What’s Possible for Community Banks Through Fintech Partnerships

In this Bank Director article, EPAM’s Alex Jimenez, Managing Principal, Financial Services Consulting at EPAM, explains how traditional community and regional banks can accelerate their digital transformation by partnering with fintechs and nonbanks.

Banks can accelerate their digital transformations by partnering with innovating firms that were built to tackle issues banks have previously found difficult to address. APIs, cloud platforms and artificial intelligence have opened new opportunities for banks to compete and offer innovative digital experiences. Here, we offer concrete examples of what’s possible through successful fintech partnerships and examine key regulatory considerations.

Enhancing Customer Experience. Collaborating with fintech firms can give banks access to cutting-edge technology, enabling seamless digital experiences and personalized services for customers. SF Fire Credit Union in San Francisco partnered with Bay Area fintech Finalytics.ai to create personalized digital experiences. Josephine Chew, chief marketing officer at SF Fire, shared the credit union’s challenge in competing with 132 other financial services organizations in the Bay Area. The platform allowed the credit union to personalize the experience within their website to target specific personas. Josephine noted that the personalization that comes from the platform has resulted in an “application completion rate…five and half times better” than without it.

Read the full article here.

Discover how EPAM helps financial services companies keep pace with emerging technologies and rising customer expectations: https://www.epam.com/industries/financial-services