Academic journal article ABA Banking Journal

Nichols: Smart Policies Allow Banks to Innovate, Partner with Fintech Startups

Academic journal article ABA Banking Journal

Nichols: Smart Policies Allow Banks to Innovate, Partner with Fintech Startups

Article excerpt

Banks are innovating and partnering with startups to help benefit their customers, but smart policies are key to facilitating a modern, high-tech system, according to testimony earlier this summer from ABA President and CEO Rob Nichols.

Testifying before the House Financial Services Subcommittee on Financial Institutions and Consumer Credit, Nichols noted that banks are "pro-innovation, pro-consumer and very technology focused" and emphasized banks' history of embracing innovation to better serve their customers--including important advances such as the ATM, credit cards, online banking and remote check deposit. He stressed that banks are actively looking to partner with fintech startups to bring their customers the latest technologies through secure and trusted channels.

"When banks innovate and partner with startups to deliver new technologies their customers win," Nichols said. "Banks have a long history of serving customers' needs and have established trusted relationships. These relationships are backed by a culture of compliance and regulatory oversight that ensures customers are protected. When innovative products are delivered through bank channels, customers get a great experience backed with a relationship they can trust."

Nichols remarked that financial technologies present tremendous opportunities for customers and banks alike, with the potential to promote financial inclusion--the delivery of financial services at affordable costs to those who may not have a banking relationship. …

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