My team and I have been called contrarian, which we will take as a compliment; we believe that the best community banks will beat the best FinTech players. Best on best so to speak.
Why do we feel this way?
Because, FinTech cannot win against modern community banks that combine their in-market, relationship-based banking with progressive technology.
To start, we define things a bit differently than most…
Community Bank(ing): ‘It is a way of doing business, not a size. It is about in-market, relationship-based banking.’
Progressive Technology: ‘Mobile-first products built to be banker-first (not bank) to enhance customer relationships, plus, marketplace technology that expands loan opportunities.’
BankLabs‘ ‘why’ is to ensure the survival and growth of community banks. Traditional financial institutions and the companies that have historically served them face disruption like never before. There are approximately 2,400 FinTech companies hunting for success and community banking customers are in their crosshairs.
First, let me start with our bias. We believe that everyone, even millennials benefit when they have a community banking relationship. Why? There simply is no replacement for a face-to-face conversation when something special is needed or goes wrong in your work or personal life. FinTech startups cannot handle this easily (at least today, but watch for retail partnerships).