Fintech: Navigating challenges to benefit from innovation

The way financial organisations interact with their clients and customers is undergoing radical change. Increasing customer choice and the need to offer rapid and real-time customer engagement is driving transformational business change at even the most traditional of financial institutions. The agility and innovation underpinning this evolution is frequently (but not always) supplied by small, young technology companies rather than the large technology providers that have traditionally dominated technology offerings.

This new generation of fintech providers offers compelling business growth opportunities for financial institutions, but the path to achieving these business changes is not always well trodden. Many fintechs operate in a different way to large IT service providers, and it is not uncommon for the procurement process to unearth operational, legal and regulatory risks that the financial institution may not have had to consider in its previous technology procurements. Sometimes those issues are new (and news) to the fintech provider too.

This note briefly highlights some of the challenges that fintech/financial institution procurements commonly reveal. We also consider how best to navigate those challenges from the perspective of both the financial institution and the fintech. To find out more, download the full report via the button below.