Cooperation with third-party providers as an important factor for providing a wide range of services and products
A lot has been written about the relationship between FinTechs and Financial Institutions, where the trend has shifted from ‘foe’ to ‘friend’. For example, the PwC Global FinTech report 2017 states: “82% of incumbents expect to increase FinTech partnerships in the next three to five years”.
Banking partnerships can go beyond collaborating with FinTechs. Therefore we researched all partnership announcements between banks and Third Party Providers between 2012 and 2018 for the German market. The aim of this research is to shed light on the increasing importance of partnerships for banks to realize their strategic agenda, and how banks can make partnerships and ecosystems work for them.
The publication resulting from our research consists of three parts. In this first part we describe the market dynamics that we observe based on public announcements. In the second part, we discuss the new banking ecosystems and provide guidance how banks can strategize in this new reality. In the third part, we discuss learnings from previous engagements that we did around partnerships and present guidelines how banks can start on making ecosystems work for them.
SME Banking Club is an international networking platform of business bankers aimed to provide relevant information on what banks and financial companies are offering for entrepreneurs, micro-, small and medium enterprises (SMEs).
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