To Accelerate Digital Transformation, Banks Need to Embrace Fintech Partnerships

To Accelerate Digital Transformation, Banks Need to Embrace Fintech Partnerships

Amir Yazdanpanah is the Managing Director, MEA of Flybits, a global fintech that helps banks contextualize data to deliver highly personalized customer experiences. Here he shares his thoughts on how banks need to embrace fintech partnerships to accelerate digital transformation. The disruptive nature of the COVID-19 pandemic meant that these digital transformation plans , which would have typically taken months or years to implement, needed to be in place within weeks or days. Failure to react with agility and purpose to this global disruption widened the technology gap among financial institutions. Those that embraced fintech came out ahead and continue to outpace the competition particularly when it comes to innovation in customer experience. Fintech is no longer viewed as a competitor Financial institutions had previously taken a cautious or even suspicious approach to fintech, often considering it a competitor that is rapidly disrupting the industry. There is now growing recognition within the sector that banks cannot go it alone when it comes to digitalization. The costs and timelines associated with banks tackling their digital transformation plans in-house are prohibitive. Adoption of fintech as a valuable, trusted partner, which is critical to advancing relevant digital customer engagement, is the future of