Financial institutions and fintech partnerships opportunities are vital in the digital lending era as it helps generate revenue, attract new clients, stay ahead of the competition and take the organization to the next level for both parties. 2nd Slide: ● Opportunity cost ● Technology Gap ● Improve Customer Retention ● More Powerful Data ● Enhanced Performance Slide: 3rd Opportunity Cost By collaborating with a FinTech partner, financial institutions can implement the latest financial technology much faster and at competitive prices. Also, licensing technology rather than creating it internally helps lenders save a lot of time and effort and give them more flexibility. 4th Slide: Technology Gap There are going to be technology gaps in most cases, so it becomes important for financial institutions to collaborate with FinTech. FinTech companies can create customer-focused services or products more efficiently and help financial institutions feel any technology gaps. 5th slide: Improved Customer Retention Open lending APIs from FinTech firms help lenders to see deep critical insight into borrowers’ financial health and enable them to meet the unique financial and funding needs of existing and new borrowers. These APIs, therefore, are a great way to boost customer engagement and meet a borrower’s needs in a secure, agile, and future-proof method. 6th Slide: More Powerful Data Fintech with the use of AI and MI can provide financial institutions the most robust, real-time, and accurate data of their customers and help them predict the future financial health of a business, faster. Financial data APIs provided by FinTech firms help financial institutions better determine creditworthiness, offer customized loan products, make great customer relationships, and make informed lending decisions. 7th Slide: Enhanced Performance Fintech improves the health of financial institutions by enhancing performance and improving profitability. When FinTech firm partners with a bank or credit union, rather than firms selling products, the opportunities begin to expand. Source: ForwardAI