Radius Bank Goes Big on Fintech Partnerships
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Many banks are presently struggling to get a good picture of what the future of the industry will look like. One thing which is clear, however, is that fintech (financial technology) will play a massive role in that future.
One way in which many banking brands are bringing fintech into their operations is by partnering with existing providers and fresh startups. Recent research found that 81 percent of bank executives believe that collaborating with fintech partners is the best strategy for achieving digital transformation.
"As the finance industry grapples with what the next generation of banks and payment systems will look like, it's clear that partnerships are a linchpin for riding the wave of change successfully, whether you're a multibillion-dollar traditional bank or a startup looking to bring cutting-edge technology into the mainstream," reports the University of Pennsylvania.
Radius Bank is one brand that is going big on fintech partnerships, having established three recently.
The first of these partnerships has seen the Boston-based online community bank team up with business online and mobile banking platform, Autobooks.
"Offering a solution to our clients that allows them to stay organized and focused on growing their business is of the utmost importance to us," said Radius Bank Vice President of Business Banking and Partnerships, Rachel Bourne. "Our clients have been seeking a simple, intuitive solution for account management, monitoring and funds collection, without needing an accounting team. We are excited that this partnership with Autobooks delivers them just that."
The Autobooks platform helps businesses increase cash flow and monitor the movement of their money in real-time. Radius is now able to offer this amazing functionality to its business clients with a one-stop-shop for managing their operating accounts and financials.
Next up for Radius Bank is Credible, an innovative online marketplace for people looking to find competitive loan offers from multiple vetted lenders in real-time.
"Competition among lenders benefits consumers, but only if they compare rates," said Radius Bank Vice President of Strategic Partnerships and Technology, Huma Usmani. "We are pleased to offer a solution that can help our customers save money not only when they take out loans, but to manage their existing debt wisely."
The Credible platform has access to more than three dozen lenders and can offer borrowers real-time and instant access to their best current rates. Because the Credible marketplace integrates seamlessly with credit bureaus and lenders, it's easy for customers to shop for and request rates without making a record on their credit score and adversely affecting it or risking their personal information while they browse.
Credible also serves people who have existing debt by allowing them to safely explore refinancing options to see if they could save money by placing themselves on a lower interest rate or more favorable terms.
"Our ability to provide actual, pre-qualified rates helps the Credible marketplace stand out from traditional rate comparison sites, which only display marketed rates or rate ranges," said Credible Vice President of Partnerships and Business Development, Dave Lewis. "Our unbiased and transparent approach to lending is proving attractive to partners like Radius who share our consumer-centric values."
The final entry in our list was born when its founders noticed that there were large portions of investment products and services which were only accessible to the extremely wealthy. Huddl was created to provide a digital platform through which regular people could access these products and services and level the investment playing field somewhat - an ethos to which Radius Bank also subscribes.
"This long-term partnership between Radius Bank and Huddl represents our commitment to ensuring every consumer has equal access to essential banking and investment products and services," said President and CEO of Radius Bank, Mike Butler. "We're excited to see where this partnership takes us and look forward to the innovation ahead."
The partnership with Radius Bank and its superior digital banking technology will allow Huddl users to enroll with a new account in just 60 seconds - the fastest account opening in the entire industry. It will also give Huddl users access to two of Radius Bank's award-winning investment accounts - High Yield Savings and Hybrid Checking.
"Huddl's robust consumer-to-business social marketplace for banking and investment products and services is a first-of-its-kind platform, built to make the delivery of complex financial products and services frictionless," said Radius Bank in a press release. "Users' money is seamlessly pooled together to unlock collective buying power, giving access to essential banking and investing opportunities, such as global stocks, checking with interest, private equity funds, global bonds, hedge funds, cryptocurrency, and more."
With these three partnerships in the bag, Radius Bank is demonstrating its commitment to bringing the very best of contemporary fintech into the fold. From investment to loans, fintech has the power to transform the way banking services are offered.
Fintech partnerships are set to be a hot topic at Future Digital Finance 2020, taking place in March at the Hyatt Regency Miami, FL.
Download the agenda for more information and insights.