Over the past few weeks I’ve been involved in working with a number of clients on proposals for new business – mostly these proposals have been FinTechs seeking to work with larger incumbent banking organisations.
With the number of FinTech partnership deals increasing what are the attributes of a successful Bank / FinTech partnership?
Recently I attended a bank partnerships briefing organised by the Emerging Payments Association and hosted by Lloyds Bank.
The Lloyds contributors provided some practical advice on beneficial Bank / FinTech collaboration models including advice on how a FinTech should engage with a bank.
Forming effective partnerships
Five FinTech tips for forming an effective Bank / FinTech partnership:
1: Define your value proposition (What problem are you solving?)
2: Evaluate how best to engage
3: Build a joint business case (The creation of mutual value)
4: Be responsible and show maturity
5: Find common ground in different cultures.