Fintechs are becoming more entrenched into the financial ecosystem, with the majority of banks now firmly on the side of collaboration, rather than conflict.
More than 80% of financial incumbents anticipate developing more partnerships with fintechs in the next five years, according to PwC’s 2017 Global Fintech Report.
However, working with fintechs is nothing like working with other incumbents. According to the report, the developing partnerships between financial startups and FIs still have some challenges to overcome. One of the biggest issues at hand is melding together two quite distinct workplace cultures:
