Three reasons why fintechs need digital partnerships
“ There is no turning back – and that includes banking providers . Financial institutions will only survive if they adopt this strategy . And if they need speed , the only route forward is to partner with a digital provider to adopt this platformbased approach .”
COVID-19 and digital partners Another driver of the digital partnership ecosystem is the pandemic , which forced the accelerated digitisation of companies and shifted the business mindset on its axis . Working with and outsourcing to a company that operates in another time
1 . Cost-effective Outsourcing to a specialised technology service provider means not having to retrain staff or recruit experts to run it and increased budget control and transparency .
2 . Flexibility Outsourcing to experts reduces the chances of making a bad hire and blowing the budget on new in-house technology . Furthermore , companies try a number of options until they get the right fit rather than making an expensive mistake that they have to live with .
3 . Faster market delivery If one company can offer a faster service , this is often enough to differentiate them from the competition . The better the tech , the faster the service
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