{"id":12141,"date":"2019-01-28T19:14:26","date_gmt":"2019-01-28T19:14:26","guid":{"rendered":"http:\/\/bulletins.bfconsulting.com\/?p=12141"},"modified":"2019-01-28T19:14:26","modified_gmt":"2019-01-28T19:14:26","slug":"why-financial-institution-fintech-partnerships-will-disappoint-in-2019","status":"publish","type":"post","link":"https:\/\/bulletins.bfconsulting.com\/en\/why-financial-institution-fintech-partnerships-will-disappoint-in-2019\/","title":{"rendered":"Why financial institution-FinTech partnerships will disappoint in 2019"},"content":{"rendered":"<p>The banking industry is at the dawn of a great new era of FinTech partnerships that is expected to change banking as we know it. Despite this, many financial institutions will find FinTech partnerships a tough road in 2019 thanks to:<\/p>\n<ul>\n<li><strong>Digital account opening delusions<\/strong> \u2013 too many financial institutions think that opening digital accounts is just opening bank accounts via digital channels; unfortunately, opening digital accounts is really about digital marketing, contextual product offerings, data-driven campaigns and a very tight and easy fulfillment process.<\/li>\n<li><strong>Resource realities<\/strong> \u2013 typically financial institutions have no real idea of what a strong, truly beneficial FinTech partnership entails. To start, they need to have many dedicated staff members to focus on ensuring the partnership is successful. At the beginning, most don\u2019t even have one single dedicated staff member.<\/li>\n<li><strong>Culture change fantasies<\/strong> \u2013 financial institutions regularly talk about FinTech partnerships as being a catalyst for culture change. But the reality is that if a financial institution can be changed just by a FinTech partnership, there\u2019s a lot more wrong with it than a FinTech partnership can fix.<\/li>\n<li><strong>Collaboration confusion<\/strong> \u2013 the term \u201cpartnership\u201d is a buzz word in financial institutions, especially regarding FinTechs. Sometimes, however, all they really need is a vender, consultant or even just a new distribution channel.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/thumbor.forbes.com\/thumbor\/960x0\/https%3A%2F%2Fblogs-images.forbes.com%2Fronshevlin%2Ffiles%2F2019%2F01%2Ffintechpartnerships3-1.jpg\"><\/p>\n<p><img decoding=\"async\" src=\"https:\/\/thumbor.forbes.com\/thumbor\/960x0\/https%3A%2F%2Fblogs-images.forbes.com%2Fronshevlin%2Ffiles%2F2019%2F01%2Ffintechpartnerships4.jpg\"><\/p>\n<p>The problem with the idea of FinTech partnerships in the modern context is that it places the partnership before the strategy. Financial institutions need to carefully consider their strategy first and then decide how a FinTech partnership may or may not fit into that. The bottom line is that 2019 will most likely result in a number of frustrated financial institution-FinTech partnership efforts. Thankfully, some will no doubt pay off.<\/p>\n<div class=\"rpbt_shortcode\">\n\n<div id='rpbt-related-gallery-1' class='gallery related-gallery related-galleryid-12141 gallery-columns-3 gallery-size-thumbnail'><figure class='gallery-item' role='group' aria-label='BFC FinTech Monitor (March-April 2024)'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/bfc-fintech-monitor-march-april-2024\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2024\/04\/8cad93ab-2d03-5e5e-6218-68078aa9f3ec1-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-17580\" loading=\"lazy\" srcset=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2024\/04\/8cad93ab-2d03-5e5e-6218-68078aa9f3ec1-150x150.jpg 150w, https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2024\/04\/8cad93ab-2d03-5e5e-6218-68078aa9f3ec1-300x300.jpg 300w, https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2024\/04\/8cad93ab-2d03-5e5e-6218-68078aa9f3ec1-1024x1024.jpg 1024w, https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2024\/04\/8cad93ab-2d03-5e5e-6218-68078aa9f3ec1-768x768.jpg 768w, https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2024\/04\/8cad93ab-2d03-5e5e-6218-68078aa9f3ec1.jpg 1380w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-17580'>\n\t\t\t\tBFC FinTech Monitor (March-April 2024)\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='Tokenized student economy to transform global educational market'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/tokenized-student-economy-to-transform-global-educational-market\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2019\/04\/tokenized-student-economy-to-transform-global-educational-market-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-12565\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-12565'>\n\t\t\t\tTokenized student economy to transform global educational market\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='What lifestyle banking means for the future of banking'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/what-lifestyle-banking-means-for-the-future-of-banking\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2020\/11\/3d6cfa2f-2b0b-4382-a511-01668b1c4b971-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-15498\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-15498'>\n\t\t\t\tWhat lifestyle banking means for the future of banking\n\t\t\t\t<\/figcaption><\/figure>\n\t\t<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>The banking industry is at the dawn of a great new era of FinTech partnerships that is expected to change banking as we know it. Despite this, many financial institutions will find FinTech partnerships a tough road in 2019 thanks to: Digital account opening delusions \u2013 too many financial institutions think that opening digital accounts &hellip;<\/p>\n","protected":false},"author":5,"featured_media":12190,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10,16],"tags":[35,287,335],"_links":{"self":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/12141"}],"collection":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/comments?post=12141"}],"version-history":[{"count":1,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/12141\/revisions"}],"predecessor-version":[{"id":12142,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/12141\/revisions\/12142"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media\/12190"}],"wp:attachment":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media?parent=12141"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/categories?post=12141"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/tags?post=12141"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}