Across every sector, businesses are looking to technology to reduce costs and improve their products and services. But most big financial services firms simply aren’t set up to create, drive, and wield new tech innovation – certainly not to the degree that a startup can.
Big companies are hampered by legacy IT systems and complex governance that make decision-making sluggish. While they are shielded to a degree from disruption from startups by their immense scale, broad customer base, and ability to navigate regulation, they also remain slow at designing and implementing digital businesses.
What’s obvious is that fintechs and big financial services companies hold the solution to each other’s problems. That’s why, when we help companies rebuild their technology from scratch or create a new digital business venture, fintechs always have a role to play.
At the other end of the spectrum are the fintech startups, which have been springing up and churning out wave after wave of new digital products with the potential to reshape banking.
Read the full article on City AM.