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jerryking : capital_one   4

Fintech Fictions, Fallacies, and Fantasies
July 20, 2015 | Subscribe to The Financial Brand for Free

A Snarketing post by Ron Shevlin

There’s No Debate

Towards the end of the Great Debate (referenced at the beginning of this post), I suggested that the question at hand–Who would rule banking: fintech or banks?–was the wrong question to ask. There is no one or the other. Banks need fintech, fintech needs banks. And banks become fintech, as fintech become banks.

In many ways, fintech is a–or the–path to reinvention for many banks. This is why a Capital One acquires design firms, or a BBVA acquires a Simple. It’s not simply to acquire the technology, and certainly not to “usurp the threat of FinTech by co-opting it.” It’s to inject new thinking and new capabilities into the company.
fin-tech  myths  fantasies  financial_services  banks  symbiosis  large_companies  new_thinking  start_ups  capabilities  Fortune_500  brands  Capital_One  design  Simple  BBVA 
march 2017 by jerryking

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