TransferWise, a fintech not shy in touting its “Bye Bye Banks” slogan, recently announced it is shifting course and now intends to partner with banks. From anti-bank to partnership ready. Hmm… the times really are a-changin’
Since I filmed this recap at Nasdaq, it has become more and more clear that innovation knows no size. Depending on a given business strategy, it can either be enhanced — or yes, constrained. As new technologies and approaches to delivering financial services emerge, bank CEOs and their teams will be challenged to meet the future expectations of their customers as well as to assess the additional risks, costs, resources and supervisory concerns associated with providing new financial services and products.
While technology enables change, the evolution and digitization of banking is a business issue. Banks of all sizes are investing more heavily in order to present more sophisticated capabilities to their clientele. However, we are still in the early stages of this shift, which is why new technology players will continue to emerge while traditional participants transform their underlying business models to better participate and compete in the coming years.
For those champions & evangelists for innovation within a bank, take a look at Bank Director’s recently launched FinXTech. Think of this new platform as a catalyst — one that brings together a highly influential group of people who (1) care about the future of financial services, (2) are committed to meaningful transformation and (3) are empowered to make change happen.