4 Moves To Tackle The Fintech Threat

What are the 4 moves to tackle the fintech threat?

Banks are embracing the concept of open competition and accepting the need to work with external partners across the ecosystem to provide corporate customers with the best service.

These are the main findings of a new white paper launched by Banking Circle today at the SWIFT Business Forum in London, an event where industry leaders are exploring how far and how fast the transformation of financial services will take place in the UK and beyond.

The study identifies four primary themes to help banks re-think the approach of their international banking and transactions businesses. They include:

1. Commitment over complacency

“Greater commitment to understanding what business customers need, and how to match demands for lower transaction costs and greater transparency, are becoming the new competitive front line.”  (Photo by Josh Calabrese on Unsplash)

2. Simplicity over size

“There is still a golden opportunity for banks to re-double efforts to match the needs of business customers. Doing so will require jettisoning the internal siloes and crosselling subsidies between banking product lines, replacing them with more flexible, simply-presented services that meet the needs of individual businesses.” (Photo by Daniel Olah on Unsplash)

3. De-coupling over domination

“The de-coupling of international payments from previously dominant global providers is creating plentiful opportunities for smaller institutions to fill the gap.” (Photo by William Stitt on Unsplash)

4. Openness over obstruction

“An open approach to competition – embracing the need to work with partners to deliver the best service to corporate customers – is a prerequisite for survival in the digital economy.” (Photo by William Stitt on Unsplash)

Anders la Cour, Co-founder and Chief Executive Officer of Saxo Payments Banking Circle said:

Banks will only benefit from the digital evolution if they are committed to providing an excellent service for their customers, coupled with the openness to internal disruption and the boldness to knock down legacy walls, in order to effectively meet changing market needs.

Find out more here.