Fintech – collaboration is key
The fintech revolution will struggle to assert itself without ‘symbiotic collaboration’, according to Capgemini. The technology consultancy recently released its World FinTech Report 2018, which states that while fintech has played a major role in revitalising the consumer journey in the world of financial services, startups are beginning to realise that they cannot succeed on their own, necessitating deep and extensive collaboration.
“Competition and rising customer expectations are driving demands for more convenience and personalisation,” said Capgemini. “Fintech firms are leveraging both customer data to drive personalised offerings, and providing fast, 24/7 online services that can be accessed from any device. However, financial services customers have greater trust in the brands of traditional firms versus those of fintechs … [and] for future success, financial services firms must look to continue aligning with customer goals, maintaining trust, and delivering digital, agile, and efficient processes.”
Collaboration, says the report, is a win-win, as both new disruptors and legacy institutions can benefit from each other’s unique positions and relative influence. If the right partner is selected, the sky is the limit.
“Without an agile and committed collaboration partner,” warned Anirban Bose, Head of Capgemini’s Financial Services Global Strategic Business Unit, “both traditional and fintech firms risk failure.”
Read the full report here.