Evolving partnerships in retail banking

Evolving partnerships in retail banking

In this episode of Branching Out, hosts Kristin Korzekwa and Bill Dworsky are joined by Michael Costigan, VP of Business Development at One. The three discuss Michael’s leadership and experience at One, as well as the evolving role of fintech organizations as both innovators and collaborators with traditional banks.

Michael also shares insights from his diverse experience in business development across various company growth stages, highlighting the shift in focus from customer acquisition and growth marketing in direct-to-consumer models, to strategic partnerships and sales in business-to-business models.

I generally see fintech as a kind of positive competitive market effect, and I think that consumers are quickly wising up to the fact that they don't necessarily need a brick-and-mortar retail bank.

—Michael Costigan
VP, Business Development at One

I think of strategic partners as not just cost centers, but associated with net new revenue, and I think of more traditional vendors as peer cost centers…You have economic incentives that are aligned, and you have shared goals around growing that stream of business together. And so, it should be partnership, and if it's not treated as such, it's going to be difficult to scale that relationship.

—Michael Costigan
VP, Business Development at One