Last updated on Dec 5, 2023
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- Relationship Banking
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Identify your value proposition
2
Research and target the right banks
3
Establish trust and credibility
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4
Negotiate and structure the partnership
6
Measure and evaluate the outcomes
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7
Here’s what else to consider
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Fintech platforms are transforming the financial services industry by offering innovative solutions to customers, businesses, and regulators. However, to succeed in this competitive and complex market, fintech platforms need to build and maintain relationships with banks, which are still the dominant players in the sector. In this article, you will learn how to approach, engage, and collaborate with banks in your fintech platform ecosystem.
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- Leandro Gimeno Regional Sales Director - Iberia
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- Anthony Weimer Founding Account Executive @ Alltius | AI | Strategy | Consultant | GTM | Growth
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1 Identify your value proposition
Before you approach any bank, you need to have a clear and compelling value proposition that shows how your fintech platform can benefit them. You need to understand the bank's pain points, goals, and opportunities, and tailor your solution accordingly. For example, you might offer a faster, cheaper, or more secure way of processing payments, lending, or verifying identities. You also need to demonstrate how your platform can help the bank comply with regulations, enhance customer satisfaction, and generate new revenue streams.
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- Leandro Gimeno Regional Sales Director - Iberia
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Relationships are maintained when meaningful... this implies in understanding your customers in a way you can monetize them in a very constructive way, banking platforms may require a journey led approach for this
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- Anthony Weimer Founding Account Executive @ Alltius | AI | Strategy | Consultant | GTM | Growth
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To build and sustain relationships with banks in a fintech platform ecosystem, fostering collaboration and trust is essential. Initiate by clearly communicating the mutual benefits of partnership, emphasizing how the fintech platform complements and enhances the bank's offerings. Establish transparent communication channels to address concerns promptly. Ensure regulatory compliance to allay any legal apprehensions. Collaborate on joint initiatives, demonstrating a win-win scenario. Regularly share insights, data, and performance metrics, fostering transparency. Continuously adapt to industry changes, showcasing agility. Relationships are an ongoing process, requiring open communication, shared goals, and a commitment to mutual success.
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2 Research and target the right banks
Not all banks are equally open or suitable for partnering with fintech platforms. You need to do your homework and find out which banks are more receptive, relevant, and aligned with your vision and values. You can use various sources of information, such as industry reports, media articles, social media, and events, to identify and prioritize the banks that match your criteria. You should also consider the size, location, culture, and strategy of the bank, and how they fit with your platform's scalability, accessibility, and differentiation.
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In a vast market like India, depending on banks alone to reach every nook and corner is impossible. Fintech's help resolve this issue for banks by technology that reaches every part of India. Fintech might not benefit if they don't partner with the right bank. Market research is required to check the customer base and usage levels along with digital penetration.In my view, innovation, easy access & secure transaction processing are the key for Fintech's relationship with banks.
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3 Establish trust and credibility
Banks are often wary of fintech platforms, as they perceive them as potential competitors, disruptors, or threats. Therefore, you need to establish trust and credibility with the bank's decision-makers and influencers, and show them that you are a reliable and professional partner. You can do this by providing evidence of your platform's performance, quality, and security, such as testimonials, case studies, awards, and certifications. You can also leverage your network, referrals, and endorsem*nts from other banks or industry associations that have worked with you or know you well.
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4 Negotiate and structure the partnership
Once you have established a rapport and interest with the bank, you need to negotiate and structure the partnership in a way that creates value for both parties. You need to define the scope, objectives, roles, responsibilities, and expectations of the partnership, and agree on the terms and conditions, such as pricing, revenue sharing, data ownership, and governance. You should also consider the legal, regulatory, and operational implications of the partnership, and how to mitigate any risks or challenges that might arise.
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- Christian Ball Banking, Fintech, Embedded Finance, Enterprise Sales, Strategic Partnerships
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There are a number of key factors that will be needed to deliver a successful structured partnership1. As discussed above, alignment 2. Measure and report the success clearly and often3. Highest quality customer experience - report this too!4. Establish the right feedback loops to improve the sales and customer experiences - having named contacts and the right cadence to do this5. Commercial model takes into account the value created for both parties (reduced churn? Higher NPS etc) cost of sale ( marketing, sales, sign up for services etc)
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5 Communicate and collaborate effectively
After you have signed the partnership agreement, you need to communicate and collaborate effectively with the bank to ensure a smooth and successful implementation and operation of your fintech platform. You need to assign a dedicated team or person to manage the relationship with the bank, and keep them updated on the progress, feedback, and issues of the platform. You should also seek regular input and feedback from the bank, and address any concerns or problems promptly and professionally. You should also look for ways to enhance and expand the partnership, such as adding new features, services, or markets to your platform.
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6 Measure and evaluate the outcomes
Finally, you need to measure and evaluate the outcomes of the partnership, and how it impacts your fintech platform's growth, profitability, and reputation. You need to use relevant and reliable metrics and indicators, such as customer acquisition, retention, and satisfaction, revenue generation, cost reduction, and compliance improvement, to assess the performance and value of the partnership. You should also solicit feedback and testimonials from the bank, and use them to improve your platform and showcase your achievements. You should also celebrate and acknowledge the success and contribution of the partnership, and thank the bank for their support and collaboration.
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7 Here’s what else to consider
This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?
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