How can financial institutions and fintechs make collaboration work?

Innovation collaboration, not competition, can help the growth of both traditional and fintech players.

Are we (the partners involved) equally mad or driven towards the collaboration? That is most important… we are opening up to build a better value stream and share in its joint success.-  Shirish Wadivkar

Financial services are at crossroads, where incumbent organisations are embracing the changes being accelerated by digital transformation and new entrants. The advantages to collaboration and partnership include a new cultural perspective on innovation, as well as ways to become both more responsive and agile. These financial institutions can benefit from viewing fintech companies as innovative, disruptive businesses from which they can learn from by adopting some of their methods and even partnering with leading fintech firms. Taking these steps could usher in an era where collaboration (not competition) helps spur the growth of both traditional and fintech players– including an improved consumer experience, reduced costs, new opportunities for growth and potentially the ticket to long term survival. - The building blocks of collaboration, presented by SWIFT.

In the podcast below, Shirish Wadivkar, Global Head of Correspondent Banking Products at Standard Chartered Bank, shares his insights on the importance of having a common understanding, potential pitfalls to look out for, ways to measure success and other tips to make the collaboration work.

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