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In the Game: Traditional Financial Institutions Embrace Fintech Disruption

Thursday, November 7, 2019   (0 Comments)
Posted by: Terri Brustad

A Pulse Survey by the Harvard Business Review Analytic Services and Mastercard Incorporated

Traditional financial institutions (FIs) have responded in a variety of ways to industry changes such as new regulations and emerging competition from fintechs. Key strategies they have adopted to date include collaborating with fintechs to tap into their strengths, investing in honing their own digital capabilities in-house, and even acquiring fintechs to make their cutting-edge innovations their own.

As the fintech revolution builds steam, FIs are transforming themselves. They are leveraging new technologies in hopes of delivering the same seamless experiences fintechs have developed to let customers open and manage accounts and pay for goods and services. They are launching digital businesses of their own, from mobile peer-to-peer payment systems to online retail investment platforms. They are rethinking their customer service experiences and designing them from the outside-in. And, they are seeking to move quickly, at scale. 

Members >> Read on to learn more as FIs reveal their view of fintechs as enablers rather than threats. Two-thirds say they’ve already learned from fintechs and adopted some of their strategies. The biggest challenges FIs face in competing with fintechs are explored. Open banking is defined and also expected to drive still more fintech initiatives by allowing third-party developers to build applications and services for customers.

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