COVID-19 might finally bring FinTechs and financial institutions together

Despite a past of underwhelming collaborations between FinTechs and traditional financial institutions, the COVID-19 pandemic is likely to forge deeper relationships between the two as many legacy systems have proven themselves unfit for a digitally-powered future. As businesses and consumers emerge from the pandemic in profoundly different ways, traditional financial institutions will need to quickly transition to an increased reliance on digital experiences. For most, this can only realistically happen via collaborations with FinTechs that already have the capacity to improve data retrieval and provide more agile and reliable front-end experiences. For FinTechs that can weather the current storm, the future looks to be full of new opportunities.

Source: www.finextra.com