How can you build and maintain relationships with banks in your Fintech platform ecosystem?

1 Identify your value proposition

Before you approach any bank, you need to have a clear and compelling value proposition that shows how your fintech platform can benefit them. You need to understand the bank's pain points, goals, and opportunities, and tailor your solution accordingly. For example, you might offer a faster, cheaper, or more secure way of processing payments, lending, or verifying identities. You also need to demonstrate how your platform can help the bank comply with regulations, enhance customer satisfaction, and generate new revenue streams.

2 Research and target the right banks

Not all banks are equally open or suitable for partnering with fintech platforms. You need to do your homework and find out which banks are more receptive, relevant, and aligned with your vision and values. You can use various sources of information, such as industry reports, media articles, social media, and events, to identify and prioritize the banks that match your criteria. You should also consider the size, location, culture, and strategy of the bank, and how they fit with your platform's scalability, accessibility, and differentiation.

4 Negotiate and structure the partnership

Once you have established a rapport and interest with the bank, you need to negotiate and structure the partnership in a way that creates value for both parties. You need to define the scope, objectives, roles, responsibilities, and expectations of the partnership, and agree on the terms and conditions, such as pricing, revenue sharing, data ownership, and governance. You should also consider the legal, regulatory, and operational implications of the partnership, and how to mitigate any risks or challenges that might arise.

5 Communicate and collaborate effectively

After you have signed the partnership agreement, you need to communicate and collaborate effectively with the bank to ensure a smooth and successful implementation and operation of your fintech platform. You need to assign a dedicated team or person to manage the relationship with the bank, and keep them updated on the progress, feedback, and issues of the platform. You should also seek regular input and feedback from the bank, and address any concerns or problems promptly and professionally. You should also look for ways to enhance and expand the partnership, such as adding new features, services, or markets to your platform.

6 Measure and evaluate the outcomes

Finally, you need to measure and evaluate the outcomes of the partnership, and how it impacts your fintech platform's growth, profitability, and reputation. You need to use relevant and reliable metrics and indicators, such as customer acquisition, retention, and satisfaction, revenue generation, cost reduction, and compliance improvement, to assess the performance and value of the partnership. You should also solicit feedback and testimonials from the bank, and use them to improve your platform and showcase your achievements. You should also celebrate and acknowledge the success and contribution of the partnership, and thank the bank for their support and collaboration.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?