In my first post, I wrote about how we are constantly hearing buzz around the ‘war being over’ between FinTechs and banks. The case for symbiosis and coopetition over competition between the Davids and Goliaths is certainly strong; so strong that 82% of banks, insurers, and asset managers are planning on increasing FinTech partnerships over the next three years (PwC, 2017). That said, I also questioned the success of FinTech-bank partnerships in delivering true value for the bank, the start-up, and/or the customer.
There is no denying that there have been some highly successful partnerships to date. However, there is also no hiding from the fact that many of the ‘partnerships’ we hear about have been used to drive marketing and PR efforts while many have simply not delivered the intended value and have been brushed under the carpet.