Techfin, Not Fintech, is Best for Community FIs

Chris Skinner has a great article  in BAI Banking Strategies pointing out “Fintech” may be great for unregulated non-bank start-ups, but what financial institutions can best leverage is “Techfin.”  Here is the difference he points out:

“Fintech start-ups begin with thinking: how can I transform this financial process using technology?

Banks begin with thinking: how can I apply technology to this financial process? The core difference is that banks think Techfin rather than Fintech.”

Many Fintech start-ups may approach banks with shiny technology, but with little understanding or set of tools to integrate and work within financial institution existing systems, compliance requirements, vendor management processes, loan operations, data security requirements or historical sound bank underwriting practices.  Mr. Skinner suggests that financial institutions are best served by “Techfin” companies that focusing on improving bank processes and services with newly available technology with understanding of bank compliance, regulatory, underwriting, data security and process requirements.

We provide turn-key digital lending technology, as a “Techfin” provider, specifically for financial institutions under your brand, your operations, your compliance, your underwriting and your control.   For more information, click here.