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How can you collaborate with other banks to mitigate fintech risks?

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Fintech, or financial technology, is transforming the banking industry with innovative solutions and services. However, fintech also poses significant risks and challenges for banks, such as cyberattacks, regulatory compliance, customer retention, and competitive pressure. How can you collaborate with other banks to mitigate fintech risks and leverage the opportunities? Here are some strategies to consider.

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Thomas Muth

1 Share data and insights

One of the key benefits of collaborating with other banks is to share data and insights on fintech trends, threats, and best practices. Data sharing can help you identify and monitor fintech risks, such as fraud, cybercrime, or operational failures. Insights sharing can help you learn from the experiences and lessons of other banks, such as how they adopted fintech solutions, managed regulatory changes, or improved customer satisfaction. You can use platforms, networks, or forums to exchange data and insights with other banks securely and efficiently.

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Zarik Khan

Head of Compliance Testing @ Flex | Author, Fintech Compliance Chronicles | Board Member | Risk Management | Regulatory Compliance | Audit | ex Google, ex Goldman
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Too often banks will use the excuse of not wanting to boost the competition or protecting proprietary data as a reason not to collaborate with their peers. In an era of unprecedented regulatory scrutiny, numerous institutional collapses, and disruptions from emerging technologies, these institutions will need to reconsider this way of thinking if they are to survive. At a strategic level I personally have found a lot of value in roundtables; I was a part of an audit/risk/compliance forum of banking leaders that met twice a year to discuss compliance trends, emerging risks, and even administrative topics I.e. training, hiring, etc. At a tactical level, MOUs can be a powerful tool to combat external threats like fraud, money laundering, etc.

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2 Join forces and resources

Another way to collaborate with other banks is to join forces and resources to develop or adopt fintech solutions that can enhance your performance and resilience. For example, you can form alliances, partnerships, or consortia with other banks to co-create or co-invest in fintech innovations, such as blockchain, artificial intelligence, or cloud computing. You can also leverage the economies of scale and scope of collaborating with other banks to reduce the costs and risks of fintech adoption. By joining forces and resources, you can gain access to more expertise, technology, and capital to support your fintech strategy.

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Thomas Muth
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As a Fintech with a great new product, you lack customers. Joining forces with a bank can be mutually beneficial, as the bank is able to offer new services to their customers and can keep the customer relation, while the fintech can tap into a client based which would be otherwise very difficult to reach. However on the ressource side there are to big challenges: Technically: is the new, typically API-bases infrastructure of the fintech an easy match to -typically- old or even legacy core of the bank? Organizationally: is the flexible fintech organization compatible with a grown, very hierarchical bank organization with special focus on compliance, regulation, security, risk management, purchasing and more?

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3 Align standards and policies

A third strategy to collaborate with other banks is to align standards and policies that can facilitate fintech integration and coordination. Standards and policies can help you establish common frameworks, guidelines, and protocols for fintech adoption, such as data security, privacy, governance, or interoperability. Aligning standards and policies can also help you comply with the relevant regulations and expectations of fintech stakeholders, such as customers, regulators, or investors. You can work with other banks to harmonize your standards and policies through industry associations, initiatives, or agreements.

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Zarik Khan

Head of Compliance Testing @ Flex | Author, Fintech Compliance Chronicles | Board Member | Risk Management | Regulatory Compliance | Audit | ex Google, ex Goldman
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In the payments space, collaboration to develop shared governing principles is essential. The PCI Security Standards Council is a global collaboration of fintech and payment companies of all types that operates globally to set baselines that will protect customers, institutions and partners from fraud and breaches. More recently, the major credit card networks (Visa, Mastercard, Discover, Amex, JCB and UnionPay) came together to form EMVCo, which maintains the governing standards for the usage/operation of chip cards.

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4 Foster innovation culture

A fourth tactic to collaborate with other banks is to foster an innovation culture that can encourage and support fintech experimentation and learning. An innovation culture can help you embrace fintech as an opportunity rather than a threat, and foster a mindset of curiosity, creativity, and collaboration. You can foster an innovation culture by engaging with other banks in various activities, such as hackathons, workshops, competitions, or events. You can also exchange ideas, feedback, or best practices with other banks to inspire and challenge each other to innovate with fintech.

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5 Build trust and reputation

A fifth approach to collaborate with other banks is to build trust and reputation that can enhance your fintech credibility and attractiveness. Trust and reputation can help you attract and retain customers, partners, and talent who value fintech excellence and reliability. You can build trust and reputation by collaborating with other banks to demonstrate your fintech capabilities, achievements, and values. You can also leverage the reputation and influence of other banks to amplify your fintech message and impact.

Collaborating with other banks can help you mitigate fintech risks and leverage fintech opportunities. By sharing data and insights, joining forces and resources, aligning standards and policies, fostering innovation culture, and building trust and reputation, you can enhance your fintech performance and resilience.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you collaborate with other banks to mitigate fintech risks?

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1 Share data and insights

2 Join forces and resources

3 Align standards and policies

4 Foster innovation culture

5 Build trust and reputation

6 Here’s what else to consider

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