In today’s episode of 📻🎙️ FinTech Friday from B2B Vault: The Payment Technology Podcast; Allen & Justin discuss digitizing your bank, credit union or community bank.
A big opportunity exists for Financial Institutions right now while many of the large banks are asleep at the wheel!!! The time is now for Financial Institutions to partner with FinTech Companies!
Why partner with FinTech?
What value can Financial Technology bring to the table?
What types of services can FinTechs bring to banks?
Non- Interest Revenue Generators
Merchant Services – Payment Processing
Where are your customers going now? PayPal, Square, Stripe, Quickbooks
What is missing?
🚀 Fast Approvals- are not happening with a traditional merchant account provider
🚀 Pricing is complicated
🚀 Merchants want it done fast and its not
🚀 Lots of high-risk categories not getting approved
🚀 Mid-risk or poor credit or small companies not getting approved
🚀 Not Flexible
Banks can also leverage – ATMs
Bank Branded ATMs at locations the bank finances
Merchants who need ATMs
Banks can make their debit cards surcharge-free
USAA surcharge-free ATM program