Ask the Fed special webinar series titled “A Conversation on Service Provider Partnerships” was moderated by senior Federal Reserve officials, and featured Federal Reserve Governor Michelle Bowman, Atlanta Fed First Vice President and Chief Operating Officer Andre Anderson, a panel of community bankers, and a service provider panel.

Panelists explored opportunities, rewards, and hurdles to overcome in establishing effective partnerships between community banks and their service providers. The series addressed a range of topics including banking technology trends, risks inherent to partnerships and financial innovation, lessons learned from the pandemic, and the role of innovation in strategic planning and its potential to promote financial inclusion and consumer protection. The issued interagency resource “Conducting Due Diligence on Financial Technology Firms: A Guide for Community Banks” and a Federal Reserve System paper “Community Bank Access to Innovation through Partnerships” was also explored.

This 90-minute session was the first webinar of the series. It featured opening remarks from Federal Reserve Governor Michelle Bowman followed by a panel of community bankers who discussed their perspectives on strategic innovation, pathways to effective partnerships with third parties, key risks, and regulatory considerations for such partnerships.

Details on the second webinar of the series are available here.