How technology partnerships help your bank achieve next-level innovation

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What does it mean to be “partnership-driven” when it comes to innovation?

Partnership-driven innovation means collaborating with key technologies that can expand your innovation capacity in new ways. Technology providers can upgrade your bank’s offerings at every level of its value chain and can provide much-needed technological assets that are otherwise out of reach, whether due to limited budgets, resource challenges or core technology restraints.

It’s no secret as to why fintech-bank partnerships have grown considerably in recent years: fintechs can accelerate a bank’s offerings, while banks can provide fintechs with a means of increasing their own distribution. Benefits are shared on both ends, all while increasing your bank’s competitiveness and digital capabilities.

What are the pillars of a valuable partnership?

There are two key facets to consider when evaluating the potential of a partnership with a technology provider.

Firstly, what pain points are being solved, and are they the most critical or of highest priority? This will help your bank identify if they are looking to innovating towards a “nice to have” feature or if it is solving for a critical problem that will result in high-impact improvements.

Secondly, does your bank and the tech provider share common values? A transparent conversation ensures that you are aligned in your intentions, which minimizes disagreements and helps ensure the partnership is productive.

What should I look for in a tech partner?

When evaluating a potential partner to drive your bank’s innovation capabilities, it’s essential to consider how the partner:

  • Integrates into your current infrastructure, and what resources are required by your team to make an integration successful – and sustainable
  • Adapts to new requirements and how frequently updates occur, particularly for critical areas such as adhering to regulatory standards
  • Is able to interface with other technologies, which can create additional opportunities for your bank to synthesize new offerings for your customers.

The right tech partner will offer all the above and more to help drive your bank’s innovation. For example, the first investment many banks make to digitize is to implement digital account opening capabilities. Depending on the technology provider you choose, your bank will then be able to easily implement performance marketing technologies that bolt on easily to these platforms to drive net new customers through to these funnels.

Your bank’s operations can be further augmented by regulatory technology (or regtechs) that use AI to monitor the accuracy of your marketing content, working hand-in-hand with your marketing distribution technology to ensure that it stays compliant at all times.

When you choose tech partners that can adapt to your bank’s infrastructure and provide the flexibility to connect with one another to amplify value, your bank can successfully innovate and iterate in ways that would normally take massive budgets and months-to-years of development.

Partnership drives innovation

Partnering with the right technology enables your bank to deliver greater value to customers and achieve greater bottom-line impact. Learn more about how technology partnerships can drive the growth of your bank.