Fintech earned $ 13.1 billion from subsidized companies in 2016, five times in the last four years (see Figure 1). The growth of the industry has reinforced the common idea that Fintech is hurting banks. But teamwork – not competition – is the cause of the risk.
The current threat to most banks does not come from Fintech but traditional competitors have the opportunity to control this banking Fintech. Our study of 55 major banks around the world shows that even though all banks work with Fintech in one way or another, only a percentage of the size used is due to the ban on working with Fintech. In this report we look at some of the most common integration barriers – from market management and supply chain management to professional types – and how banks and Fintech can find them.
Beneficiaries or pests: banking actions
Banks have a lot of new ideas; the challenge is to show that it is still actively researching and integrating technology. The hardness, size, and stiffness of the banks make it difficult to do so.
Today major global banks use several methods to integrate with Fintech. They hope to lower their long-term prices by protecting their stock market by informing their customers about new product accounts. But mixed success.
Working with Fintech and providing real-world innovation management, banks need an explanation of the latest, greatest and freshest technologies, expertise, and forms of quality. Banks also need to know how to effectively interact with Fintech, taking into account the different cultures and contexts of their organizations. We focus on four levels of success for banks that want to highlight FinTech’s potential in their organizations.