Many banks have recently announced their collaboration with fintech companies and many more are in the works. These collaborations are beneficial for banks because they will allow for services to be more customized to small- and medium-sized businesses (SMB). Additionally, by working with fintechs, improvements can be made on mobile applications the bank offers.
Credem and Tememos
One new collaboration to highlight involves the Italian bank Credito Emiliano S.p.A., or Credem, and banking fintech, Temenos. As a result of this partnership, a new mobile app has been created. This app is titled Temenos Infinity and will allow customers to access banking services through the app while enhancing customer loyalty. Temenos Infinity works by utilizing a low-code development platform. This form of technology automatizes the software development process, making the system more time-efficient.
In a seed round, fintech Airbank landed €2.5 million. This company offers technology that links the bank account of a company to classify transactions. The first product Airbank came out with was cash flow management for start-ups and SMBs. This tech would allow the businesses to see a live evaluation of its cash flow. Airbank is not only about monitoring the data, but also is there to help customers improve their cash flow.
Visa and Tink
Visa is set to buy an open banking fintech company based in Stockholm, Tink, for $2.1 billion (about €1.8 billion). Tink provides open banking and application programming interfaces (API), which allow its customers to construct specialized financial contributions.
Liberty Bank and Autobooks
The SMB platform of Autobooks was chosen by Liberty Bank to be incorporated into its online banking platform. Liberty Bank adopted Autobooks by way of the Alkami Platform. This platform aids financial institutions in areas of onboarding, engagement, and account servicing. Liberty Bank’s David Mitchel has made a statement regarding the competitive atmosphere of the financial service market with not only other banks, but also fintechs. He goes on to say that the partnership with Autobooks is necessary to compete in the market and keep SMB customers happy.
Wells Fargo and Akoya Data Access Network
Wells Fargo has recently joined the Akoya Data Access Network. Fintech firms and data aggregators can now request API-based access to Wells Fargo’s customer data for shared clients. Akoya’s CEO, Stuart Rubinstein, has remarked that this collaboration is another step towards safer and more protected API-based data aggregation.
These recent collaborations demonstrate the financial industry’s move towards technology as a whole. More and more banks are recognizing that innovative fintech is the wave of the future that they must catch.
“Banks Focus on Mobile Apps, SMB Software for FinTech Collaborations.” PYMNTS.com, 29 June 2021, https://www.pymnts.com/news/b2b-payments/2021/banks-focus-on-mobile-apps-smb-software-for-fintech-collaborations/.