Finding balance in meeting expectations of both banks and FinTech operators remains a challenge – what to expect in the future?
What are the biggest challenges in FinTech-bank collaboration?
Managing expectations on both sides is usually quite challenging. In addition, there might be different views on i.e. how to share the business value created and who owns what (data, customer relationships, IPR’s, technology). Also, the maturity of compliance / Audit related activities can be a challenge.
Can unified efforts create a solid financial system that works for both FinTech and banks?
Yes I believe it can. I believe it is not a zero sum game but instead the volume of financial activity in such as system would increase thereby increasing the business and customer value created & captured. In some cases, FinTech operators might need to pivot to be a technology provider instead of a partner in some markets or with some banks.
Why is FinTech collaboration essential for the future of banking?
There are so many innovative ideas coming from FinTech that the incumbent banks can develop together by giving access to their vast pool of resources, capabilities and data. Also, I believe it is also to support a cultural shift from being a bank towards being more of a data and technology company operating in banking/financial sector. There is also platform plays that the banks need to consider where there is possibility for a shift in customers preferred channel of interaction.
Olli ANTEROINEN, Head of Business Model Development – Business Banking, Digital Scalable Model at Nordea has a background with combination of digital and business development in Banking and Life Insurance. Experience from various lead roles within SAFe and project management (i.e. product manager, epic owner, project manager and responsible business partner). Passionate about continuous learning, customer experience, leadership and SME/B2B customers. Focused on turning future trends and opportunities into business cases and (digital) products with tangible business results. Specialty on combining business design, service design and technology. 10+ years of experience from Financial Services industry.