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Fintechs divided over how to work with financial services

InterSystems report shows massive demand for banking alternatives
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Image: Ivan Samkov/Pexels

2 March 2022

Consumers worldwide are getting to grips with fintech apps, however, according to InterSystems’ Global Fintech Landscape report, opinions remain divided on how fintechs can work with the financial services sector.

The survey of 500 fintech decision makers in 12 countries found that more than a third (34%) of respondents said they should lease their applications to banks using a SaaS model. Whether they choose to work with banks or not, 61% of fintechs expect their organisation to have a positive impact on the finance sector by introducing technology into the market that can enable new ideas and opportunities.

Meanwhile half (50%) believe banks can get value from the relationships as it would allow them to focus on their core areas of expertise and differentiation.

 

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While fintechs have often been associated with challenging the status quo, there is an equal split in how fintechs perceive the impact they will have on the market, with 50% expecting to increase competition and 50% saying they will increase collaboration.

The report also notes how fintechs are jostling for a position in a crowding market with access to appropriate technology, finding new customers and scaling to be recurrent problems.

On 10 March TechCentral and InterSystems will host an exclusive lunch to discuss how fintechs and the financial services sector can work together to deliver a competitive edge using data.

To register your interest in joining our TechLeaders Roundtable – What’s the return on your data? – click here

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