This Forbes article details several reasons why banks will stop partnering with FinTech companies, including insufficient personnel, insufficient organizational structure, and lack of partnership competency. True, small banks do not have the resources to manage FinTech partnerships and large banks with the resources do not need the FinTech companies. Banks need to find and select vendors who help them operationalize process change and new product/service creation. 2) Change vendor selection criteria. Banks need a more data-driven view of whether FinTechs are delivering on their promises.

Source: Forbes May 21, 2024 17:48 UTC