Are banks and Fintechs in a race like the tortoise and the hare?

I attended the first Fintech Club as part of the Mayor's International Business Programme. It looks as if banks and Fintechs are no longer racing against each other. Rather they run in partnership against other ecosystems.

A few years ago banks were afraid of Fintechs. They feared that Fintechs would take away valuable market share.

Today, I attended the first Fintech Club. This event is part of the Mayor's International Business Club.

It was great to see Sam Riordan from LBG and their FinTech partner Validis. LBG are looking more and more into partnering with Fintechs to innovate.

Like Open Banking Validis share data with their clients. But rather than financial data they enable SMEs and small business to share their financial statements with their banks.

This will enable LBG to receive standardised accounting data together with relevant insights. This will not only make their processes more efficient but it will benefit their end customers.

To me this looks like a win-win-win for all parties ie. for LBG, Validis and the end customer. Lots more banks and other organisations are following the same trend.

Now the tortoise rides on the hare's back. The provides the speed and agility. The tortoise's delivers the robustness and experience. How clever!

#Fintech #banks #retailbanks #financialservices