Disrupt, reset, re-launch.
The fintech industry has evolved from competing and collaborating with banks and has now entered a new era of partnerships, with those at the forefront of digital transformation prioritising technology and legacy participants working with new financial players.
In addition to this, traditional financial institutions are partnering with challenger banks to provide refined products and services that attest to putting the customer first. However, questions have been raised about how an alliance with a neobank would be preferable to a merger or an acquisition.
The concept of a ‘challenger bank’ will also be examined in this report, and why, after years of development and progress, it has become difficult to differentiate between the vast number of neobanks in the industry because their offerings are vastly similar.
Finextra’s The Future of Fintech 2020 report will explore how banks have embraced innovation and what benefits have emerged from establishing technology initiatives, partnering with neobanks and investing in fintech firms. Further, the report explores what and how the industry should behave in the face of a crisis and how to bounce back stronger than ever.
We will also consider whether customers would benefit from financial institutions merging all their services onto one application as the digital age welcomes the platform ecosystem, which has seen success in Asia and is being gradually implemented in Europe and the US.
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