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Our fintech future

'If you can't beat them, join them' is the growing sentiment among banks as they team up with technology specialists to stay relevant

In a digital world where the exchange of money is being revolutionised, banks are stepping up their collaboration with financial technology specialists to shape the future of financial institutions along with their security and data collecting systems.

While the internet has made banking much easier for consumers, it can also be a gold mine for hackers. In the old days they were simply called thieves, and they are breathing down the necks of banks, which are racing to find ways to make security cheaper and more effective. This is where fintech comes in.

Even though they are having a significant impact on the financial services industry, fintech firms lack scale and access to larger customers, as well as expertise in meeting regulations. Consequently, these new specialists need to collaborate instead of competing with banks, experts say.

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