Is 2017 the Year of the Bank Partnership - by Avant's Al Goldstein

By Avant's Al Goldstein

More fintech firms and banks are beginning to look at collaborating now more than ever before; at LendIt USA 2017 we had the Avant CEO talk about 2017 potentially being the year of the bank partnership; Al started his talk by going through some of the current partnerships with online lenders and banks; he also talked in depth about Avant's strategic partnerships with Regions Bank; while there are many advantages he also talked through some of the areas that are still lacking in the partnerships; he explained why banks and platforms should be interested in partnerships with each other; banks can expand their target market, serve their customers better and make the online experience more uniform than ever before; platforms can reach scale quicker with a bank partner, they are always looking for recurring fee revenue that is capital light and they are looking to acquire higher quality customers at lower cost; he focused the main part of this talk on how these partnerships can create enterprise value for the long term.