In some corners, the tone of the discussion about fintechs had risen to a concern that the “sky is falling” – and that retail banking could follow the disruptive trends of other industries, with incumbents losing to new competitors. Recently though, the conversation has shifted somewhat, to the “sky is the limit.” According to Aaron Fine, Partner at Oliver Wyman, cooperation between established financial institutions and tech newcomers – rather than competition between them – is the more pervasive direction of the past year. Of course it’s not just blue sky at the horizon—there are significant opportunities to collaborate in ways that create new value for customers, but also significant challenges.
In his keynote at the Banking Growth Forum, Aaron will cover both. What’s behind the perceived shift in sentiment? Has the threat of fintechs as a competitive force been overstated? Or has market reality set in?
Indeed, Aaron believes there are big competitive advantages for companies that seize the opportunity to collaborate—provided the result is greater value for customers. Success will require adjustments by all parties: Banks must embrace new tech and more data-driven practices, and manage relationships with their new partners. Fintechs must figure out how to fit into and become an asset in the banking ecosystem. Find out more about the prospects for a collaborative future at the Banking Growth Forum general session Competition, Cooperation and the Future of Financial Services Innovation.