CAPGEMINI
to products and services through our mobile devices or internet-enabled computers .
He says , “ from a financial services industry point of view , what the banks have had to do is develop and to ensure that they ’ re relevant to those changing customer expectations and requirements . I think in many respects , the financial services industry has done a good job . You look at how mobile banking has evolved over the last 15 years , but also at the emergence of the fintechs . I think the banks are seeing a new level of competition for the ownership of the consumer .”
Traditional banks and fintechs side by side The agile nature of fintechs and their ability to scale and introduce products and services to the marketplace quickly , has jolted the traditional banking and financial services industry into action , as disruptive technologies cater to customer demands for more personalised services . Wilson uses Wise as an example of a fintech that has morphed according to climate and customer requirements .
He says , “ where Wise was originally targeting that cross-border , FX , multi-currency , the product they developed and secured a significant customer engagement , both with the customer experience , but also with the ease of access . The traditional banks have had to respond to that competition in terms of competing against fintech propositions , as well as working with the fintechs to enable banks to be equally relevant and bringing more engaging and positive customer experience to bear .”
As a result , the partner ecosystem is becoming increasingly essential , with companies looking to scale and digitise , and banks needing to partner with fintechs to stay ahead with customer services . But it ’ s not a clear-cut space . Negotiation is tricky
– with alignment and transparency on both sides , essential to success .
“ I think successful partnerships are also in alignment between the values and the culture of the respective organisations ,” he says . “ I think a big part of that is what the proposition , the technology , or the product can bring to that partnership . But a large element is also how we help the fintechs engage and align with larger organisations that potentially have different cultures , different governance , and different expectations .”
Wilson says establishing that alignment on a softer more cultural relationship basis is as important to the success of the partnership as the technical aspects . “ We ' ve seen partnerships that are able to evolve . I think evolution is really important because the market and the industry are moving at pace . It ’ s a relationship that has to evolve in the context of both new
198 February 2022