer technology and lower their operational costs. Such capabilities were one reason Crews Banking this year partnered with Sageworks, a tech firm in Raleigh, N.C., on a "start-to-finish" overhaul of its commercial lending operations, Crews said. Technology, whilst not replacing the branches of community banks, will change customer interactions by introducing mobile devices instead of paper. The future is bright in this space with a number of startups already working towards creating innovative solutions that can be used across all aspects of banking including payments, banking, wealth management, insurance, asset management etc.
Fintech may enable US community banks to challenge their larger rivals, as their personalised approach and need for digital products are well suited to financial tech innovation. Community banks are focusing increasingly on fintech start-up partnerships to develop useful consumer technology and lower their operational costs. Technology, whilst not replacing the branches of community banks, will change customer interactions by introducing mobile devices instead of paper. The future is bright in this space with a number of startups already working towards creating innovative solutions that can be used across all aspects of banking including payments, banking, wealth management, insurance, asset management etc.