From Our Friends at Finzly: Panorama: On Embedded Financial Services
Our 2020 ICBA ThinkTECH Accelerator cohort company Finzly is just one of those companies – incredible founder with an amazing solution. Since their participation in the accelerator, they have forged powerful partnerships and grown their business – and to say we are proud is an understatement! Recently, our managing director of accelerator programs, Daniel Schutte, chatted with Finzly about banks and fintech collaboration. Read on!
From Finzly’s Blog:
We recently had the opportunity to interview a great visionary – Daniel Schutte, Managing Director, Accelerators Programs at the The Venture Center. Finzly was part of The Venture Center’s accelerator program ICBA ThinkTECH Accelerator, and had a great head start into new horizons from the participation. Here are some snippets of the interview on Embedded Financial Services.
There are a lot of entrepreneurs who are looking at embedding financial services. Do you see that the fear of competition has been dispelled in banks? Are banks adapting to the new demands for fintech collaboration?
Banks are very open to collaboration with fintechs and most now understand that there is a breed of fintech founder (like Booshan) that understands banking values, understands the obligation that banks have to their customers and shares those same convictions. We’re seeing another wave of innovation in financial services…if the initial disruptive wave was focused around direct to consumer and largely built upon improving the experience of individuals, those customer expectations of a seamless experience are moving into the business market, banks are necessarily at the center of that movement and absolutely listen to their customers. It is a difficult question to answer specifically because there are SO many things going on as it relates to embedded financial services, or even flat out bank-enabling technology. Willingness to partner grows by the day across all banks.
Check out our original Founder Feature with Finzly’s Booshan Rengachari here.