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FinTechs and banks – partners on eye level. The dynamics of innovation is driven by new collaborations. This shows that none of the two actors can shape the future of the industry alone. All the more attention, the importance of a digital business strategy brings.

Chefsache Digitaler Wandel

Open interfaces the Interaction of fire – also the the new service provider, image source: bakhtiarzein – fotolia.de

At the beginning of September in Berlin: The Deutsche Telekom organized the according to the biggest European Startup Event, the startup night in Berlin. In addition to the capital, so the typical party mood, the scene met in a technically well-staffed, over two days, the Empire conference format. Among other things, the Deutsche Bank, presented in a specially convened Workshop on innovative business ideas and new platforms.

 

Partne ring between Start-ups and Established

 

Was marked not only is this event between Old and New Economy from the guiding principles of the partne ring between Start-ups and established players. Meanwhile, also here, quite the contrast from the previous years – the new players in the network and the known sizes of the financial sector, directly at eye level, you enter into direct dialogue on the same event podiums. Both sides discuss, to ogle instead of just suspicious. It is more than a cautious approach.

 

The price question is: do together, and steep projects – sometimes Partnering – in fact, a boost in innovation for both sides, or that does not Together of two very different partners, but ultimately a waste of time? Finally, the a side, the FinTech Start-ups, primarily by agility and experimentation, while the other, the old tried-and-tested players from the financial sector, characterized by the use of conventional virtues such as constancy and predictability. The need of money or access to customers and others in need of long-term, scalable innovations.

 

Cooperative Age

 

Growing together here, so really, what belongs together? The answer get straight to the point: No one will be able to teach in the future alone. Both sides need each other, ultimately, in the digital age, the increased requirements and demands of the customer to cover successfully. With this guiding principle, a certain normalization for the dynamics of development of both sides is connected.

 

This collaborative age is the example of the Joint venture between Fidor Bank and the French BPCE. In this case, BPCE, one of the largest French banking groups with a cooperative Background, the German flagship Bank in the Social Web took to integrate as an innovative driver in the own business portfolio.

 

The Franco-German Deal, but also shows the weighting of the real power relations. The FinTech Start-ups only survive in the market, and are able to achieve long-term, if you at some point under the umbrella of a powerful, talk to a good financial cushion equipped banking house, to hatch.

 

Quickly out too idealistic musings of one or another FinTech are dreams against this Background, the founder, to create it entirely from its own power from the very bottom up to the top to the top. The various Start-up conferences tried Internet revolutions in other industries, to grab, especially when you look at current Events from an investor’s point of view in the FinTech Scene, in the financial sector only in a weakened Form.

 

The truth on the court

 

This leads to the insight: Currently there is neither a “financial-Google”, “Apple”, a “FinTech Amazon is” in sight. Rather the opposite seems likely, it comes under the direction of banks to symbiosis. Because in the United States and the United Kingdom, some of the supposedly new industry fight gurus with serious performance problems. Example of Lending Club: The business model is massively Stalled since the distributors of Peer-to-Peer loans in spring financially and in terms of personnel in acute turbulence into the basement. In short: A financial revolution is something else.

 

The truth in the square is the kick-off circle. Mostly the speed, the willing investors, money to burn as quickly as possible from collected, significantly higher than the parallel to this learned ability to make this sustainable in the capital market. in FinTechs Hardly any of the FinTechs will write without external assistance in the medium term, in the black, at least not without the leniency of the financial venture ready for investors syringe. But any patience has its limits. An end to the almost “blind” investment boom of the FinTech start-UPS is already. The other side of the coin: the conventional banking sector to break away just various old proven income areas. The margins will shrink, sometimes dramatically, and not a few experts make the provocative question of whether the banks can earn beyond of penalty interest for a wealthy clientele in the future with their own products enough money. Abundantly, added to the continued regulatory pressure, which drives up the cost of the back office even further, and by the way, the branch networks gradually thinning.

 

If you think of these two strands of Development together, those on the side of the FinTechs and those on the other side in the money houses, so it is clear that the One without the Other will not continue to exist. New Partnering models between David and Goliath, therefore, are anything other than a “nice to have” project, but there is a compelling need for both sides. Just ask yourself, what happens if the Chief Financial Officer calculates that with a pointed pencil, which strategies are at the end of the day successfully.

The Partnering is a process with many Unknowns. The Royal road to common open corporate culture, it is not. The Central task for the stressed innovation Manager: It is on both a targeted and pragmatic approach, so that both sides benefit. Operational hustle and bustle, or a merely formal Alliance between Goliath and David are not a sound basis within the meaning of the design principle of Open Innovation to drive the own ability to change along the digital Agenda decisively forward.

 

Therefore, the initiative of key strategic are required prior to the beginning of a comprehensive Innovation. A correspondingly strong innovation team should be directly below the Executive floor located, in order to generate in the medium – to long-term perspective, a concrete Use in the development of new markets or the deployment of new product solutions and services in collaboration with external partners.

 

The Chief Digital Officer is not a fad

 

 

The companies at the top level of the hierarchy einbestellte “Chief Digital Officer” is in close cooperation with Business Development and specialist departments do not have professional fashion term, but with sufficient expertise and Budget is provided with the Position. This, in order to drive the transition to a digital business agenda prudently, but decisively forward. Each organizational unit can act only as successful as the weakest link in the chain. All the more reason for a strong culture of innovation in the company, important to look at the man behind the machine in the Interaction with the entire organization. Right here is the circle between the two partners will close at eye level. The core message to the financial sector is: Invent Yourself with the help of Your employees, partners, and customers constantly, but also on the often-neglected Detail, the small print in the interpersonal area. It is the Partnering between FinTechs and well-established financial service providers for both sides, not tragic, when one or the other idea fails later in the process of implementation or already in the virtual files, shredder travels. Because of the learning effect of a forward-moving organization is always bigger, as if the actors holding timidly to the pale memories of earlier times.

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