June 5, 2018
Partnerships are not just a fast track to success in FinTech. Banks have also come to realize the tangible benefits of partnerships. Studies suggest that 87% of banks that have partnered with third-party financial service providers (FinTech companies) have been able to cut costs. Additionally, 54% of partnerships increased revenue, Forbes cites.
What started as a BankAmericard program in Fresno, Calif., grew into the Visa we know now, which operates in more than 200 countries and territories with products and services available on any device – cards, laptops, tablets, and mobile devices. Visa played a unifying role for the financial institutions around the world, instead of remaining one of many localized connecting tissues for groups of institutions.
The largest FinTech startups are repeating the history of Visa, whether they want/realize it or not. Silicon Valley is the Wall Street of 2017, and to expect it to remain in infancy (under which we understand