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NO MORE US VS. THEM - HOW BANKS AND FINTECHS ARE JOINING FORCES TO DRIVE INNOVATION

 

“In the new world, it is not the big fish which eats the small fish, it is the fast fish which eats the slow fish.” – Klaus Schwab, founder and executive chairman of the World Economic Forum A common theme of late has been to paint fintech’s as the harbingers of death for the banking industry, disrupting their businesses and cutting into their margins with catastrophic consequences. They are often painted as “challengers” or “disrupters”. While it is safe to say that fintechs have certainly taken revenue away from banks, particularly in my industry (payments), there is another way of looking at the rapidly changing landscape of finance and technology. Many, myself included, have advocated for banks to partner with fintechs to provide their customers with an improved user experience, become more agile, and update services. This is certainly true, but why aren’t more people talking about the other side of this increasingly symbiotic relationship?

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