Teaming up for transformation: Choosing the right bank-fintech engagement model
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Fintechs are friends, not foes
The bank-fintech relationship has reached a turning point, as collaboration - not competition - becomes the primary driver of leadership and innovation. For their part, fintechs are embracing their role in the broader banking ecosystem, preferring to enable banks than to go it alone. In fact, Capgemini found that 75% of fintech executives' primary business objective is to collaborate with traditional players.
Fighting big tech with fintech
The push for banks to partner with fintechs is increasingly urgent. By partnering with digitally-savvy startups, incumbents are insulating themselves from the real threat – big tech. While it's becoming clear that banks and fintechs are natural allies against big tech – namely, Google, Apple, Facebook and Amazon (GAFA) – not all partnerships are created equal.
In this report you will learn:
Why bank-fintech partnerships are vital in the modern banking ecosystem, and how the right kind of partnership is key to insulating against big tech disruption.
The frameworks for 5 different bank-fintech engagement strategies (including illustrative case studies for each method).
The pros and cons of each framework to help decision-makers pursue the model that best suits their organization's goals.
Tips for building strong bank-fintech relationships, irrespective of what partnership model your bank prefers.