BANKING
Forming strategic partnerships to drive growth is becoming a critical part of the banking industry ’ s future-proofing strategy
Ecosystems , digital partners , and collaboration . These nowfamiliar terms are commonplace in the banking , finserve and technology industries .
As legacy systems struggle to morph into entities that can operate on the new digital plane , partnering has become more than just a buzzword . For many companies , these business relationships are their salvation in a time of unprecedented change .
While fintech startups have the advantage of designing their core processes and models around digital transformation , they often hit stumbling blocks when it comes to growing their businesses .
By comparison , incumbents hold all the cards with a ready database of willing customers and usually a big budget to finance the seachange . However , for those well-established , hallowed halls of finance , adopting new technologies and practices is expensive . It ’ s also disruptive , and entirely alien in terms of lean and agile principles and the latest BI practices .
The remedy for this situation lies in collaboration and ‘ side line ’ rather than core developments .
For example , many banks today , rather than attempt to transform themselves too fast and risk mistakes , have taken to launching digital versions of themselves as subsidiary arms . And they partner with software and technology solutions companies to make the magic happen .