Partnerships between banks and fintech are not new, but they have recently surfaced as a major industry trend. What’s different this time around is the surge in the number of competent start-ups and software vendors on the scene, and banks are having trouble keeping up. Ultimately it’s all about what’s best serving the bank customer. Fintech providers and other nonbanks have certainly raised consumer expectations, forcing banks to acquire or join forces with these market entrants. Examples include BBVA’s landmark purchase of the start-up digital bank Simple, TD Bank’s partnership with Moven for digital money management capabilities in Canada, and a variety of bank partnerships with alternative lenders. This has extended into the wealth management space as well with Wells Fargo’s recent partnership announcement with SigFig.
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