December 12, 2018

Mutually Beneficial Bank-FinTech Collaboration Models


At the recent Sibos conference in Australia, the CEO of ANZ, Shayne Elliott, touched upon an old argument in the FinTech space – disruption vs. collaboration. Initial perceptions of FinTech startups pegged them as standalone disruptors of the financial ecosystem. The consensus within the financial sector is shifting though and, as Elliott indicated, there’s a different trend starting to emerge across the board. “The interesting development we’ve seen over the last 18 months or so is a shift to the view banks will work with FinTech – rather than FinTech replacing banks.” Elliott also emphasized that although FinTech technologies do not necessarily spell the end of banking, “they can certainly spell the end of banks which don’t rapidly adapt, which have leaders lacking flexible mindsets, or which lose sight of what their customers value.” Recent studies would suggest that both factions believe that the opportunity in collaboration is perhaps bigger…

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