As a community bank, Sunrise looks to propel the local economy and help residents in the Twin Cities thrive.
We do this by supporting small businesses and providing clients with opportunities to become financially empowered through community engagement and volunteer work.
We’ve recently started a Fintech Partnerships Division that focuses solely on financial technology – fintech – and its potential in the marketplace. Fintech is helping to solve financial problems in niche markets through money services businesses, debit cards, prepaid cards, convenient payment methods and more.
It allows Sunrise to further its impact, providing national and global customers financially-inclusive products.
The technology also expands community banking’s potential to help low- and moderate-income individuals. Through its low-cost, convenient platforms, fintech acts an extension of community banking’s mission-driven ethos.
Provide Better Access
One of fintech’s defining features is its accessibility. Mobile banking apps allow individuals to store and move money without having to walk into a brick and mortar bank location. Over five billion people in the world have mobile phones; however, according to Pew Research, smartphone ownership is more common in developed countries.
Nonetheless, online and mobile banking gives more convenient access to financial services to those who don’t use a traditional bank.
Thanks to fintech, financial literacy is online now, too. Apps and online modules make it possible for anyone to get information on how to save, earn or invest. This evens the playing field, and brings financial advice to everyone.
Fintech provides financial empowerment and literacy in ways that are unprecedented in the banking sector.
Create Meaningful Solutions
Fintech isn’t only accessible, it’s also geared towards fixing issues of economic inequality. In Sunrise Banks CEO David Reiling’s book, Fintech4Good, Reiling chronicles five fintechs that are using financial technology for good.
Take Peanut Butter, for example. This pioneering fintech helps employers offer student loan assistance to workers. Or maybe SelfLender, an innovative fintech that helps consumers build their credit and their savings at the same time.
These are just two of the fintechs chronicled in the book, but you get the idea: Fintechs are prioritizing helping others, just like community banking.
At Sunrise, we feel that community banking is synonymous with community empowerment. When our customers succeed, so do we.
We’re excited to see fintechs solve financial problems and advocate for social responsibility as they lead the next generation of financial services. We believe banks and tech can work together successfully to create a more inclusive financial sector.
Learn more about our fintech solutions here.