On July 24, 2019, Laura Biddle published "Six Reasons to Have a Fintech Strategy" in Bank Director. The following is an excerpt:
Financial technology, or fintech, is rapidly and dramatically changing the financial services landscape, forcing banks to respond.
Banks are taking different approaches to capitalize on the opportunities presented by fintech, mitigating the risks and remaining competitive. Some of these approaches include partnering with fintech companies, investing in them, investing in internal innovation and development or creating or participating in fintech incubators and labs. Some banks focus on a single strategy, while some mix and match. But many have no plan at all.