How Fintech Is Co-Opting the Banking Industry's Directors and What to Do About It

By: Craig D. Miller
– Bank Director
Over the last several years, companies which can be broadly grouped under the umbrella of “fintech,” or financial technology, have been making notable additions to their boards of directors by acquiring talent from traditional financial institutions and regulatory agencies. These additions include Sheila Bair, former chair of the Federal Deposit Insurance Corporation joining the board of directors of Avant, which specializes in digital lending to subprime customers, and Anshu Jain, former co-CEO of Deutsche Bank, joining online lender SOFI. This effort is certainly not unprecedented.
 

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