Despite the increasing buzz surrounding Fintech over the past several years, Fintech has been around longer than you think and it’s here to stay. The simple answer? Technology. But in the grand scheme of things, it comes down to people; Fintech’s inevitable longevity will be because of people.
Throughout Fintech’s history, advances in technology have always enabled product innovation in response to evolving consumer hurdles and expectations. As banking and the overall financial services industry continues to become more digitized, the demand for fast, convenient, and secure services is growing like never before thanks to the internet and smartphone revolution.
As a result, the Fintech industry has experienced a significant boom in growth in a short period of time. And while they’re well-positioned to deliver products that enhance the lives of its users by enhancing traditional financial services and making them more accessible, there is a reality that all Fintech companies must face at one point or another: the heavy regulation of the financial services industry.
The Birth of Choice Fin
Navigating the landscape of compliance and regulation is an art that banks are regularly perfecting. Knowing this, coupled with Choice Bank’s experience with integrations and legacy systems and belief in a people first business approach, EVP, Chief Brand & Innovation Officer Tim Heilman and SVP, Technology Innovation Jake Tupa came together to co-found Choice Fin.
They began by laying down the groundwork, building out a highly customized tech stack, assembling a team of solution-oriented individuals who held their same enthusiasm for providing banking as a service, and, most importantly, identifying Fintech partners that shared our passion for putting people first.
“Adaptability and collaboration were two of the most important things for us when we were envisioning how to best support our Fintech partners,” said Tim Heilman. “We wanted to ensure that we could scale and adapt very quickly to various solutions and problems our partners could encounter. And we wanted them to know that we valued their expertise and the knowledge they brought to the table.”
People First Partners
By 2017, after months of planning and preparation, Choice Fin officially launched with our first Fintech partner. Since then, we have had the privilege of working and growing with several other partners.
From Current who is providing parents with a solution to teach their children about financial responsibility to Qube who is helping people budget for their financial health to Lively who are empowering individuals to optimize their healthcare spending, we’re committed to fostering strong relationships with our Fintech partners to make a difference in people’s lives.
Photo by Corinne Kutz on Unsplash