OFFICIAL PUBLICATION OF THE COMMUNITY BANKERS ASSOCIATION OF KANSAS

Pub. 2 2021 | Issue 1

evaluating-a-fintech-partner

Evaluating a FinTech Partner

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Transparency and Due Diligence “Playbook” Essential for efficient and fast onboarding

Now that consumers are adapting to remote banking, they will expect these same services post-pandemic. With record-low interest rates, financial institutions are managing decreased yield and increased loan originations while also facing increased refinancing demand. To meet this demand, financial institutions should consider digital lending tools to enable self-service, communication, and online servicing that drive ROI in our socially distant environment. When evaluating a digital lending tool, there are many things to consider:

Evaluating the Value Proposition

Holistic partnership

  • Evaluating knock-on or complementary benefits to the actual service
  • New customer acquisition
  • Marketing Benefits
  • Credit data/access to market intel
  • Diversification

Contact References

  • Existing Partners are an excellent source of information and review of a platform. One to two references can speak to performance, integration, and client service
  • Talk to peers current utilizing the service/partner

Best-in-Class Due Diligence Review

  • Transparency into historical records
  • Easy access to all internal policies for all internal teams (online data rooms)
  • Audit Support and Preparation

Sample Oversight Checklist

Legal and Compliance

Enterprise Risk

Vendor Management

Operations/Servicing

Credit

Accounting and Treasury

Investor Operations

Nik

Nik Vukovich, Director of Bank Partnerships
Nik is responsible for Upgrade’s bank and financial Institution partnerships in the Western U.S. and is based in Denver, Colorado. He has extensive FinTech traditional banking experience, having spent almost a decade solving bank and fintech charge-off strategies at SquareTwo Financial & Consumer Acquisition and origination growth strategies at SunTrust Bank.

This story appears in Issue 1 2021 of the In Touch Magazine.

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