INSIGHTS ¦ Banks Increasingly partnering with Fintechs

Link: https://www.bain.com/insights/united-we-thrive-the-untapped-power-of-bank-fintech-partnerships/
Summary
The Bain & Company brief titled "United We Thrive: The Untapped Power of Bank-Fintech Partnerships" delves into the growing imperative for banks to accelerate digital innovation through partnerships with fintech companies. Highlighting the mutual benefits and challenges, the document emphasizes that successful collaboration requires more than just technological integration; it necessitates strategic alignment, clear objectives, and shared commitment between banks and fintechs.
Key Points

Banks are increasingly partnering with fintechs to enhance digital product design, market speed, and security.
The Covid-19 pandemic has intensified consumer demand for digital banking services.
Venture capital constraints have pushed fintechs towards business-to-business (B2B) products, aligning with banks' needs.
Common partnership pitfalls include unclear business needs, performance met...