As banks and credit unions increasingly consider partnering with fintech firms, the main motivation is usually around enhancing the consumer experience. This is achieved through greater use of consumer insights and deployment of advanced technologies.
In reviewing several recently announced banking and fintech partnerships, it becomes clear that addressing the consumer experience is a core motivating factor. Certainly the strategic rationale for collaboration is much broader: financial institutions pursuing revenue synergies, market expansion, or even access to innovation from partnerships. However, in todays digital-first world, user experience is increasingly guiding collaboration decisions as much as individual product, market, or growth considerations.
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