Over the past few years, traditional financial institutions and non-traditional fintech firms have begun to understand that collaboration may be the best path to long-term growth. At the same time, big tech firms are offering financial services, creating techfin solutions.
The rationale for collaboration is the ability to bring strengths of both banks and fintech firms together to create a stronger entity than either unit could bring on their own. For most fintech organizations, the primary advantages are an innovation mindset, agility (speed to adjust), consumer-centric perspective, and an infrastructure built for digital.
Mobile banking quickly became a table stake instead of nice-to-have, and the financial experiences expected from our applications have moved from reporting the past to predicting the future. To compete, financial institutions must reimagine banking itself within the context of our daily lives, our routines, our needs, our desires, and their impact on our future.