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How Prepared Are Banks for Open Innovation?

Banks are exhibiting a willingness to transform themselves by working with the FinTech ecosystem. They have adopted different ways to work with the new global FinTech (ecosystem) and those initiatives largely fall into two buckets: internal programs and open innovation initiatives. There are various formats and ways of working with startups but it is very important to first understand why banks are doing it. What is the bigger objective? Is it only achieved by doing (in a rush) what a few others are doing or is there a more important reason and a more meaningful exercise (a pre-step) that leads to that?

Let's address some of those questions. In order to integrate a startup product into your offerings as a bank, you need to have a very well-defined and robust process internally. While working with banks, we understood that the following is the flow:

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