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Banks and FinTechs: Friends or foes? What it takes for banks and FinTechs to successfully cooperate
Journal of Digital Banking,
6
(3),
211-219
(2021)
Abstract
This paper examines the dichotomy of banks versus FinTechs with the aim of providing the reader with a better understanding in three areas: what banks and FinTechs each have to offer one another, what typical obstacles stand in the way of successful cooperation and how the COVID-19 pandemic lockdowns have changed the landscape for bank-FinTech partnerships. The paper explores the increasing difficulty of making clear categorisation within the financial sector, between banks and financial tech, pointing to tendencies that blur the lines between these categories and raising questions about how new business models will redefine FinTech and banking going forward. Readers will, moreover, learn what both banks and FinTechs need to understand and prepare for as they approach potential partnerships with the goal of building win-win-win solutions for banks, FinTechs and consumers.
Keywords: Banks; FinTechs; partnership; innovation; digitalisation; trust; banking; cooperation; digitisation; pandemic
The full article is available to subscribers to the journal.
Author's Biography
Katharina Lüth is VP Europe and Managing Director of Raisin DS and is responsible for scaling the company internationally and running the FinTech’s platforms outside Germany, bringing consumers and banks across Europe and the UK together on Raisin DS’s marketplace of competitive deposit products. Before joining Raisin DS in 2014, Katharina spent seven years with McKinsey & Co., primarily serving major European universal and private banks. Her focal areas were asset management and private banking, pricing, advisory concepts and lean transformations. She has worked mainly in Europe but also in Latin America and Africa. Katharina studied at Northeastern University and Reutlingen University and earned her MBA from IESE Business School.
