August 22, 2018
FinTechs are reimagining banking customer journeys. As incumbent banks struggle to keep up with changing technology requirements and customer expectations, FinTechs have been quick to leverage the opportunities to attract banking customers.
However, as many FinTechs have realized, sustaining the initial success will require collaboration instead of competition with banks. FinTechs with global aspirations should work towards embedding into the existing technology landscape at large incumbent banks. Nonetheless, challenges abound. In most cases, FinTech startups do not have the reach or the means to get into large banks. In the rare cases where the doors do open, FinTechs struggle to cope up with cultural differences, tech compatibilities, and the overall delivery demands. What would definitely help is going in with a strong partner with the right connections with global banks along with domain and technology expertise.
Infosys Finacle, the industry-leading banking solution provides one such partnership program – Finacle FinTech Connect – a unique opportunity for FinTechs to engage with Finacle’s extensive ecosystem spanning banks across 100 countries.
The program helps FinTech firms and banks leverage each other’s unique strengths to accelerate banking innovation. Selected startups can co-innovate with Finacle R&D teams and leverage Finacle’s expertise to develop joint offerings with unique value propositions. Finacle helps FinTechs achieve scale by:
Integrating FinTech solutions with Finacle’s industry-leading banking solution suite
Taking FinTech innovations to Finacle’s client banks across 100 countries
Listing FinTech solutions on the Finacle App Center, where they will be accessible to all Finacle clients
Providing joint go-to-market opportunities with Finacle
Startups currently working with Finacle include ToneTag, Artoo, Active.AI, Niki.AI, and Moneythor, among others.
Finacle is currently accepting applications from FinTechs for this program. Applicants will go through three rounds of assessment. The judging panel will consist of Finacle representatives and executives from leading banks globally, giving FinTechs an opportunity to present their solution to prominent banks as part of the evaluation process itself.
The startup must have a working demo of the solution and at least one live banking client.
The solution should be in one of the following areas:
Applied artificial intelligence
Digital sales & marketing
New digital engagement channels
Solutions which enable bank-led financial networks
Security applications for financial service providers
IoT-based banking solutions
API-based business platforms for banks
Big data analytics
As an established global knowledge network for collaborative innovation in the FinTech industry and a recognized thought leader, the MEDICI Team strongly encourages FinTech startups to take part in a genuinely cooperative global program that offers an unprecedented platform for beneficial partnerships on a truly grand scale.