Flagstar Bancorp in Troy, Mich., has agreed to partner with the Detroit FinTech Bay, an incubation hub for financial technology startups.
The $18.7 billion-asset bank has committed $50,000 to the incubator over the next two years, said Jennifer Charters, Flagstar’s chief information officer. In return, Flagstar will have representation on the program’s advisory board and access to Detroit FinTech Bay’s building space.
Flagstar joined the program as a founding partner to work alongside entrepreneurs, investors and others as it seeks to expand its products and services and make more high-tech investments, according to Charters.
“I don’t believe that Flagstar independently can come up with every great idea, so being able to partner with others will allow us to co-create value, be able to think a little bit differently and see from a different perspective,” Charters said in an interview.
Charters, who joined the company this summer, said she hopes the relationship with Detroit FinTech Bay will help the company develop technologies that create a “custom-crafted banking experience.”
Flagstar has been beefing up its consumer technology while it completes its purchase of
“These customers are going to be some of the first customers to get on some of our latest and more advanced online and mobile technology,” Charters said. “So we are looking forward to onboarding the Wells Fargo customers into Flagstar and giving them a great experience that will hopefully allow us to instill a long-term relationship with them.”
