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The Evolution of the Bank-FinTech Narrative

Over the past few years, financial services industry stakeholders have been heavily involved with the startup community in one way or another – investments, incubators, accelerators, challenges, consortiums, regulatory sandboxes, etc. Startup-institution relationships (whether its Carrier-InsurTech or Bank-FinTech cases) have evolved from competition to a beautiful friendship, bringing out the best and accelerating innovation adoption. Significant capital allocations into strategic acquisitions are followed by the stage of active learning, and institutional players rapidly turning competition into the way to reinvent own operations and leadership.

The relationship between banks and FinTech firms has evolved over a period of time from that of being competitors, to that of being collaborators. In 2018, we think banks will require a hybrid strategy that will be a combination of innovation programs and acquisitions. This will ensure that banks’ entire gamut of needs and objectives are met – short-term gains in terms of ROI; long-term bets on specific technologies; the FinTech product roadmap being in line with the bank’s own roadmap, etc. – State of ...

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