Independent Banker - November 2023 - 36

PORTFOLIO
FOCUS TECHNOLOGY
How to successfully
negotiate a fintech
partnership
Partnering with one or more fintechs can help community banks
keep up with the unrelenting pace of technological development.
Community bankers and other experts give us their tips for finding
the right fit. By Judith Sears
intech partnerships have gained
a solid foothold in community
banks, with many bankers pleased
with the increased efficiency
and customer-facing capabilities
they provide.
" The fintech partnerships we're
working with are helping us be
more efficient or provide solutions
that benefit customers that we can't
currently offer, " says Bob Fisher,
president and CEO of $550 millionasset
Tioga State Bank in Spencer,
N.Y., and past ICBA chairman.
While bankers see benefits,
they also acknowledge that these
partnerships can pose risks for
community banks. Combining an
entrepreneurial mindset that's tuned
to " bleeding edge " technology with the
stringent compliance obligations of
the banking industry isn't always an
easy fit.
" Fintechs operate on an open
mindset of providing solutions, "
Fisher explains. " They don't think
about the due diligence that banks
have to go through. "
Fintechs that provide operational
and/or customer-oriented solutions
where the bank " owns " the customer
and BaaS partnerships can vary in
their understanding of banking.
Startup fintechs are more likely
to lack an appreciation of the
Tioga State
Bank's Jennifer
Moraczewski (left),
SVP operations
and technology,
and Bob Fisher,
president and CEO
regulatory environment.
" The greener the fintech is, the
less likely they are to understand
regulatory requirements, "
says Amy Foulks, EVP, COO of
$700 million-asset First Utah Bank
in Salt Lake City, Utah. However,
more established fintechs, or fintechs
that focus on products targeted at
the banking industry, generally do
have a good understanding of the
requirements of banking.
" A fintech that offers a BSA/AML
service will understand regulatory
requirements, " Foulks notes.
F
36 // ICBA Independent Banker // November 2023
Photo: Heather Esposito

Independent Banker - November 2023

Table of Contents for the Digital Edition of Independent Banker - November 2023

Contents
Independent Banker - November 2023 - Intro
Independent Banker - November 2023 - Cover1
Independent Banker - November 2023 - Cover2
Independent Banker - November 2023 - Contents
Independent Banker - November 2023 - 2
Independent Banker - November 2023 - 3
Independent Banker - November 2023 - 4
Independent Banker - November 2023 - 5
Independent Banker - November 2023 - 6
Independent Banker - November 2023 - 7
Independent Banker - November 2023 - 8
Independent Banker - November 2023 - 9
Independent Banker - November 2023 - 10
Independent Banker - November 2023 - 11
Independent Banker - November 2023 - 12
Independent Banker - November 2023 - 13
Independent Banker - November 2023 - 14
Independent Banker - November 2023 - 15
Independent Banker - November 2023 - 16
Independent Banker - November 2023 - 17
Independent Banker - November 2023 - 18
Independent Banker - November 2023 - 19
Independent Banker - November 2023 - 20
Independent Banker - November 2023 - 21
Independent Banker - November 2023 - 22
Independent Banker - November 2023 - 23
Independent Banker - November 2023 - 24
Independent Banker - November 2023 - 25
Independent Banker - November 2023 - 26
Independent Banker - November 2023 - 27
Independent Banker - November 2023 - 28
Independent Banker - November 2023 - 29
Independent Banker - November 2023 - 30
Independent Banker - November 2023 - 31
Independent Banker - November 2023 - 32
Independent Banker - November 2023 - 33
Independent Banker - November 2023 - 34
Independent Banker - November 2023 - 35
Independent Banker - November 2023 - 36
Independent Banker - November 2023 - 37
Independent Banker - November 2023 - 38
Independent Banker - November 2023 - 39
Independent Banker - November 2023 - 40
Independent Banker - November 2023 - 41
Independent Banker - November 2023 - 42
Independent Banker - November 2023 - 43
Independent Banker - November 2023 - 44
Independent Banker - November 2023 - 45
Independent Banker - November 2023 - 46
Independent Banker - November 2023 - 47
Independent Banker - November 2023 - 48
Independent Banker - November 2023 - 49
Independent Banker - November 2023 - 50
Independent Banker - November 2023 - 51
Independent Banker - November 2023 - 52
Independent Banker - November 2023 - 53
Independent Banker - November 2023 - 54
Independent Banker - November 2023 - 55
Independent Banker - November 2023 - 56
Independent Banker - November 2023 - 57
Independent Banker - November 2023 - 58
Independent Banker - November 2023 - 59
Independent Banker - November 2023 - 60
Independent Banker - November 2023 - 61
Independent Banker - November 2023 - 62
Independent Banker - November 2023 - 63
Independent Banker - November 2023 - 64
Independent Banker - November 2023 - 65
Independent Banker - November 2023 - 66
Independent Banker - November 2023 - 67
Independent Banker - November 2023 - 68
Independent Banker - November 2023 - 69
Independent Banker - November 2023 - 70
Independent Banker - November 2023 - 71
Independent Banker - November 2023 - 72
Independent Banker - November 2023 - 73
Independent Banker - November 2023 - 74
Independent Banker - November 2023 - 75
Independent Banker - November 2023 - 76
Independent Banker - November 2023 - 77
Independent Banker - November 2023 - 78
Independent Banker - November 2023 - 79
Independent Banker - November 2023 - 80
Independent Banker - November 2023 - Cover3
Independent Banker - November 2023 - Cover4
https://www.nxtbook.com/mspc/independentbanker/december2024
https://www.nxtbook.com/mspc/independentbanker/november2024
https://www.nxtbook.com/mspc/independentbanker/october2024
https://www.nxtbook.com/mspc/independentbanker/september2024
https://www.nxtbook.com/mspc/independentbanker/august2024
https://www.nxtbook.com/mspc/independentbanker/july2024
https://www.nxtbook.com/mspc/independentbanker/june2024
https://www.nxtbook.com/mspc/independentbanker/may2024
https://www.nxtbook.com/mspc/independentbanker/april2024
https://www.nxtbook.com/mspc/independentbanker/march2024
https://www.nxtbook.com/mspc/independentbanker/february2024
https://www.nxtbook.com/mspc/independentbanker/january2024
https://www.nxtbook.com/mspc/independentbanker/december2023
https://www.nxtbook.com/mspc/independentbanker/november2023
https://www.nxtbook.com/mspc/independentbanker/october2023
https://www.nxtbook.com/mspc/independentbanker/september2023
https://www.nxtbook.com/mspc/independentbanker/august2023
https://www.nxtbook.com/mspc/independentbanker/july2023
https://www.nxtbook.com/mspc/independentbanker/june2023
https://www.nxtbook.com/mspc/independentbanker/may2023
https://www.nxtbook.com/mspc/independentbanker/april2023
https://www.nxtbook.com/mspc/independentbanker/march2023
https://www.nxtbook.com/mspc/independentbanker/february2023
https://www.nxtbook.com/mspc/independentbanker/january2023
https://www.nxtbook.com/mspc/independentbanker/december2022
https://www.nxtbook.com/mspc/independentbanker/november2022
https://www.nxtbook.com/mspc/independentbanker/october2022
https://www.nxtbook.com/mspc/independentbanker/september2022
https://www.nxtbook.com/mspc/independentbanker/august2022
https://www.nxtbook.com/mspc/independentbanker/july2022
https://www.nxtbook.com/mspc/independentbanker/june2022
https://www.nxtbook.com/mspc/independentbanker/may2022
https://www.nxtbook.com/mspc/independentbanker/april2022
https://www.nxtbook.com/mspc/independentbanker/march2022
https://www.nxtbook.com/mspc/independentbanker/february2022
https://www.nxtbook.com/mspc/independentbanker/january2022
https://www.nxtbook.com/mspc/independentbanker/december2021
https://www.nxtbook.com/mspc/independentbanker/november2021
https://www.nxtbook.com/mspc/independentbanker/october2021
https://www.nxtbook.com/mspc/independentbanker/september2021
https://www.nxtbook.com/mspc/independentbanker/august2021
https://www.nxtbook.com/mspc/independentbanker/july2021
https://www.nxtbook.com/mspc/independentbanker/june2021
https://www.nxtbook.com/mspc/independentbanker/may2021
https://www.nxtbook.com/mspc/independentbanker/april2021
https://www.nxtbook.com/mspc/independentbanker/march2021
https://www.nxtbook.com/mspc/independentbanker/february2021
https://www.nxtbook.com/mspc/independentbanker/january2021
https://www.nxtbook.com/mspc/independentbanker/december2020
https://www.nxtbook.com/mspc/independentbanker/november2020
https://www.nxtbook.com/mspc/independentbanker/october2020
https://www.nxtbook.com/mspc/independentbanker/september2020
https://www.nxtbook.com/mspc/independentbanker/august2020
https://www.nxtbook.com/mspc/independentbanker/july2020
https://www.nxtbook.com/mspc/independentbanker/june2020
https://www.nxtbook.com/mspc/independentbanker/may2020
https://www.nxtbook.com/mspc/independentbanker/april2020
https://www.nxtbook.com/mspc/independentbanker/march2020
https://www.nxtbook.com/mspc/independentbanker/february2020
https://www.nxtbook.com/mspc/independentbanker/january2020
https://www.nxtbook.com/mspc/independentbanker/december2019
https://www.nxtbook.com/mspc/independentbanker/november2019
https://www.nxtbook.com/mspc/independentbanker/october2019
https://www.nxtbook.com/mspc/independentbanker/september2019
https://www.nxtbook.com/mspc/independentbanker/august2019
https://www.nxtbook.com/mspc/independentbanker/july2019
https://www.nxtbook.com/mspc/independentbanker/june2019
https://www.nxtbook.com/mspc/independentbanker/may2019
https://www.nxtbook.com/mspc/independentbanker/april2019
https://www.nxtbook.com/mspc/independentbanker/march2019
https://www.nxtbook.com/mspc/independentbanker/february2019
https://www.nxtbook.com/mspc/independentbanker/january2019
https://www.nxtbook.com/mspc/independentbanker/december2018
https://www.nxtbook.com/mspc/independentbanker/november2018
https://www.nxtbook.com/mspc/independentbanker/october2018
https://www.nxtbook.com/mspc/independentbanker/september2018
https://www.nxtbook.com/mspc/independentbanker/august2018
https://www.nxtbook.com/mspc/independentbanker/july2018
https://www.nxtbook.com/mspc/independentbanker/june2018
https://www.nxtbook.com/mspc/independentbanker/may2018
https://www.nxtbook.com/mspc/independentbanker/april2018
https://www.nxtbook.com/mspc/independentbanker/march2018
https://www.nxtbook.com/mspc/independentbanker/february2018
https://www.nxtbook.com/mspc/independentbanker/january2018
https://www.nxtbook.com/mspc/independentbanker/december2017
https://www.nxtbook.com/mspc/independentbanker/november2017
https://www.nxtbook.com/mspc/independentbanker/october2017
https://www.nxtbook.com/mspc/independentbanker/september2017
https://www.nxtbook.com/mspc/independentbanker/august2017
https://www.nxtbook.com/mspc/independentbanker/july2017
https://www.nxtbook.com/mspc/independentbanker/june2017
https://www.nxtbook.com/mspc/independentbanker/may2017
https://www.nxtbook.com/mspc/independentbanker/april2017
https://www.nxtbookmedia.com