Financial institutions and FinTechs have unique strengths that when brought together can be very powerful. Financial institutions possess market share and well-established relationships with their customers, often developed over many years. Meanwhile, FinTechs offer specialist technical knowledge and an agile approach to innovation, enabling them to improve inefficient processes and build powerful digital solutions.
One of the most important things businesses can do is put themselves in the shoes of the client. Spending time on the other side of the fence and experiencing their problems first-hand gives them perspective in understanding their pain-points – this then feeds into innovation.
Innovation lies at the heart of all FinTechs and having a product that suits the ever-evolving needs of the client is crucial. By having a vision of your product that stretches into the future you can continue to build and strengthen relationships throughout your client’s organisations.
Sometimes, the best way to innovate is to co-create. This is where partnerships within our industry become so important to both FinTechs and the shared clients they serve. With the help of partners, you can get a view of more meaningful information; you are able to understand their biggest challenges in context and with precision. Start-ups and scale-ups do not always possess the capability to handle an enterprise client, so having a trusted partner gives additional firepower when it comes to supporting clients and augmenting your product within their organisation.
Joined by industry specialists Quantexa and Barclays, Solidatus’ Co-CEO Philip Dutton sat down with our partner EY to look at building successful partnerships within FinTech, and why these partnerships need to be treated as extensions of a company’s own business mode.
Watch ‘Enterprise Engagement Workshop: Building successful FinTech partnerships with financial institutions‘, brought to you by Rise (by Barclays) on demand now:
