Recently, some large scale banks have taken a stand in their fight against fintech disruption. Whether on purpose or a glitch, PNC customers recently found themselves unable to connect their accounts to Venmo. After the disruption, many customers moved their accounts and expressed their displeasure alongside many fintechs who accused the banks of restricting access on purpose to force customers into using their services.
Whether malicious or an accident, this shed some light on the next phase of the fintech vs banking saga. It highlights areas for improvement for both fintechs and banks if they want to continue doing business. Banks worry about the security of fintech offerings and may refuse to support them based on concerns for their customers. Fintechs are showing banks that although they created the landscape, refusal to change for your customers is deadly, no matter your size. Banks have replied, creating their own P2P services built on their knowledge of security.
The biggest opportunity for some experts is still in the collaboration of banks and fintechs. Each has its own innate strengths and challenges that when combined can result in robust and user-centric offerings. While asking businesses to happily share markets is unorthodox, for the time being, and to avoid a fight in which the consumers are the losers, they may need to put differences aside and work together. Driving that collaboration are consultants, analysts, and leaders in Digital Finance and Banking Cybersecurity from both the fintech and banking spaces, leveraging their experience to drive innovation.
If you’re looking to add the best fintech talent to your team and capitalize on 2020’s biggest trends, Martin Executive Recruiting has the expertise and network to connect you with your ideal hire. Get in touch today and learn what we can do for you.