Effective fair and responsible banking practices can strengthen your organization in many ways.
When it comes to fair and responsible banking, a financial service organization’s culture, employee conduct, and third-party relationships should be closely monitored. This oversight requires focus and accountability across the organziation, which is a big responsibility – especially for smaller organizations with limited resources, for fintechs directly, and for bank-fintech relationship focused on rapid growth.
But fair and responsible banking isn’t just about what happens in-house. It also includes the products, services, and models used to select and price the third-party relationships that affect customers.
In light of recent regulatory headlines and fair lending- and overdraft-related consent orders issued by federal and state agencies, financial services organizations should expect scrutiny of their fair and responsible banking practices. The right practices can help prepare for that scrutiny and reduce risk as well as improve customer relationships, brand reputation, and risk management processes.