Fintechs: Essential part of ecosystem banking. It is of great importance to implement the right collaborations to grow the entrepreneurship and Fintech ecosystem. We are in an industry where fintechs strengthen the ecosystem by collaborating with banks and the game dynamics are changing rapidly.
From the recent statements made by senior executives of the banking sector, this becomes clear: Banks and Fintechs have now become parts of an inseparable whole!
The general manager of one of the most established banks in our country used a striking sentence on this very issue: “Until a while ago, I saw Fintechs as competitors of banks, and I even expressed this publicly in a panel. However, my opinion has changed and Fintechs have become business partners for me, not competitors of banks.”
The biggest investors of Fintechs were banks
The increase in the number of investments made by banks in Fintechs is actually an indication that this approach has spread across the board. Banks cannot be flexible enough due to their internal operations, legislation or the wide range of their services. Therefore, it can be cumbersome in solving customer problems. However, Fintechs think like bank customers, not like banks. In this way, they can focus more quickly on solutions that will increase the customer’s experience, meet their needs, make their job easier and even reduce their costs.
Again, a senior bank manager summarized the issue clearly in a speech he made, saying, “Fintechs increase both the number of customers and customer satisfaction with the solutions they develop on issues that we are not even aware of.”
Banks should be the first source of reference
Yes, Fintechs have left significant challenges behind, but there are still ongoing problems. Because no matter how good a product a Fintech has made, the most important thing is to find the first customer. As an entrepreneur, this was the issue that I had the most difficulty with. When you go to a bank or company to introduce your product, the most critical question you encounter is “who are your references?” is happening. Therefore, the first customer is always very important. That’s why I recommend banks to try, examine and develop their products together before asking Fintechs knocking on their doors for references.
Fintechs are included in banks’ growth plans
There is also the other side of the coin. In fact, Fintechs have become a new transaction center, new customer and a new business area for banks. As it is known, banks with fewer branches prefer platform banking and use digital channels and business partners rather than branches to contact customers. Today, many medium-sized banks are turning to new areas by collaborating with Fintechs and increasing the number of transaction center points. In fact, a significant portion of these banks are now becoming investors in the Fintechs they do business with, through the venture capital companies they established. Thus, by combining their powers, a more efficient work is achieved.
This year, as we, open mentioned before, will be the year of open banking and service banking. This will create an environment where bank-Fintech collaborations will increase and deepen more than ever before. Therefore, if there are institutions that still have question marks on this issue, I recommend that they leave their concerns aside and join the ecosystem.
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