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The secret to a successful bank + fintech collaboration

Publish date: 30 April 2019

Exclusive interviews and insights from Efma members reveal the key to success in collaborations between banks and fintechs, in the first edition of Efma’s new ‘Voice of the Members’ series.

Increasing customer demands for ‘anytime’ banking and innovative new services built around the hottest technologies have driven traditional financial institutions to team up with fintechs. Conventional players have a lot to benefit from these tech-savvy newcomers, who are more agile, dynamic and customer-focused. Equally, however, fintechs stand to profit from banks’ well-established networks in order to reach more customers and grow more rapidly. Through collaboration, such bank + fintech pairings are already stirring things up in the financial services industry.

Learning from your peers is key

“In order to transform banking, you need to hear the opinions of experts and adapt them to your own environment. Since we share the same challenges, it is important that we understand what our peers and colleagues think about strategic topics impacting the industry. This is why we created the Voice of the Members series,” says Vincent Bastid, CEO of Efma.

In the pages of the first issue of Efma’s brand-new ‘Voice of the Members’ series, prominent Efma members together with an Efma financial expert unlock exclusive content, revealing some of the most important challenges – and opportunities – that are facing both banks and fintechs. They also outline the best practices that have seen pioneering organizations reach great success, such as a disciplined focus on nurturing an innovation culture.

The report includes insights from Carlo Giugovaz, Senior Advisor at Efma and founder and CEO of Supernovae Labs. With over 35 years’ of experience in the banking industry under his belt and a thriving entrepreneurial spirit, Giugoyaz discloses his five key steps on how to accelerate the journey to innovation and digital transformation.

“With the ongoing onslaught of outside firms competing in all business categories, financial organizations must take steps to centralize, internalize and prioritize the innovation process and collaborate with fintech startups,” says Giugovaz.

Three successful bank + fintech partnerships

In addition, three exclusive interviews with senior executives from National Bank of Canada and Flinks, Standard Chartered Bank South Korea and PayKey, and ING Bank Turkey and Cbot grant you a peek into their successful bank + fintech stories. Notably, we hear from their experiences investing in mentorship and guidance, innovation in social banking and AI, and answer your questions on what makes these collaborations tick.

“Thank you to the Efma members who have contributed their experience and insight to the first edition of Voice of the Members. Your knowledge and vision will benefit financial organizations worldwide,” says Vincent Bastid.

Download the full report to find out all about these successful collaborations.