Financial services firms publish collaboration guide for fintech businesses
A new guide has been published to show how the collaboration of fintech firms and banks could help improve the financial services industry and strengthen the UK’s position as a global fintech leader.
The guide, entitled Transformation and innovation: a guide to partnerships between financial services institutions and FinTechs,
The guide was created by Santander UK and financial and professional services membership body TheCityUK, with support being provided by law firm Shearman & Sterling.
It contains advice for fintechs and financial institutions to help them understand how they can work together to create new and innovative digital products and services. The guide includes insights from financial services experts.
Seven possible collaboration models are set out in the report, with APIs/sandboxes, hackathons/entrepreneur in residence events, a start-up corporate accelerator, fintech product sourcing, and mergers & acquisitions being among the proposed partnerships.
The report also addresses key legal issues, such as data protection, IP ownership, risk allocation, and costs control. It also offers recommendations for financial services institutions and guidance for fintech firms to help them achieve a successful collaboration.
Commenting on how fintech firms and financial institutions can achieve a successful partnership, TheCityUK Chief Operating Officer Marcus Scott said: “The key to success is choosing the right collaboration model and being clear upfront about each development stage. Getting this right will unlock huge potential mutual benefits and ultimately enhance customers’ experience of their financial services.”