Collaboration between Banks and Fintech Companies

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When Fintech companies initially joined the finance scene, their technology was dismissed by some while others felt threatened by the disruptive capability of Fintech. Fast forward to today, the impact of Fintech companies has been significant and banks have started to take notice. However, instead  of competing head on with these companies, banks have begun to take a collaborative approach. This is a huge milestone when compared to traditional competitiveness. There are many issues that are evident in the traditional banking industry that have yet to solved and banks realize that fintech companies have the potential of finding solutions for these problems. In today’s day and age, it is of equal importance to adapt as well as to create growth. With this collaborative effort being emphasized upon, the future does indeed look exciting where more win-win situations are being created.

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