Without extensive budgets or large technical teams, in-house development may not be an option for smaller financial institutions looking to digitalise. Partnerships with FinTech providers can act as a powerful route to leveraging the benefits of external technologies and solutions.
At FinTECH Talents Building Societies last month, the day closed with a practical discussion on ‘Accelerating Innovation through Partnerships’. Experts from the worlds of FinTechs Start-Ups, Credit Unions and Building Societies came together to share their experiences. It was clear to see that partnerships of all shapes and sizes are making waves across the community banking sector.
The expansion of open APIs has granted smaller financial institutions the flexibility to engage with FinTech according to specific business needs. Finding a partner who shares a clear appreciation of ‘the problem’ and can offer a direct solution, is a strong starting point for success. By involving a FinTech business who are experts in the provision of this solutions, Building Societies and Credit Unions can ensue they have all the necessary skills for a project’s success. A strong partnership will also enable the transfer of knowledge to the in-house team, whose involvement will be key to development going forward.
A key consideration to come out of the discussion, was the importance of the relationship between partners. Panelists were all in agreement that a cultural fit is very important. To have the same appetite in terms of growth and innovation, will be key to overcoming any inevitable bumps in the road throughout a project. As Lois Ollerenshaw, Venture Principal at Nationwide noted, in a partnership both sides will naturally have different incentives, but as long as their goals are aligned, and communication is transparent the collaboration can be successful.
The session featured a Rockstar Speaker line-up:
- Lois Ollerenshaw, Venture Principal, Nationwide Building Society
- Sanjeev Pottay, Commercial Director, My Community Finance
- Steven Mark, Business Development Director, Newcastle Strategic Solutions
- Harry Keen, Chief Executive Officer and Co-Founder, Hazy
- Magdalena Kron, Rise Global FinTech Platform Director, Barclays
Watch the full session recording below: