A top Bank of America tech exec calls fintech-FinServ collaboration a “never-ending evolution loop.”
By partnering with fintechs like Insight Partners’ portfolio company Banked, BofA is harnessing creativity and innovation.
Bank of America’s head of technology and operations evangelizes the benefits of working with fintechs.
Exec Andrew McKibben describes these relationships as a “never-ending evolution loop,” where both sides succeed by adapting to changing consumer standards together. “As more people require more sophisticated services and the overall scale of it continues, there’s more collaboration needed between tech firms and banks,” he told Fintech Futures.
For example, he heralded BofA’s partnership with Banked, which lets customers pay for goods directly from their bank accounts, as an enabler for an in-demand new feature.
Letting consumers pay-by-bank reduces risk and costs for merchants and “makes online checkouts simpler, faster, and more secure,” according to McKibben.
“Co-operation, not competition, is definitely the common approach nowadays,” he added.