Independent Banker - November 2020 - 38

PORTFOLIO
Donald J. Hawkins'
Griff in Technologies
is one fintech that
is partnering with
community banks.
How to build better
fintech partnerships
Fintech
Navigating a new vendor relationship isn't
always easy, but what if the company is a
startup like many fintechs? Fortunately, the process
for community banks looking to partner with or
utilize fintechs is not too diff erent than working with
traditional vendors. By Elizabeth Judd
hen New York City-based Lendsmart began off ering
its artifi cial intelligence-driven digital lending
platform to community banks early this year, one of the biggest
hurdles was signing its fi rst customer.
" Being a brand-new startup, we didn't have metrics,
unfortunately, " says founder and CEO AK Patel. " You need
just one [community bank] to say, 'I'm going to give you
a shot.' "
W
While a lack of references and track record can scare off
some community bankers, Patel is quick to point out the
advantages of being a customer of a newly minted fi ntech.
36 Q ICBA Independent Banker Q November 2020
" As we are small and we don't have 100 or 200 community
banks as customers, we can give a white-glove service
approach to the customers we do have, " he says, adding that
if a customer " fi nds a bug or wants a feature added, we can
usually do that for them in a few hours. "
Fintechs, it should be said, come in all shapes and sizes.
When some say fi ntech, they include legacy players like
Fiserv, FIS and Jack Henry under that umbrella because
of their technology-oriented lines of business, while others
mean " your newer, early-stage, startup-like and highly
focused technology companies, " explains Charles E. Potts,
senior vice president and chief innovation offi cer at ICBA.
For community banks, it's of course a tougher challenge
to evaluate the latter category. Potts maintains, however,
that community banks can use the same vendor due diligence
for all providers, regardless of size and whether they
operate at the most innovative fringes of fi ntech.
" You want to apply the same practices to a start-up fi ntech
Photo: Rachel Cohen, WeBrandBold

Independent Banker - November 2020

Table of Contents for the Digital Edition of Independent Banker - November 2020

Table of Contents
Independent Banker - November 2020 - Intro
Independent Banker - November 2020 - Cover1
Independent Banker - November 2020 - Cover2
Independent Banker - November 2020 - Table of Contents
Independent Banker - November 2020 - 2
Independent Banker - November 2020 - 3
Independent Banker - November 2020 - 4
Independent Banker - November 2020 - 5
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Independent Banker - November 2020 - Cover3
Independent Banker - November 2020 - Cover4
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