Fintechs and Financial Institutions need to adapt to succeed

Startups and enterprises

In order for collaboration between Fintechs and Financial Institutions to succeed, both parties need to adapt. 

In many narratives, the blame for cultural clashes is put on Financial Institutions for being unwilling to adopt newer ways of working. And it’s true that most Financial Institutions have work to do in updating processes to enable more flexibility and speed, as well as accepting the idea that in order to truly innovate, some failure will be necessary. But Fintechs also need to understand that most banks are large businesses, which is often why the Fintech wants to work with them in the first place, and that entails a certain level of bureaucracy in order to safeguard the business and ensure regulatory compliance. Collaborations where both parties are willing to compromise will be the ones that see the best results.

Fintechs and Financial Institutions face a major hurdle to the success of their collaboration efforts, according to data gathered by pwc Analysts.

Download the pwc Global Fintech Report: Redrawing the lines: FinTech’s growing influence on Financial Services