risk F IN T ECH Helps Reshape the Banking Industry

Banks engage in embedded FinTech to meet consumer expectations

By Hannah Flanders

As competition throughout the banking industry continues to rise and digitalization takes the world by storm, many banks are turning to new opportunities with FinTech providers.

Today, consumers throughout the U.S. seek immediate, safe, and easy solutions in every aspect of their day-to-day lives — from transportation and grocery shopping to banking.

As banks throughout Wisconsin look to best serve consumers, their ability to create innovative, flexible offerings is one of the most important factors to consider in remaining relevant and competitive in their communities.

» The Growth of Technology

In 2021, nearly half of all households across the country utilized nonbank online payment services, including peer-to-peer payments (P2P), according to the Federal Deposit Insurance Corporation’s (FDIC) 2021 Survey of Unbanked and

Underbanked Households. P2P payment solutions — such as PayPal and Zelle — and other technology innovations, including Uber, DoorDash, and Zoom, have deeply engrained themselves into households across America and become especially

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» Learn more about WBA’s upcoming FinTech Showcase on p. 7.