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Berkshire Hills bets on fintech partnerships for growth


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JPMorgan Chase is expecting to spend $12 billion this year on technology — slightly more money than all of the assets of Berkshire Hills Bancorp in Massachusetts.

But Berkshire CEO Nitin Mhatre is undaunted. Mhatre, who took the reins of the $11.6 billion-asset company last year, has begun partnering with the same fintech sector that JPMorgan CEO Jamie Dimon is bent on defeating.

At a time when many small banks are being sold to larger competitors, rather than trying to keep pace in the technology race, Mhatre said fintech partnerships will help fend off potential buyers and avoid the temptation to acquire a smaller bank.

“We kind of decided that our destiny is going to be a high-performing, socially responsible community bank,” Berkshire Hills CEO Nitin Mhatre said this week, “but also be a tech-forward institution that thinks about, ‘How do we deliver exceptional experience to our customers?’”

Scott Henrichsen Photographer

Bank M&A is a “distraction,” he said during a brief interview at the Consumer Bankers Association’s annual conference in San Antonio. He added…

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