Working with fintechs can help financial institutions quickly launch innovative features and delight customers. While there’s no magic formula to crafting successful relationships, we’ve put together a playbook to help you build better partnerships.
Big FinServs need to get better at partnering with startups. Upwards of 75% of banking leaders say they feel “pressured” to collaborate more with fintechs to meet consumer demand, according to a recent survey of 800 execs, but many are still “wrestling with the challenges” of doing so.
“If you look at the industry at the moment, it can take 12-to-18 months for a bank to onboard a new supplier,” according to Oscar Brennan, the CRO of TechPassport, an organization created in collaboration with 15 global banks that aims to fast-track engagements between FinServs and startups. “As one fintech put it to me recently, ‘One of us is working in dog years, and one of us works in human years.’ There’s a real parallel.”
To figure out how banks and insurance firms can speed up that process and work with ScaleUp more effectively and efficiently, Insights Distilled asked Brennan and six other leaders from the likes of Lloyds’ and Genesis Global about their guidance, expertise, and experiences.
To learn what they told us, download the exclusive report here.