February 13, 2016
The relationships between banks and FinTech startups have been a hot topic for a while now. If 2015 seemed to be a race, 2016 may bring a fundamental shift in the way traditional players and newcomers interact.
The drastically increased financial support from banks to FinTech startups in their desire to leverage the innovation came from a realization of the fact that there is a FinTech startup for almost any bank service nowadays. A wide range of accelerators and incubators backed by major banks have flourished to attract the most promising startups. Interestingly, it's not only banks that have been actively exploring opportunities with startups. Over the course of several years, tech giants like Microsoft and Google have been silently getting their hands into FinTech to fill their gadget-stacked pockets.
However, there are always unsuccessful ventures behind a successful one. The legacy systems, bureaucracy, rigid mindset, risk-retention and a range of other facto ...