Banks are catching up quickly
The rather sudden rise of FinTechs may have been a necessary wake up call for banks to adapt to these underlying trends in financial services.
Banks are catching up quickly. They have started offering many connectivity points for bookkeeping platforms (ERP), payment service providers, insurance market infrastructures and many trading venues.
Banks are increasingly choosing for the partnership model with FinTechs instead of the more black or white – buy versus build – strategies. These partnership models go much further than obtaining a license and SLA terms. It involves joint idea generation, client validations, setting up new business models in order to jointly benefit from. It means learning and developing together.