September 2, 2016
The next wave of payment FinTech innovation will undoubtedly come from FinTech-bank or digital ecosystem-bank collaborations. In most cases today, far from being rivals, banks and FinTechs need each other and should consider each other as potential partners, says Matthaeus Sielecki, Head of Working Capital Advisory – Financial Technology, Deutsche Bank.
In this age of radical digital transformation in the financial services market, and in the payments market, in particular, banks or financial service sector organizations on the one hand, and FinTechs or digital ecosystems on the other, must learn to co-operate. The reason is clear: in a highly regulated market such as financial services, neither type of organization can innovate and scale on its own.
There are many ways in which banks’ organization and culture inhibit innovation. All large organizations must work hard to maintain a culture open to change, but b ...