Research commissioned by Finastra demonstrates the importance of partnerships to the FinTech industry
IN BREIF:
Three in four global banks plan to partner with an average of three FinTech in the next 12-18 months
Global institutions will be investing $367.6m on average in transformation in 2023
56%of respondents want to plug into a platform of integrated FinTech solutions, whilst only 6% would prefer to build these solutions in-house
What does this mean?
Isabel Fernandez, EVP of lending at Finastra, discussed the research findings: “In an environment characterised by uncertainty, high inflation, fluctuating interest rates and recessionary risks, banks are under an increasing amount of pressure to drive operational costs down while continuing to improve how they serve their customers. Our survey demonstrates the recognition from banks that they cannot navigate these waters alone. They are instead opting to partner with fintechs, with a preference for plugging into a platform of integrated fintech solutions, to help them to adapt quickly while reducing costs.”
