Pathward's Divisional President of Banking as a Service Will Sowell connected with Rachel Koning Beals, senior editor at BAI to discuss Pathward’s evolution, industry trends and Pathward’s new offerings for financial institutions.
Sowell provided background on Pathward’s beginning as a retail bank that started in Iowa 70 years ago to the nationally chartered bank it is today. Pathward now offers Banking as a Service solutions and commercial and consumer financing with an aim to expand financial services to underserved and emerging markets.
One of the topics Sowell expanded on in the interview was Pathward’s recently launched Solutions for Financial Institutions, which offers out-of-the-box, turnkey solutions to small banks and credit unions. Solutions for Financial Institutions marks a new era for Pathward as the bank transitions from solely providing prepaid cards to offering a host of financial solutions for banks and credit unions to compete in today’s market. The expanded suite includes commercial finance solutions that provide a variety of options to help businesses maximize cash flow or expand their business, such as asset-based lending and Small Business Administration lending. The suite of solutions also includes merchant services, which empowers community banks and credit unions to offer merchant processing services to business clients.
“We act as extensions to the financial institution’s products. These extensions are always a supplemental product, and never meant to compete with their existing product suite,” Sowell said.
Sowell also shared that embedded finance is growing at a rapid rate and how Pathward’s own research revealed some of the challenges executives may face as their companies add embedded finance to capabilities.
Read the full interview on BAI.org.
Learn more about Pathward Solutions for Financial Institutions.
Gain more insights from Pathward’s research and recent webinar on embedded finance.
Related content:
Pathward Transforms Product Suite with Launch of 'Solutions for Financial Institutions'
You are leaving a Pathward website and will be going to a website that Pathward does not control. Pathward has provided this link for your convenience, but does not endorse and is not responsible for the content, links, privacy policy, or security policy of this website.