Expert: Cotyso Bodea, Chief Technology Officer, Everon, and Brice Zanetti, Chief Relationship Officer at Everon Facilitator: Ivan Schouker, Managing Partner at FinArchitects
Overview:
The session covered various aspects of partnerships between financial institutions and FinTech companies.
Discussion:
The importance of trust and finding the right form to partner with to solve a pain point were both emphasised. There was agreement that partnerships are critical in financial services due to the interconnected nature of the industry. However, challenges exist around getting buy in and approval from large institutions that may prefer to build solutions internally.
Success factors when partnering were also discussed. They include having a well-articulated issue to solve with clear parameters, and clear metrics in place to measure success. Indeed, a successful partnership with work within the brief is able to deliver quick wins.
As well as the buy side setting out clear expectations, FinTechs need to appreciate the wealth and asset management business and effectively connect with internal stakeholders. Both sides also need to invest time and energy into a partnership for it to succeed; effective communication between the two and a spirit of collaboration and teamwork is a must.
The financial crisis was noted as both an accelerator of partnerships by creating urgent unmet needs with regard to technology, and overall, there was agreement that with the right alignment of problem, solution, stakeholders and commitment, partnerships can create mutual benefit.
Key findings:
- The importance of collaboration and partnerships is now well understood
- Buy in from senior members of staff who understand the benefits and risks of partnering is crucial
- A successful partnership relies on having a well-articulated issue to solve with clear parameters and well-defined success metrics
- FinTechs need to appreciate the wealth and asset management business and effectively connect with internal stakeholders
- Given the right alignment of problem, solution, stakeholders and commitment, partnerships can drive significant benefit for all
