FinTech start-ups and banks are being drawn into symbiotic relationships that – on the face of it – go against the natural order of technology disruption. They ought to sit on two sides of the divide, with one disrupting and the other being disrupted. Yet, the FinTech industry has matured in recent years, creating new business dynamics that call for a more peaceful approach.
What has happened? One key shift is that the banks are catching up. They are building their own technology to get ahead of the competition and fast-track innovation. They have assembled teams in-house, which are emulating software functionality to offer an in-branch and mobile experience that is automated and customer-centric. NatWest, for example, was voted best banking app in the British Bank Awards in 2017 and 2018 (although it was ousted by Monzo this year)1).
