As customers, competition, and regulations intensify with every new technological advancement, banks and fintechs must reinvent their relationships with each other.
This will involve entirely new approaches to regulatory development and vendor-bank agreements. In many organizations, basic cultural changes from top management on down will also prove necessary.
These were among the observations of a panel consisting of a bank chief innovation officer and a cofounder of a fairly large fintech consulting firm. They spoke during the recent ABA Payments Forum in Washington, D.C.
While nominally focused on the rapidly changing payments technology environment, this panel took a more philosophical, big picture look at the changing relationships between banks and fintechs in general.continue reading »