Elizabeth Snyder

The skyrocketing expansion of fintechs delivering inventive products and services is impressive, and it’s only natural that traditional banks want to seize a bit of that action. After all, many of these startups have identified a specific consumer pain point – often something that has long troubled a bank – and applied cutting-edge technology to solve it. Along the way, fintechs are carving out an entirely new market while also expanding their reach to previously unbanked or underbanked consumers.

Not too long ago, banks primarily served their communities through their expansive network of branches, with customers walking in and out of physical locations dotted across their institution’s footprint. In recent years, digital transformation efforts to meet customers online and through applications have pushed traffic away from those traditional brick-and-mortar branches.