Name: How are we going to get more collaboration between fintechs and banks?
Uploaded: 2022-04-12T13:48:11.940Z
Duration: 138.42
Description: It only takes one question to spark a powerful discussion. "Hot Takes" brings the biggest names in the business to answer all your burning fintech questions.

Jurgen hot take 2.vtt

English

{{00:00:00}}
There's always a threat that due
to growing uncertainty in the

{{00:00:02}}
global world, that banks have a
more defensive reflex, which is

{{00:00:07}}
perfectly justified, of course.

{{00:00:13}}
My name is Carlos Figueredo.

{{00:00:14}}
I am the CEO of Open Vector.

{{00:00:16}}
My burning FinTech question is
how are we going to get more

{{00:00:19}}
collaboration between fintechs
and the banking community?

{{00:00:24}}
To get more collaboration between big
financial institutions, banks, and

{{00:00:28}}
small Agile fintechs, well there might
be a number of external factors that

{{00:00:34}}
encourage that collaboration and one
thing is that as I experienced that

{{00:00:38}}
in many banks, there's quite some
friction due to legacy in terms of

{{00:00:44}}
building a flexible IT architecture.

{{00:00:47}}
But more and more banks are
setting up their IT architecture

{{00:00:52}}
in such a way that is more modular.

{{00:00:54}}
So allowing at least on paper
to plug in components, APIs

{{00:01:00}}
or what have you, from other
external vendors like fintechs.

{{00:01:03}}
The upgrade of the IT architecture
going forward is more receptive

{{00:01:09}}
for external components.

{{00:01:11}}
And the second external factor
that might assist to have more

{{00:01:14}}
collaboration is initiatives that
today originate from regulators

{{00:01:20}}
and government agencies alike.

{{00:01:22}}
For example, European Commission,
ESMA and so on in Europe are

{{00:01:26}}
very much encouraging to apply
more uniform procedures for risk

{{00:01:32}}
profiling, asset allocation and so
on, which might encourage banks to

{{00:01:37}}
insource part of these capabilities
rather than developing all of them

{{00:01:41}}
themselves, because they have to
more and more lookalike, so to speak.

{{00:01:45}}
So hopefully that will be two
elements that are beneficial.

{{00:01:49}}
On the other hand, there's always a
threat that due to growing uncertainty

{{00:01:53}}
in the global world, that banks have
a more defensive reflex, which is

{{00:01:57}}
perfectly justified, of course, due to
the uncertainties to do it themselves

{{00:02:02}}
and think they can do it better.

{{00:02:04}}
But there again, let's hope that
we will strike a right balance

{{00:02:07}}
and we will have flexibility
and hopefully less uncertainty

{{00:02:10}}
outside in the outside world.

There's always a threat that due
to growing uncertainty in the

global world, that banks have a
more defensive reflex, which is

My burning FinTech question is
how are we going to get more

collaboration between fintechs
and the banking community?

To get more collaboration between big
financial institutions, banks, and

small Agile fintechs, well there might
be a number of external factors that

encourage that collaboration and one
thing is that as I experienced that

in many banks, there's quite some
friction due to legacy in terms of

But more and more banks are
setting up their IT architecture

So allowing at least on paper
to plug in components, APIs

or what have you, from other
external vendors like fintechs.

The upgrade of the IT architecture
going forward is more receptive

And the second external factor
that might assist to have more

collaboration is initiatives that
today originate from regulators

For example, European Commission,
ESMA and so on in Europe are

very much encouraging to apply
more uniform procedures for risk

profiling, asset allocation and so
on, which might encourage banks to

insource part of these capabilities
rather than developing all of them

themselves, because they have to
more and more lookalike, so to speak.

So hopefully that will be two
elements that are beneficial.

On the other hand, there's always a
threat that due to growing uncertainty

in the global world, that banks have
a more defensive reflex, which is

perfectly justified, of course, due to
the uncertainties to do it themselves

But there again, let's hope that
we will strike a right balance

and we will have flexibility
and hopefully less uncertainty

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It only takes one question to spark a powerful discussion. "Hot Takes"  brings the biggest names in the business to answer all your burning fintech questions.