Banks and Alternative Finance: a New Partnership for Growth
President, FIC Advisors, Inc. (FIC)
CEO & Cofounder, Mirador
SVP, Sales, LendKey
Chief Executive Officer, BancAlliance
Senior Vice President, Product Strategies, City National Bank
Alternative Finance Companies (AFCs), banks, and credit unions (FIs) are teaming up to form mutually advantageous relationships. FIs can increase revenues, lower costs, and improve productivity while providing customers with a high quality digital experience. Working with AFCs, FIs can avoid the time and cost involved for internal development. Opportunities to enhance customer service also exist, as the bank increases loan volumes by referrals to third parties. The past year has seen the options available to FIs change and increase, making the selection process more complex for financial institutions.
This session presents both the AFC and bank perspective:
- What makes for a successful partnership?
- What criteria should banks use in evaluating AFCs?
- What are realistic expectations for a bank/AFC relationship?
- What roadmap for success should an FI develop and follow?