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 organisations.
With the number of Bank / FinTech partnership deals increasing where will mutual value be found?
Recently I attended a bank partnerships briefing organised by the Emerging Payments Association and hosted by Lloyds Bank.
The Lloyds contributors provided their thoughts on achieving mutual value through partnerships.
Three FinTech benefits of a valuable partnership
- Access large client base achieving wide reach
- Leverage trusted brands and reputation of the incumbent banks
- Access to large balance sheets
Three Bank benefits of a valuable partnership
- Avoids commoditisation
- Accelerates digital transformation
- Expands distribution of products and services