Compliance Characteristics of a Better Fintech Partnership By Nellie Szczech, BHG Financial Deciding which fintech to partner with in today’s regulatory environment can be a difficult road to navigate, especially moving forward during rocky economic times. That’s why it’s more important than ever for community banks to perform comprehensive due diligence on any third-party organization that provides services to them. As with all new financial relationships, a best practice before moving ahead calls for a full assessment of any potential partner’s capabilities to gauge whether it’s a safe and beneficial move. It requires questioning how much value will be brought to the table, if they have a successful working history with banks, and if the company complies with and surpasses all your institution’s compliance expectations. One industry leader worth noting is BHG Financial, boasting an exemplary track record of success working with financial institutions of all sizes. They offer many innovative income opportunities to help community banks achieve asset growth and portfolio diversification by adding top-performing borrowers to their books through membership to the BHG Bank Network. Membership comes with access to a full suite of programs that span business, consumer, and SBA 7(a) loans, collection services, risk management services, and point-of-sale financing. Moreover, they have an invaluable reputation for going above and beyond to adhere to all laws, regulations, internal policies, procedures, and programs. Their commitment to protecting partner banks by maintaining strict adherence to compliance requirements is inherent when you’re a fintech that has developed the most extensive community banking network in the country of more than 1,450 members nationwide. Characteristics of a Compliant Partnership For community banks considering a partnership with any fintech, BHG Financial has the characteristics of exactly what to look for: 1. An established enterprise compliance risk management program to set standards and expectations, roles and responsibilities, and core program components. 2. Promotes and achieves a strong and proactive culture of compliance throughout the firm to consistently meet its legal and regulatory requirements. 3. Best-in-class expertise in navigating the everchanging world of compliance and risk. About BHG Financial BHG Financial is transforming the financial industry – leveraging the power of data, analytics, and cuttingedge technology to become the number one source for professional loans and the creator of the largest community bank network in the country. To date, BHG has originated more than $10 billion in loan solutions for top-quality borrowers, which community and midsize banks can access through a state-of-the-art loan delivery platform: The BHG Loan Hub. Interested in learning more? BHG believes in the power of great relationships and encourages you to ask your partner banks if they have joined the BHG Bank Network. We’re also happy to connect you directly with any of their partners in your specific state. For more information, contact Nellie Szczech at 315.509.2637 or nellie@bhgbanks.com. NEBRASKA INDEPENDENT BANKER 20
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