Financial technology, or fintech, companies “integrate digital technology into financial services to build new markets and reach established ones in new ways,” the team at Cross River Bank explains.
They drive digital transformation and competition in traditional financial services “by expanding the marketplace and creating new product opportunities and efficiencies.”
From lending and banking to cards and payments, fintech companies are “making themselves felt and are changing how consumers interact with their financial partners.”
Banks, however, still “provide the infrastructure behind all that innovation.”
Financial services “are highly regulated, and banks offer compliance and risk management structures that strive for stability and responsible access while keeping customers coming back.”
Cross River claims that it “exemplifies the modern connection between the banking and technology industries.” Leading fintech partners reportedly “leverage Cross River’s proprietary operating system to connect to its centralized infrastructure and deploy products tailored through application programming interfaces.”
Cross River’s compliance framework “empowers partners with security, risk management, and compliance systems.”
Since 2018, the Arizent group of business information brands and Best Companies Group named Cross River one of “the best places to work in fintech for five consecutive years.”
In 2023, Cross River was also selected as the “Best Banking-as-a-Service” platform by FinTech Breakthrough Awards.
Anthony Peculic, Head of Cards at Cross River, said:
“Expanding access to financial services is always the goal.”
The company explains that it “offers platform lending, and payment solutions in addition to the card program Peculic oversees.”
Peculic added:
“Fintechs gain inroads in markets the big banks have traditionally ignored, perhaps because they felt there wasn’t enough money to be made. We empower financial brands to offer more inclusive solutions and reach new markets.”
Gilles Gade, CEO at Cross River Bank, notes that they recently “closed the first quarter of the year strong and on target despite a turbulent macro environment.”
It’s worth noting that Cross River Bank, a top Fintech enabler, is a target of a Federal Deposit Insurance Corporation (FDIC) enforcement action that includes a consent order which has been accepted by the Bank’s board.
According to Gade, they are in line with their revenue targets and strategic plan for 2023.