November 13, 2015
FinTech is exciting but not easy. Banks will always play a crucial role, especially the ones that understand the nuances of the change that is happening and move along with it. Startups are making their presence felt, shaking up many sleeping behemoths. The startup culture is rebellious and unpredictable, unbounded by heavy heritage and large assets to keep an eye on. So how do banks design their innovation programs, enable symbiotic relationship with startups, acquire right assets, take the right technology calls and work with innovative minds?
At LTP, we have been studying and discussing the nature of relationships between the corporate world of traditional banking and the FinTech world. The first observation is that some banks like BBVA have been able to establish through example that banks and startups are not competitors and that, in fact, collaboration is the key. Having the same idea in mind and realizing the power of innovative disruption coming from startups, a wide range of the banks started seeking for collaboration in various ways. In this article, we will explore what industry giant BBVA is doing to foster innovation.
The LTP team has been covering BBVA's activity in the startup sector actively. Among the most interesting initiatives run by the company is the BBVA Innovation Center. As described by the bank, BBVA is implementing open innovation models in ord ...