1. No banking provider can do it alone
Financial institutions should start with a clear understanding of the importance of trusted, collaborative, and innovative ecosystems. Basically, ecosystems in banking can be described as an interconnected set of services through which customers can fulfill a variety of needs in a single integrated experience.
These ecosystems are already emerging and growing, bringing together technologies and enablers, including large enterprise banks, fintechs, cryptocurrency platforms, technology companies, and service providers to create entirely new value propositions for distinct customer segments.
Goldman Sachs, for example, has created a leading digital consumer platform, with partnerships as a core pillar of its strategy. Starting with a fresh sheet of paper, the 186-year-old firm became an industry disruptor with Marcus, its customer-centric online-only bank, and Apple Card, the Apple-branded credit card it backs, which allows consumers to access Goldman Sachs products and technology through its big tech partner.
Likewise, leading US-based fintech Chime partners with regional banks. According to Janelle Sallenave, senior vice president of operations and member services, "These partnerships enable us to design member-first financial products that create better, lower-cost options for everyday Americans."