To support responsible innovation in the community banking sector, the Federal Reserve Board on Thursday published a paper describing the landscape of partnerships between community banks and fintech companies. The paper captures insights gathered from extensive outreach with community banks, fintechs, and other stakeholders. The outreach involved discussions focused on the strategic and tactical decisions that support effective partnerships.
Federal Reserve Board Governor Michelle W. Bowman said, "This paper will be a valuable resource for community banks seeking to leverage the benefits of new technologies through partnerships with fintechs. As the paper underscores, it is vital that a community bank's strategic goals align with the fintech provider and that the bank develop a culture committed to ongoing innovation."
