By Glen Sarvady
The timing couldn’t be better for TAG FinTech’s Friday panel discussion featuring executives from Alogent, Atlantic Capital Bank, Greenlight and Truist. Too often the business narrative has banks and fintech companies pitted against each other in a pitched battle for supremacy and survival. Thankfully this perception had already begun to recede- there are far more reasons for collaboration than competition among these players- but there’s nothing like a common enemy to help solidify alliances.
The COVID-19 crisis has made it abundantly clear what really matters, and each of these entities quickly kicked into full gear helping its customers navigate the unprecedented terrain. Alogent redoubled efforts to enable its bank and credit union customers with the digital solutions that are more essential than ever now that most branch lobbies are shuttered. Greenlight, which was already working with Truist as well as other financial institutions, saw interesting shifts in spending patterns on its teen-focused card products with parental controls and leveraged this information to provide families with greater insight.
Atlantic Capital Bank, which serves the financial needs of numerous small businesses as well as both startup and established fintechs, played an instrumental role in facilitating Paycheck Protection Program loan applications and helping business clients chart a financial course to surviving a unique landscape. Truist has of course also been very involved in PPP loan processing, as well as taking proactive steps to equip consumers with the support and information they need to weather the storm.
Faced with a major threat like COVID-19, any lingering “us versus them” feelings between the bank and fintech camps quickly gave way to a spirit of shared purpose. Cutting-edge technology isn’t the exclusive domain of the fintechs, either; our Truist panelist leads the bank’s Next Gen Product and Innovation office, which encompasses both internal development and partnerships.
Friday’s panel discussion- moderated by Morris Manning & Martin, another leader in advising the fintech space- will explore how firms are tackling the COVID-19 challenge both individually and collaboratively, as well as the anticipated longer term impacts for financial services overall.
We still hope to deliver our more traditional in-person Lunch & Learn panel on “Building Better Relationships Between Banks and FinTechs” on Friday, June 5. Not surprisingly, the events of the past six weeks have upended many plans, creating a pressing need to address a more critical and time-sensitive topic. This pair of panel discussions will cover different but equally essential subject matter- we hope to see you at both of them.