The Financial Services Roundtable, a leading financial services trade association that represents the interests of the top banks and other large financial institutions in the country, announced this week a new Tech Collaboration Program to bring together leaders from financial technology companies (“FinTech”) and traditional financial institutions. The program is intended to help FinTech and financial institutions work cooperatively together to develop best practices and guidelines to improve security, efficiency and to better meet consumer demand for financial services.
The program reflects a friendlier approach to FinTech from the financial services industry. Banking leaders elsewhere have expressed dissatisfaction that FinTech lacks proper federal regulation and oversight and could put consumers at risk. The Financial Services Roundtable’s program suggests that cooperation may be a way to address those concerns.