Today, 14 million+ US citizens (6% of the adult population) use digital-only banking products as their sole banks./
THE BENEFITS
Technology partnership banking is a way of increasing a financial lender’s revenues and product offerings – bringing old systems into completely new technologies that provide opportunities for new products. Recent reports find that technology transformations by community banks have led to enhanced loan volume and performance, retention, and deposits.
THE COSTS
Systemic barriers to acquiring loans from traditional banks have led to a widening wealth gap, and increased payday lending. Many traditional community, regional and local banks facing this challenge simply lack the budget/time to explore, develop and maintain financial technologies that can assist in serving millenial and non-traditional customers.
In today’s digital economy, it is critical that banks either undergo digital transformation (difficult), or partner with a tech team to extend budget.
THE OPPORTUNITY
For first movers, this challenge also presents an opportunity, as financial tech startups by themselves are not as well-positioned from customer service, anti-fraud, or licensing standpoints.
Conscious Markets takes a unique approach to helping banks with digital transformation through technology partnership. We consult companies working with your IT team to identify revenue-generating and cost-saving opportunities possible through the right financial technology partners. As your advisor, we organize your technology back office and interview partners for the perfect match from start to finish.
Popular Digital Bank Tools/
A TRUSTED FINTECH BRIDGE
According to a Cornerstone study, as of 2021 14 million+ US citizens (6% of the adult population) use digital-only banking products as their sole source of banking. According to a Plaid Research study, ~90% of US citizens have at least one fintech mobile app.
Our partners and management team have a combined 30 years of technology training and advisory experience, as well as 30 years of investment banking and community advisory experience. The approach is why our internal IT operations are lean and scalable, and we are developing innovative connectivity to impact and financial data regarding our portfolio concerns. Our services include:
- Act as an advisor and/or manager for fintech investments for banks, credit unions, and fund managers across the country, including assessment and introduction of opportunities for integration or investment
- Provide long-term support and development for fintech solutions for our clients and partners, enabling us to directly impact the small money dollar loan market, and in some cases directly participate
- Help with long term integrations, customer acquisitions, and technical support