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Partnerships in banking are nothing new. For years, banks have partnered with companies to bring new services and offers to their customers. What has changed is the nature of partnerships and the types of companies banks look for in a partner. As banking has shifted to digital, made all the more rapid due to Covid-19, banks are seeking out new types of partners. No longer is the local grocery store or car dealer the ideal partner, but instead fintechs are sought for their ability to deliver elevated digital experiences.
The client-brand relationship has evolved from a one-way street into something more mutual. Customers are not simply opening an account with a financial institution and expecting the relationship to end there. There is now an expectation of something more on the business end: a benefit, an offer, or a discount. While legacy institutions may remain stuck in old paradigms, banks are delivering unique experiences and value are capturing the next crop of customers.
In this report, we highlight some of the most innovative and succesful bank + fintech partnerships from around the world. These are partnerships that have been mutually beneficial. The bank provides access to their client base and resources and the fintech provides cutting-edge new technology and services. Whether it’s delivering new products to customers or advanced data analytics, banks are turning to up-and-coming companies to modernize their services and operations.
The five stories included serve as vivid examples of the benefits of collaboration. Hopefully they can serve as inspiration as you think about your institution’s next steps.