Small banks warned not to over-rely on fintech partnerships

Michael Nonaka is quoted in the American Banker regarding how banks focused on improving their technology have shown a propensity to quickly enter into fintech partnerships. Mr. Nonaka says, “One of the most interesting developments is now small and large banks have gotten to the point where these partnerships are just business as usual. There is a lot more streamlining of these partnerships.” He said part of the firm’s directive is to help banks and fintechs “enter into these partnerships in a smooth fashion.” He adds, “It’s been a sea change into how these banks have been able to enter into these partnerships, and that benefits the customer experience.”