The Tricks and Treats that Come with Selecting a Fintech Partner

It’s October! And, as usual, my kids are getting excited about costumes and candy while I mentally map out our Halloween route through the neighborhood (only places we trust, of course). I make a point of knowing my neighbors, ensuring my family is safe, and that we’re contributing to the well-being of our neighborhood. It’s not too dissimilar from how I approach business.

Due diligence in getting to know who you do business with — and especially what companies you choose to partner with — is a crucial element of running a healthy business that protects itself and its customers.

It also makes me think about how banks and other small business platforms must do their due diligence before selecting any fintech partners that will impact their customers. Customers should receive carefully vetted services (aka treats) and not get tricked into accepting services that don’t meet expectations or, worse, compromise security. And this shouldn’t be hard.

A bank shouldn’t have to do any heavy lifting to implement good technology services for their customers. Integration should be turnkey.

In Halloween parlance, selecting a technology partner can be a trick or a treat. If you do proper research, it’s a treat. The feeling of getting tricked comes when you pick the wrong one.

Don’t get tricked (or trick your customers) by picking the wrong partner

The mistake banks and other small business platforms too often make is choosing the wrong fintech partner. They don’t do the research — the due diligence — they truly need to before committing to a relationship. They pick the first company they talk to without seeking out and talking to other solutions providers and getting a clear understanding of their options.

Often, the wrong technology partner takes much longer than anticipated (or reasonable) to get up and running. You also know you made the wrong choice when customers aren’t using the new technology. You often find out later it’s not doing everything your customers want and need. Some only do one thing very well. Yes, it integrates with your current platform, but it’s underwhelming.

What customers want (and I hear this from people all the time!) is embedded small business accounting – which includes invoicing, payments, business expense tracking, financial reporting,  accounting, and taxes – inside of their online banking. Basically, they want the works, all in one place.

Treat your customers by providing them with seamless solutions

I love it when a potential customer evaluates multiple services and compares them with Tight. I smile with confidence because I know there is no comparison. Tight is best-in-class. We offer easy, turnkey integration and all the services small business customers want from their bank or fintech.

The right technology partner for banks (both traditional and digital) gives small business banking customers what they want. That means having everything — robust accounting software with a great user experience — in one place. Tight does exactly that. We help banks and bank-sponsored fintechs empower their customers to manage business finances with ease, and all our tools are seamlessly integrated into your customer experience, white-labeled to your specifications.

If you are a bank or fintech decision-maker looking to add robust small business services to your offering, don’t skip the research and get tricked into something that doesn’t serve your customers. Include Tight in your market research. I’m happy to compare our offering to alternatives because I know our solutions are a treat your customers will appreciate.