A Union for the Ages

By Kevin Tweddle

We are in an era of innovative collaborations—where the marriage between technology and service holds the promise of helping community banks deliver more personalized customer experiences faster than ever before.

Partnerships with fintech providers also provide the opportunity for community banks to:

  • grow revenue,
  • lower costs or gain operational efficiencies,
  • mitigate risk or fraud, and
  • better understand customer activity.

Any fintech partnership decision must move the needle on one or more of these factors. One notable effort that fits the bill is the union between Quontic Bank, a $351 million-asset community development financial institution based in Astoria, N.Y., and Sensibill, a Toronto-based fintech provider.

The two came together following Sensibill’s “Best of Show” ranking for its receipts-management system during Finovate Fall 2017. And last month, Quontic Bank launched the service on its remote banking app, which allows customers to capture, track and categorize expenses. Imported information can then be reconciled with statements and exported for invoicing or accounting purposes, helping customers get a better handle on their personal finances. 

This innovation from Sensibill is in step with Quontic Bank’s vision of a next-generation banking experience.

“We’re always looking for ways to improve our app and working towards providing an exceptional digital experience,” Drew Sandholm, vice president of marketing at Quontic Bank explained. “Digital is a great equalizer.”

This isn’t the only instance of Quontic Bank using technology to streamline processes. Through a partnership with Bottomline Technologies and its core banking provider FIS, the bank will soon allow customers to open checking and savings accounts online. If the goal is to open new accounts or service customers’ financial needs, bankers must provide digital offerings, Sandholm told Independent Banker.

Partnerships like these showcase the power of community bank-fintech collaborations by joining the best of both worlds—service and technology—into the ideal banking experience for customers.  Isn’t that a goal worth striving for? 

Kevin Tweddle is ICBA group executive vice president of innovation and financial technology.