LOS ANGELES--(BUSINESS WIRE)--Thousands of regional and community banks are turning to fintech in order to meet the needs of customers who demand services on their computers, tablets and phones, according to a new report by Manatt, Phelps & Phillips, LLP. Conducted in conjunction with Mergermarket, the report, "Growing Together: Collaboration Between Regional and Community Banks and Fintech," is based on survey responses of senior executives from regional and community banks (50%), fintech companies (25%), and private equity firms, venture capital firms and investment banks (25%).
"Rather than compete or acquire one another, we're seeing these institutions begin to form partnerships, and we predict that collaboration will be the primary way that they continue to interact," said Brian Korn, chair of Manatt's digital finance and marketplace lending practice. "In September, Radius Bank announced it would team up with online lender Prosper in an innovative deal to help make small business loans, a model that continues the collaboration theme demonstrated by other banks and lending platforms, such as JPMorgan Chase and OnDeck and Regions Bank and Avant. This is the beginning of a new trend that points specifically to an increasingly symbiotic environment."
The full report is available for download on Manatt's website.
The fintech revolution is underway at regional and community banks, according to a Manatt report, revealing, among other findings, that key execs see collaboration, not competition, as path forward.