Note from the CEO: Marty the Martian is a banker? In the old Loony Tunes cartoons Marty the Martian was always trying to blow up the earth but Bugs Bunny always stopped him. So being a Martian banker explains the great recession? Seriously, this article just plain points out that the “banker mind” and the “disruptive entrepreneur mind” are on different planets. Got to blend to accomplish everyone’s goals.
“It’s not news here, or anywhere else, but bankers and fintech entrepreneurs are from different planets. They’re just wired differently. Just a few years ago, all of the fintech companies wanted to put traditional financial institutions out of business. Disrupt the industry!, they said.
Despite the fact that we still have over 6,000 banks in the US alone, plus a similar number of credit unions, the industry has been disrupted. But acquiring new customers at scale is hard for fintechs, and now the talk is about the value of fintechs partnering with financial institutions instead of trying to put them out of business. This isn’t necessarily easier, it’s just a different kind of hard.
Many have focused on technology integration, getting new apps and systems to work with banks’ ageing technology infrastructure. The technology-driven nature of many new innovations makes this necessary, but it’s not sufficient. Successful partnerships between fintech companies and financial institutions need to go beyond technology integration to address (sic) three elements.”