FinTech is disrupting the banking industry.
Banks are aware that they need to react to the rapid emergence of new market players, but even still, our analysis of 45 global banks reveals that only 25% are extensively engaged with FinTechs.
The global FinTech industry is growing rapidly, driven by a powerful blend of innovative start-ups and major technology players. Banks that want to leverage its potential must act now to find ways to engage with these innovative organizations to achieve value-creating collaboration. Unless banks and FinTech firms get better at working together, neither will reap the full benefits of innovation. They must partner, or they may perish.
Building better partnerships: actions for banks and FinTechs
Embedding FinTech in the banking ecosystem
The most successful banks will be those that improve agility and reduce costs by collaborating with a range of different partners to build the strongest ecosystem. Banks can't do it alone; the culture must be one of collaboration. But to achieve this future state, banks will need to unleash the potential of FinTech in their own organizations – and both need to get better at working with each other to successfully drive innovation.
