Partnerships between banks and financial technology companies present significant opportunities to better serve existing customers, attract new ones, improve efficiencies, bolster security and promote innovation. Through the 2018 Best of FinXTech Awards, Bank Director and Promontory Interfinancial Network, LLC recognize those institutions that exemplify how collaborative efforts can lead to innovative solutions and growth in the banking industry.
Most Innovative Solution of the Year Winner: CBW Bank + Yantra Financial Technologies
CBW Bank became the first bank in the U.S. to publish its APIs by working with Yantra Financial Technologies to launch the Y-Labs Marketplace. The Y-Labs Marketplace is an initiative that enables banks to rapidly introduce new payments, products and services with industry specific benefits.
Best of FinXTech Partnership Winner: Citizens Financial Group + Fundation Group
Citizens Bank’s digital lending capability makes it easier for small business customers to apply for and receive credit. Provided through a collaboration with Fundation, the platform enables small businesses to apply for credit through a simple application across all customer channels, including online and retail branches. Fundation also offers credit to some customers that do not meet bank credit guidelines, helping Citizens meet more of its SMB customers’ credit needs.
Startup Innovation Winner: Radius Bank + Alloy
Radius Bank partnered with FinTech Alloy to help transform Radius into a digital-first bank. By using Alloy’s smart identity platform and API, Radius delivers a superior experience to their new customers signing up online – offering an instant decision in 98% of the cases, while reducing onboarding fraud by 50%.
Winners were announced at our FinXTech Annual Summit, brought to you by Bank Director and Promontory Interfinancial Network, in Scottsdale, Arizona on May 10, 2018. This event brings together senior executives from across the financial space to focus on new growth strategies and opportunities available to banks today.
The additional seven finalists recognized at the Summit included ChoiceOne Bank + Autobooks, MVB Financial Corp. + BillGO, Pinnacle Financial Partners + Built Technologies, Seacoast Bank + SmartBiz Loans, TCF Financial Corp. + D3 Banking Technology, USAA + Clinc and U.S. Bancorp + SpringFour, Inc.
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