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ISSUEISSUE
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DECEMBER 2017
APRIL 2018
Banking+Fintech:
A
A Collaboration
in collaboration with
for Growth
© 2018 Digital Banking Report. All rights reserved. PA G E 1
BANKING AND FINTECH
In the future, we will see more banks and fintech firms working
together on innovation projects. Legacy organizations are finally
warming up to the idea that they don’t have to invent everything
in house, and that the network effect can be very valuable
for digitally-based financial innovation projects. Professionally
managed consortia will allow more institutions to make up lost
ground on the innovation leaders.
— JP Nicols
Managing Director
Fintech Forge
Contents
Letter from the Publisher | 4 |
Summary of Marketplace Examples | 6 |
Executive Summary | 10 |
DIGITAL BANKING REPORT The vast majority of legacy banking organi- organization an opportunity to keep pace with
Jim Marous, Owner and Publisher zations have a concern regarding the loss of marketplace demands.
jmarous@digitalbankingreport.com
revenue to financial technology companies in The question is whether these new
8803 Brecksville Rd.,
STE 7-223, Brecksville, OH 44141
areas such as payments, money transfers and partnerships can successfully preserve
(216) 218-4257 personal loans. The amount of business at risk the culture of the fintech provider, while
has been estimated to be as high as 25% in allowing legacy banks to be the hub of the
Issue 255 Cost $495
lost revenues. This is made more likely since consumer’s financial relationship? This
SUBSCRIPTIONS: $1,995 per year 30% of consumers plan to increase their usage
for digital edition and online access report is not intended to provide a review
of nontraditional financial service providers in of all of the fintech organizations in the
$3,495 for teams of 10
$9,995 for enterprise subscriptions
the future. marketplace. Instead, this report is a view of
WARNING: Federal copyright law prohib- In response to this threat, more than 8 in 10 the quickly changing banking ecosystem.
its copying or distributing this report in traditional financial organizations have stated We would like to thank Microsoft for their
part or in its entirety. (© 2018) Contact: a plan to increase collaboration with fintech partnership and sponsoring the Banking +
jmarous@digitalbankingreport.com companies in the next three to five years. Simi-
for reprints.
Fintech research report in collaboration with
larly, almost half of financial services firms are Efma. Their partnership has enabled us to
planning to acquire fintech startups over the create an in-depth review of the competitive
same period. landscape and to better understand the
The rationale for collaboration is clear. Fintech impact across all components of the financial
startups realize that it takes more than a great services ecosystem.
solution to attract a scalable customer base. Going forward, fintech firms and legacy
To reach beyond early adopters and the tech- banking organizations can both benefit. The
savvy takes massive amounts of capital for combination of digital product design and
promotion and product support. innovation with vast distribution and estab-
Alternatively, legacy banking organizations lished infrastructure is compelling. Most
struggle to keep up with consumer expecta- importantly, the consumer stands to benefit
tions. Organizational size and structure (silos) most of all in the future.
and even traditional leadership styles hamper Enjoy!
the ability to deliver the new digital solutions
consumers receive from other industries. Jim Marous
Partnering with a fintech startup alleviates Publisher, Digital Banking Report
some of these issues, allowing the established
Digital
Payments
aym
y and
ISSUE
ISSUE253//
254//DECEMBER
FEBRUARY 2018
2017
obi
bi Wallets
Mobile
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ISSUE 253// DECEMBER 2017
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UPCOMING ISSUES
BANKING + FINTECH: A COLLABORATION FOR GROWTH
ISSUEISSUE
253//255//
DECEMBER 2017
APRIL 2018
Israel Discount Bank Open API The first open API banking platform implementation
(Israel) Platform in Israel – a collaboration between IDB and
iCount (a leading SME on-line accounting and
management system) that provides SME’s with the
‘big guys’ management tools.
Akbank (Turkey) Salary Payment Akbank aimed to provide SME customers solutions
Integration open for their daily operations to help them increase
APIs their efficiency. Akbank built partnerships and
integrations with fintech firms and start-ups which
offered value-added digital solutions focusing on
SMEs pain points.
Goldman Sachs Marcus Marcus by Goldman Sachs is only 2 years old, but
(United States) is already showing the potential of a strong Banks
+ Fintech strategy. Using open banking APIs and
aggressive acquisition of fintech start-ups, they
are becoming a larger player for deposits and
loans without opening a branch.
PA G E 6
BANKING + FINTECH: A COLLABORATION FOR GROWTH
201
2018
8 Digital
© 2018 Diggita
ita
itall Banking
Ban
anki
king
ki
kin
ng Report.
Rep
epor
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Allll rights
rigght
hts reserved.
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d. P
PAAG
A GE 7
easily build and share new APIs at pop-up stores can Vippse if they
and get new ser vices to merchants don’t have cash, and if Nor wegian
and consumers quickly. With unlim- online shoppers don’t like card
ited scalability and a global Azure numbers, expiration dates, or se-
presence, Vipps can meet almost curity codes, they can Vippse their
any demand—in Nor way or any- purchases instead.
where else.
“We think mobile payment will be
“With Azure, we can scale Vipps as the new normal in Nor way with-
it grows and streamline future de- in one or two years,” says Rune
velopment, upgrades, and innova- Garborg, Chief Executive Officer at
tion,” says Johansen. “That allows Vipps. “Azure is helping us make it
us to focus less on operations and possible.”
more on building new ser vices,
creating value, and competing
effectively.” “It was essential for us to
A New Verb, for a New Way to maintain business momentum
Pay while we scaled up. We were
able to do both by working
With the power of the cloud, Vipps
with the expert Microsoft
might just replace credit cards,
debit cards, and cash in Nor way. cloud team in Norway and the
Already, Nor wegian diners can mature, flexible, and powerful
Vippse their order, eat, pay, and Azure platform.”
get a digital receipt—without ever
Thomas Wold Johansen
bothering a waiter. Chief Technology Officer
Vipps
Team Nor way fans can Vippse their
hockey tickets instantly. Shoppers
You can follow Jim on Twitter and LinkedIn or visit his professional website.