The Role Traditional Finance Plays in the FinTech Market
Traditional finance and FinTech share a symbiotic relationship, as the former lays the foundation for the latter's innovation.
Established financial institutions provide stability, regulatory frameworks, and customer trust, enabling FinTech startups to thrive. While traditional banks may face disruption, they adapt by embracing technology or collaborating with FinTech companies. Traditional finance institutions act as both competitors and collaborators, fostering a dynamic ecosystem. Their infrastructure, expertise, and customer base become essential assets for FinTech players, shaping the evolution of financial services. In essence, traditional finance acts as a catalyst, propelling the FinTech market forward with a blend of experience and innovation.
"As traditional financial institutions, we recognize the transformative potential of FinTech. Our role is not only to adapt but to drive innovation. Collaborating with FinTech allows us to leverage our experience and infrastructure while embracing the agility and creativity they bring to the table. It's a partnership that propels the financial industry into a dynamic future."
Bank of America