We explore how collaboration will bridge the worlds of digital and legacy finance , ushering in a new , partner-centric era of finance
T here ’ s little novel about fintech and established financial institutions working hand-in-hand . Behind the snappy ad campaigns , sans-serif fonts and slick app interfaces , most fintechs have always relied on some form of partner license , or access to a bank ’ s network .
Even challenger banks – the recent wave of financial organisations that straddle the line between all-digital and legacy banking – never really sought to ‘ challenge ’ either side of the coin in the common sense . Instead they offer banking that retains much of the form customers expect of a traditional bank , while offering the latest fintech services for digital payments , credit access and personal finance .
The past decade of Facebook founder Mark Zuckerberg ’ s ‘ move fast and break things ’ mantra may be coming to an end , supplanted by what Greg Satell , writing for Harvard Business Review , calls a new era of “ mass collaboration , often involving direct competitors ”.
47 fintechmagazine . com