Secrets to successful bank and FinTech partnerships for credit and deposits

This paper aims to provide a road map to a successful long-term partnership between traditional financial institutions (FIs) like banks and credit unions with a financial technology (FinTech) platform. This is a summary of lessons learned from developing and launching over 200 bank/credit union partnerships with a FinTech lending platform. Drawing on experience with financial institutions of all shapes and sizes, this paper details best practices to create a scalable way of providing custom solutions to the problems faced by the modern depository institution. This includes a particular focus on lending/ credit products, and how the effect of FI and FinTech lending programmes can add value while mitigating risk. The paper focuses on depositories domiciled in the USA and the American banking system’s regulatory environment, but many of its themes will be applicable to international organisations.