Working with fintechs can help FinServs quickly launch new features and improve operational efficiency, so they need a streamlined framework for building those relationships and testing products. 

Sean Manahan has helped Morgan Stanley make huge strides in how it partners with innovative tech firms.  

As head of technology business development, Manahan is responsible for leading the team that sources and integrates tech vendors to drive change at the bank.  

His group has become much more efficient while also doubling to 30 people in the past 5 years, he told Insider. Overall, the team slashed the matchmaking process – which includes due diligence and pilots – from months to days.  

To drive that improvement, the team abides by three key tenets, according to Manahan: Do a lot of pre-work to identify internal business problems and find the tech firms that can best solve those issues, set the expectations early on about the bank’s compliance requirements and processes, and have a streamlined strategy for launching light-weight proof of concepts.  

Ultimately, Manahan’s team has a lot of work to do: Morgan Stanley’s strategy for tech tools is about 80% buy and 20% build in-house.  

For more tips on working with fintechs, read our report on building better partnerships. Also, Insight’s IGNITE network offers enterprise executives unparalleled access to next-gen tech, investment and market perspectives, and a network of peers driving digital change – learn more here or reach out to Zak Sheer for more information.