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Peer2Peer Finance News | May 25, 2019

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Fintech partnerships to fuel financial services transformation

Fintech partnerships to fuel financial services transformation
Tim Evershed

ALMOST two thirds of financial services firms are planning to collaborate with fintechs as they strive to improve services, according to new research.

29 per cent of these City firms plan to collaborate through partnerships, while 32 per cent are looking to invest in or acquire fintech businesses, the survey from law firm DLA Piper found.

41 per cent of financial services firms surveyed view payments technology as a key area for investment.

“Payments technology is set for profound transformation in this new era for the financial services industry, said Martin Bartlam, international group head of finance and projects at DLA Piper.

Read more: New fintech hub opens in Belfast

“This concentration of investment in payments tech makes sense in today’s digital era, as it represents the interface between financial services and its client base, so is likely to be highly impactful on a number of levels, from customer experience to transactional efficiency.”

Open Banking and Application Programming Interfaces were considered the most exciting areas for innovation by financial services firms.

The survey found that crypto assets and tokens emerging as instruments to watch with 17 per cent developing strategies for these digital assets.

Read more: UK and Israel agree to cooperate on fintech and cuber security

“Financial services companies are also recognising that in order to achieve their ambitions of creating a digitally transformed and highly compelling proposition, driven in part by Revised Payment Service Directive (PSD2), true and embedded collaboration with fintechs is the order of the day,” said Martin.

Read more: FCA consults on global fintech sandbox