A dozen American community and regional banks have formed a consortium, called Alloy Labs Alliance, dedicated to exploring fintech opportunities.
The Alliance, which is being managed by Fintech Forge, is designed to help smaller banks pool their resources in the quest to stay relevant in the digital age.
The platform will offer a chance to work together on shared areas of opportunity, with smaller working groups focusing on specific areas. The group - which includes Columbia Bank, Inland Bank and nbck Bank - also want to work with fintech startups to help shape their solutions while reducing execution risk.
"Community banks play a special role in the lives of our customers," says Julie Thurlow, CEO, Reading Cooperative Bank. "But we don’t have the same IT and innovation budgets as the big banks to capitalize on that relationship."
Jill Castilla, CEO, Citizens of Edmond, adds: "There’s a mistaken perception that smaller banks aren’t as innovative as the largest players. We absolutely are, but need to take a different approach to maximize the impact."