- Professional Services
Fintechs and Banks
A Mutual Endeavour
Fintechs are closer to the customers as the services they provide are in response to the demands of the marketplace, and this is very appealing to the banks. Fintechs on the other hand need banks because they can provide the scale, the customer base, regulatory and compliance structure, risk management, security, etc. which is vital for growth and sustainability.
A good exit strategy is also vital for banks and fintechs alike at both the business and technology levels. The strategy should allow for the ability to quickly and safely onboard and offboard fintechs without any major impact to the business. This should be the case for business and technology. We may soon be left with a financial sector where fintechs and banks collaborate for each other’s benefit.