2018年-德勤全球_Fintech_by_the_numbers_16页_1mb

Closing the Gap in Fintech Collaboration

Core Content

This document explores the evolving relationship between financial institutions (incumbents) and fintechs, highlighting the shift from competition to collaboration. It outlines key findings, challenges, and potential solutions for fostering more effective fintech partnerships within the financial services industry.

Main Points

• Collaboration Over Competition: Financial institutions are increasingly collaborating with fintechs rather than competing. Many fintechs are not seen as threats but as partners that can drive innovation and transformation.
• Fintechs as Collaborative Partners: Fintechs bring agility, advanced analytics, and new platforms, while incumbents offer capital, market knowledge, and institutional experience. The combination can lead to better products and services.
• Challenges in Collaboration:
  • Internal Barriers: Incumbents often suffer from siloed decision-making, lack of coordination, and slow approval processes, which hinder effective fintech integration.
  • External Barriers: Regulatory and compliance concerns, along with cybersecurity risks, create additional hurdles for collaboration.
  • Uncertainty in Measuring Success: Financial institutions struggle to define clear metrics for success, with some relying on quantitative goals and others on qualitative outcomes.
• Need for a Systematic Approach: Incumbents should adopt a more structured, fast-fail model for fintech experimentation and establish a single point of contact for initial engagement with fintechs.
• Fintechs Must Adapt: Fintechs need to refine their pitches to align with real-world financial services challenges and demonstrate both industry and technical expertise to gain credibility.
• Trends in Fintech Investment: There is a shift towards investing in more mature fintechs with clear traction, though some institutions are still open to early-stage ideas with potential for transformation.

Key Information

Fintechs are More Friend Than Foe

• The relationship between incumbents and fintechs is shifting from "us versus them" to "us and them."
• Fintechs are seen as enablers of innovation, helping incumbents become more agile and customer-focused.
• Many fintechs are not trying to replace incumbents but to complement them, offering new tools and capabilities.

Problems Hindering Collaboration

• Siloed Decision-Making: Incumbents often lack a unified approach to fintech engagement, leading to inefficiencies and internal conflicts.
• Slow Approval and Integration Processes: The bureaucratic nature of financial institutions can delay or prevent effective collaboration with fintechs.
• Lack of Clear Success Metrics: Financial institutions are unsure how to measure the impact of fintech investments, leading to ambiguity in collaboration outcomes.

Solutions to Bridge the Collaboration Gap

• Establish a Clear Path for Engagement: Incumbents should create a structured process with dedicated roles and a single point of contact for fintech interactions.
• Set Standardized Filters: Financial institutions need to define criteria to evaluate fintech proposals effectively, considering factors like team experience, problem-solving capabilities, and financial backing.
• Embrace a Fast-Fail Model: To keep up with fintechs' rapid experimentation, incumbents must adopt faster decision-making and risk assessment processes.
• Foster Learning and Innovation: Some institutions view fintech investments as opportunities for learning and transformation, not just financial returns.

What's Ahead

• Consolidation and Integration: Fintechs and incumbents are likely to form more strategic partnerships and acquisitions as the market becomes more competitive.
• Focus on Niche Markets: While many fintechs are looking to work with incumbents, some are also aiming to carve out their own niche markets.
• Regulatory and Compliance Shifts: There is a growing recognition among regulators that fintechs can enhance efficiency and transparency in financial services, which may lead to more supportive regulatory frameworks.

Conclusion

The fintech ecosystem is evolving rapidly, and the relationship between incumbents and fintechs is becoming more symbiotic. While challenges remain, the emphasis on collaboration, shared goals, and mutual benefit is creating new opportunities for innovation and growth. To succeed, both sides must adapt their processes, expectations, and mind-sets to better navigate this dynamic landscape.