Fintegration

Collaboration with the FinTech community has emerged as the most effective approach to delivering innovation. A shift in collaboration frameworks is now emerging, bringing in new skills, new ways of operation and new resources. This creates a completely new ‘Fintegration’ landscape, with new approaches to partnering and alternative business models. While some disruptors still aim at capturing customer relations from banks, more are today seen as innovation partners.”


Fintegration.io
 |  Fintegration.tech | BankTech.io


Linkedin: Fintegration – Banks and Fintechs Cooperation


“Many FinTech players deliver clear value in specific use cases but lack scaling opportunities, while customers increasingly look for comprehensive solutions. This results in shifting profits and doubts about the future for certain champions. Large incumbents value their scale as a starting point to orchestrate ecosystems, yet often lack the skills to do so.

Collaboration with the FinTech community has emerged as the most effective approach to delivering innovation. A shift in collaboration frameworks is now emerging, bringing in new skills, new ways of operation and new resources. This creates a completely new ‘Fintegration’ landscape, with new approaches to partnering and alternative business models. While some disruptors still aim at capturing customer relations from banks, more are today seen as innovation partners.”

Source: https://europe.money2020.com/session/ego-system-ecosystem-story-fintegration
Oliver Denecker, McKinsey & Company


How banks and FinTechs collaboration should be done in order to use the strengths of both: the services developed by FinTechs and the stability banks provide for the financial industry.

Commonly referred to as Fintegration, the integration of FinTech players into the existing banking and financial system is driven by strong European decisions relating to payment regulation, making exchanges between the two parties necessary.

The most concrete example of this collaboration can be summarized by three letters: API – or Application Programming Interface – a technological protocol enabling communication between different information systems, and in our case, those of banks and FinTech allowing the first to offer their customers the services offered by the latter.

source: gomedici.com

fintegration.io | Linkedin: Fintegration – Banks and Fintechs Cooperation

Fintegration: Banks and Fintechs Cooperation

The main challenge of ‘fintegration’ is to preserve “the acquired company’s agility and innovation, while marrying it to the controls and assets of the bank.”

The EIU projects that the dominant trend in retail banking over the next five years will be “banks’ co-option of fintech models.”

The EIU suggests six guidelines:

sources: http://fintechnews.ch/fintech/banks-vs-fintech-fintegration-smartest-move-says-new-survey/2043/
https://www.eiuperspectives.economist.com/sites/default/files/EIU-The%20disruption%20of%20banking_PDF_0.pdf
EIU: Economist Intelligence Unit
#Fintegration, #OpenBanking, #OpenBankingEcosystem

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