Fintech Partnership Checklist
by Laura Hillhouse, on April 27, 2020
Thinking about how Fintech partnerships can fit into your organisation can be tricky. It’s daunting, especially when you’re new to having tech in the business and with everything from mobile apps to payment solutions available, there’s a lot to consider.
As a FinTech, we know what our customers ask for when choosing us as a partner. So, we’ve put together a checklist on what you should be asking any Fintech partner and also some other points to consider;
- How will the Fintech fit into your organisation?
Consider how the relationship with your Fintech will fit in with your entire business plan and model. You will want to make sure that the relationship is going to help you to achieve your goals. List out your business goals and talk to your potential partner about them. Ensure that you are both on the same page about your direction before entering into any type of agreement.
- Do they have a business plan and a roadmap?
Ensure the Fintech has a sound business plan and roadmap in place. You need to know that they are financially stable, and you won’t be left in the lurch. The roadmap will also be important to you as you will want their direction to support your goals. Having this knowledge will allow you to move forward with your new partner knowing there is a reliable future ahead for you both.
- Check up on their security and compliance
Find out what the Fintech has in place to ensure they remain secure and compliant. Does their solution match up with the regulations in your industry or will their need to be some adaptations made for you? This will be important to know before you even select them as a partner. You should also ask more about how all of your data will be managed and stored. Moving cautiously is normal, especially when it comes to decisions about your data and security.
- Know your onboarding times and ask about other customers
Make sure to find out what the onboarding process will look like. It’s important to know if it will fit in with your organisational processes and with your own timeline. You’ll also get a good sense of whether they’ll work for you if you ask about their other customers and hear their stories.
- Who are their partners?
Many Fintech’s have partners of their own to help build their solution. Make sure to ask about these so you know what their model looks like and if these partnerships will also benefit you.
Collaboration is key when it comes to Fintech partnerships. It’s vital is that we work with each other and not against each other. In an increasingly competitive financial landscape, it’s naïve to think that one organisation is good at completely everything. We should be working in partnership with those we know will fit into our business and who are going to help us to achieve our goals. There will always be someone who does one part better than you and if you can find them and fit them into your business model, you’ll be well on your way to success and growth.
For more advice on Fintech partnerships and to hear how Soar are partnering with financial organisations to grow their business, get in touch.