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FINTECH PARTNERSHIPS
How to identify the right fintech partner
Much is written about the need for banks and fintechs to partner, bringing innovation and speed together with scale and existing customer base. Ryan Walter, general manager, enterprise delivery at Moven Enterprise sets out his blueprint for enduring partnerships
T
his isn’t a new concept, it has occurred for decades as technology has advanced and propelled industries forward. Those who believe either all incumbents would
be replaced or be the sole survivors bet on the wrong horse. In the end, some combination of old and new invariably wins out (for example see Blockbuster and
Pets.com).
Blending the best of both worlds is the clear path forward. While dreaming about a long weekend away adds joy to our day, where would we be once behind the wheel without the GPS helping us avoid delays and closures that otherwise would dampen our mood. After realising this, the question becomes, how do you ensure success? Technology and the value partnerships bring may steal the headlines, but success and achievement of goals can only occur if the fintech and bank are successfully working together with a shared commitment to overcome the inevitable challenges faced.
If your partner isn’t prepared, experienced, and all-in, you end up with poor engagements (which currently litter the market) or even shelf-ware that fails to deliver expected results. The fundamental structures of banks from their legacy processes, siloed technology, inaccessible data, and varying regulatory requirements need to be addressed in a unique way that no boilerplate model or turn-key answer can overcome by itself.
When considering a partner in the journey to re-shape the organisation’s corporate and digital strategies, you need to ensure they are experienced, prepared, and committed for whatever may come their way. Also, importantly, you need to determine whether your partner is fully-engaged when it comes to sharing in success or failure. In these cases, when sitting with the pig and chicken at breakfast marveling over the plate of ham and eggs, always pick the one walking on four legs.
If they view you as just another customer who’s exited the
pipeline, you’ll soon see how important you truly are when the first inevitable curveball is thrown your way. If your partner’s measure of success isn’t the same as yours and they can’t clearly demonstrate past results that will support their claims, you are placing your trust in someone who will be getting off the roller coaster before it even leaves the station.
Ryan Walter, GM enterprise delivery, Moven Enterprise
Which crucial capabilities should a fintech partner bring to the table?
• Experience – Your fintech partner must have staff with significant industry and technology experience who have seen it all and can get you through the tough times. If they don’t understand what it means to be in your world, how will they ever help you reshape it?
• Change Management Expertise – With almost any integration there is inherent change needed in the organisation. You should always ask, “How has a potential fintech partner led organizations through this?” before you finalize anything. They must possess the ability to succeed with implementing key changes. If all they’ve done is bought the groceries but are unable to cook the meal, you’ll be left hungry.
• Thought Leadership – Can your fintech partner clearly meld your broader corporate vision with how their solution will help you achieve it? Are they sharing what they are learning elsewhere? Is their position and lack of industry bias a benefit based on their different perspective? What unique viewpoints do they bring?
www.ibsintelligence.com | © IBS Intelligence 2017
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