Fintechs help local institutions compete in ever-crowded digital banking space

Vista Bank President and CEO John Steinmetz said despite the need for external partnerships, he doesn’t see fintechs as a threat. He said the technology is creating new opportunities — Vista bank is utilizing fintechs for services like robot-assisted loan processing. He added fintechs can boost efficiencies, especially through the COVID-19 pandemic and the low-rate environment. 

“I see fintechs helping banks advance and move the ball,” Steinmetz said. “We're very slow as an industry to change. I think fintechs are making community banks, and banking in general, a better industry for the consumer by pushing us forward.”

Steinmetz said Vista is transitioning to become more of a technology company that provides the commodities of loans and deposits.

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