There’s a lot of change in the marketplace right now. Customers’ expectations are changing, and they expect a straightforward, simple customer experience. And fintechs are really delivering to that.
So in order to stay competitive, companies often choose to work with a fintech to bring a new solution to market fast, efficiently, and to deliver that customer experience.
When a company’s considering working with a fintech, it’s really important to start with what does the customer need and pain points you’relooking to solve for, and then find a financial technology company that can help you solve for those needs.
Larger companies looking to partner with fintechs really need to make sure that they bring an open, transparent communication style to the relationship, because oftentimes there’s a difference in how quickly the fintech and the larger institution can move to deliver that solution. It requires really clear communication to make sure that everyone understands where you are to deliver to the market.
At Wells Fargo, we’ve worked with a multitude of fintechs to deliver a large number of solutions from authenticating identity, to new payment types, to helping customers consolidate their receivables. It would have taken us years to build it ourselves, and we’ve given our customers innovative solutions in a much faster way.