“ Buy now pay later financing is an extension to the customer of flexibility ”
CHARLES DRIEST CHIEF EXPERIENCE OFFICER , F & M BANK
because we ’ re utilising multiple vendors ,” notes Driest .
“ Banks possess the mechanism that allows you to see that customer journey through those three very different pieces of onboarding and transaction , which , in the past , left banks with a lot of manual report comparison work . So finding a partner that can solve that type of problem by doing the legwork for you – connecting your core and your online account openings , and layering that in the front-end of your website – that ’ s a big win .”
The future of fintech in banking While integrating the right fintech solutions is important for the ‘ now ’ at F & M Bank , this hasn ’ t stopped Driest from looking to the future of how community banks can adapt and enhance a customer-centric approach to financial services .
One financing option that interests Driest is “ buy now pay later ( BNPL ) financing ”. He continues : “ It ’ s the extension to the customer of flexibility . When I think about the things that we need to focus on , it ’ s ultimately the value we can deliver to customers to make their lives easier , giving them the ability to manage their day-to-day finances and provide flexibility .
“ BNPL is a tool that can deliver this . When you look at some of the big players in the space currently out there , because they ’ re not fully integrated into a bank per se , although they attract a certain level of customer , I think there are a lot of consumers who will wait until there ’ s a bank-approved option .
72 July 2023