You can/should/need/have to listen to it now.
The UK is famous for being a nation made up of many different strong individual identities. While that means we have a rich history and diverse approaches to problems, it also means we can occasionally find it difficult to work together smoothly.
So how can we overcome this issue? A major part of the problem is a lack of partnerships. It’s amazing that we currently have a situation where so many banks and fintechs that could solve each others issues aren’t working together.
Partnerships are vital to the future of fintechs, finance, and the banking industry. How we work together is going to be fundamental to creating a healthy matrix of services that matter to customers. To do that we need to discover new ways of working together to provide frictionless solutions for customers.
By creating real lasting partnerships with fintechs, banks may be able to provide financial services that are integral to daily life for customers. Some banks are already starting to provide services in this vein. Monzo and Starling are already creating partnerships with companies to create a holistic financial ecosystem for the customer. Unfortunately, it appears as though incumbent banks aren’t yet taking these steps.
Fintechs aren’t capable of making a great enough impact on their own to fundamentally change how customers live their daily lives. Incumbents, fintechs and pre-existing financial institutions need to get together and create a plan of action for how they can positively shape the customer experience with financial products.
Share the Wealth
It’s obvious that partnerships are the way forwards for the financial industry. But how can those partnerships work together in a meaningful way that actually delivers results? The answer is pretty obvious, we need to share the wealth. Not actual capital, something a bit more valuable than that.
We need to share our knowledge with each other. Fintechs are well connected within their own sphere, be that London, Leeds, or further afield. But outside of that hub there’s often a sudden disconnect. It’s a loss to the domestic industry that instead of going next door for solutions to issues instead we look abroad with all the extra costs attached.
Our real competition exists outside of the UK. The faster we start unifying within the UK the greater our influence on financial services will be in global markets.