Now, more than ever, incumbent banks and FinTechs are convinced that collaborative partnerships offer win-win synergies. Their lack of focus across critical pillars of success – People, Finance, Business, and Tecnology leads to unimpressive results and dissatisfaction all around.

Banks’ collaboration frustration

Collaboration readiness vs success: Bank perspective (%)

The focus of an inventive bank comprises three stages, with the first step being to determine the foundation technology upon which to build the next generation of banking. The next step is to select ecosystem players that will help to shore up competency gaps. The last step is to determine an end-to-end strategy to realize the value of the innovation and deliver at scale.

Integrated framework of an inventive bank

When an Open X-ready bank collaborates with a FinTech scaleup, it can deliver an industrialized and scalable experience. Effective collaboration spurs the transition from an innovation-centric model (Open Innovation) to a business-focused approach in which the innovative solution is adopted and consumed at scale (Applied Innovation).

The journey from Open Innovation to Applied Innovation