New Survey Find Banks Feel “Pressured” to Collaborate with Fintechs

According to new survey conducted by global fintech company Sopra Banking Software, 77% of banking leaders feel “pressured” to collaborate with fintechs to stay relevant. The survey of nearly 800 senior banking leaders in 50 countries also found that 74% view fintechs as a threat to their existence. The main drivers for banking leaders to feel compelled to work with fintechs were high consumer expectations (76%) and changing legislative requirements (66%). While 34% believe that accelerating their digital shift is a critical priority, 49% felt that they lacked the rounded operating models necessary for effective digital transformation.