FinTech

Banking on FinTech: Positive Outlook for Bank-FinTech Collaboration in 2019

MEDICI

“Banks could fall into irrelevance if they fail to keep up with the pace of rapidly developing FinTech technologies.” – Antony Jenkins, Former CEO of Barclays

You might recall that MEDICI published an article in December 2018, in which we had predicted that going ahead, FinTech would see a continued uptick in terms of investments, M&A and deals with banks/FIs. On a positive note, we’ve noticed that the outlook is good for 2019; but let’s step back for a moment to look at the disruption-versus-collaboration paradigm banks have contended with, given the rise of the superpower we now call ‘FinTech.’

Until relatively recently, the overarching sentiment among banking industry experts was that FinTech startups would disrupt banking to a large degree. From disruption, based on evidence of collaboration being more mutually advantageous than the competition, the perspective has shifted to a generally positive outlook on banks and FinTech partnering.

In an op-ed piece in American Banker, ICBA’s Kevin Tweddle stated, “The banking industry is at the dawn of a great new era of FinTech partnerships that will change banking as we know it for the foreseeable future.”

Slowly but steadily, banks are buying...

MEDICI Team

MEDICI

MEDICI Team is a group of content writers, bloggers, journalists, researchers, and editors from the MEDICI who collaborate to create FinTech insights.

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