How can banks and FinTechs more effectively partner?

How can banks and FinTechs more effectively partner?

By Michael O’Loughlin, VP, Global Solutions

Organised as part of Empire Startups FinTech Week New York (April 16 - 20), I was invited to be part of a pre-conference roundtable of a curated group of FinTech and financial services experts. The event attracted forty attendees, who joined to discuss a variety of questions, such as, how can banks and FinTechs more effectively partner to foster innovation? Are there areas where it might be better to go it alone?

The morning began with a wonderful welcome from Devika Tampi, Program Director, Empire Startups. This was followed by Fireside Chat Perspectives Charles Delingpole, CEO, ComplyAdvantage, and Sara Sollors, VP, JPMorgan Chase & Co., who are currently partnering together.

The roundtable discussion topics included:

  • Understanding customer experience
  • Staying on top of regulation
  • Seamless technology adoption
  • The evolution of core banking services

Key questions also drove a healthy debate:

  • What challenges and opportunities have you seen facing banks and fintechs?
  • Is there alignment on goals? What are they? Where is there divergence?
  • What are some use case examples and what can we learn from these?
  • How can banks and FinTech firms more effectively partner in this space?

Megan Caywood, Co-founder & Chief Platform Officer at Starling Bank, and Charles Delingpole, founder of ComplyAdvantage, raised some standout points for me during the event. Both Megan and Charles are passionate about their respective businesses and appear to share the belief that we should be striving for continuous improvement - it isn’t acceptable to use ‘legacy tech’ as a get out of jail card. After all, the light bulb wasn’t invented through the continuous modernization of the candle.

It was refreshing to hear from innovators as they set their sights on the future and from fintech firms on where they’re driving innovation. What impressed me most was the openness of the attendees to healthy debate and willingness to learn from each other. It’s very encouraging to see a group of individuals come together and share the common goal of making the banking and finance industry more accessible, innovative and customer-centric.

Kudos to Devika Tampi and her team for bringing together such a creative and positive bunch of industry players. It proved to be an excellent learning and networking activity, and we all look forward to attending future events with Empire Startups.