Closing the gap in fintech collaboration
Overcoming obstacles to a symbiotic relationship
As FinTechs mature, incumbent financial institutions expect more from them, demanding practical solutions that address specific problems rather than “cool” but generic ideas. Understanding the current state of the fintech market and learning how to engage and collaborate with these tech-driven startups can enable innovation that drives true transformation and differentiation in the marketplace.
However, challenges remain that can hinder collaboration, including internal organizational and cultural issues and external issues such as regulation, lack of industry-specific expertise, and difficulty demonstrating a clear value proposition. To advance collaboration, financial institutions and FinTechs need to be more open-minded, tolerant, and accommodating and understand the mutual need for coexistence and co-dependency.