Note from the Publisher: Banking giant HSBC has decided if you can’t beat ’em, join ’em. The head of their retail banking and wealth management has noted a shift from hostility by the fintechs – toward the large banks – to more collaboration. Alternatively, the large banks have come to realize that partnering with these innovators is a good idea, and in fact most of the large banks now have incubators for – or are investing in – startup fintech. Sounds like we’re making good progress here.
“HSBC’s retail banking and wealth management head John Flint expects banks to partner more with financial technology (fintech) companies in the coming years to help meet changing demands from customers.
Banks are increasingly teaming up with fintech companies, previously seen a threat, as they look to respond to a sharp increase in customers banking online and to take advantage of opportunities created by new technologies such as blockchain……The HSBC executive said that, when visiting Davos for the World Economic Forum five years ago, he had been struck by how hostile and dismissive fintech entrepreneurs were toward established banks but noted that the dialogue had since changed.”