Creating Successful Partnerships with Alli Nilsen at Lithic

Episode 6 – Successful Partnership with Alli Nilsen – Sr. Strategic Partnerships Manager, Lithic

Fintech & Bank Partnerships – Swipe Right or Swipe Left?

In this podcast episode, Sarah Grotta, Deputy Chief Fintech Officer at FinWise Bank, interviews Alli Nilsen, Senior Strategic Partnerships Manager at Lithic, about creating successful working partnerships in the Fintech market. They discuss Alli’s career journey, the current state of the Fintech market, the changing relationship between Fintechs and banks, and the challenges faced by Fintechs in finding balance sheet support.

The conversation explores the idea that the current market cycle is not the first of its kind and draws parallels to a previous cycle from 2008 to 2014. It discusses the importance of oversight and awareness in preventing similar issues from recurring. The conversation also highlights the need for collaboration and forward-thinking in navigating the challenges of the market. The role of regulators and compliance in shaping the marketplace is emphasized, along with the value of constructive feedback and strong relationships with regulatory counterparts.

Alli provides advice for Fintechs on how to make a good impression and find the right bank partner.

Takeaways:

• Creating successful partnerships in the Fintech market requires self-awareness and finding a bank partner that aligns with your goals and values.

• The current environment has placed a magnifying glass on oversight, compliance, and regulatory review, which is healthy for the industry.

• Fintechs need to invest in compliance and regulatory risk management to be successful and attract bank partners.

• The current market cycle is not the first of its kind and can be seen as an iteration of a previous cycle.

• Oversight and awareness are crucial in preventing recurring issues.

• Collaboration and forward-thinking are essential in navigating the challenges of the market.

• Regulators and compliance play a significant role in shaping the marketplace.

• Constructive feedback and strong relationships with regulatory counterparts are valuable for growth and improvement.

• The relationship between Fintechs and banks is evolving, with Fintechs now looking for banks that provide oversight and support their growth.

• Finding the right bank partner requires a good personality fit and a basis of mutual respect for a long-term successful partnership.

• Fintechs should approach bank partnerships as a two-way interview, ensuring that the bank aligns with their needs and values.