Today's consumers are increasingly looking to FinTech and other non-traditional providers to manage their credit needs. They are no longer beholden to the established financial institutions and their requirements. Having the responsibility of fewer regulations allows the marketplace lenders to disrupt the traditional banking landscape and the more traditional banks have had to lower the cost of funds. However, the traditional financial services firms have access to credit modelling, branch networks and customer data. There is an opportunity for both to form strategic partnerships to take advantage of each of their strengths, thereby growing both of their bottom lines.
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