# The collaborative future of fintech
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2017-09-15
Category: FINANCE
Category URL: https://financedigest.com/category/finance
Meta Title: The Rise of Fintech Collaboration
Meta Description: Discover why fintech companies are now collaborating instead of competing, and how partnerships are revolutionising the industry to benefit consumers.
URL: https://financedigest.com/the-collaborative-future-of-fintechhtml

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_By **Dominic Allon**, Vice President and Managing Director, Intuit Europe_

The rise of fintech has revolutionised the way we pay, shop and borrow. From contactless payments to social shopping and app-only banks, there has been enormous innovation to help consumers and businesses manage their finances faster, better and more efficiently than ever before.

Fintech has become one of the UK’s [fastest growing sectors](https://www.gov.uk/government/news/fintech-week-2017-celebrating-britains-status-as-global-fintech-hub), adding more than £6.6 billion into the UK’s economy and attracting more than £500 million of investment. From major brands such as Apple, to traditional [banks and digital](https://www.financedigest.com/being-the-best-digital-bank-is-not-enough.html "Being the Best Digital Bank is Not Enough") start-ups, a number of finance and technology companies have been competing to dominate the sector.

More recently, however, we’ve seen a markedly different approach. [Fintech companies of all sizes are realising the value](https://www.financedigest.com/fintech-incubation-more-value-than-meets-the-eye.html "FINTECH INCUBATION: MORE VALUE THAN MEETS THE EYE") in working together to improve their offer. We’ve seen banks and major tech brands partnering with nimble fintech start-ups, as well smaller companies on the cutting-edge of [business ideas](https://www.financedigest.com/top-4-blockchain-business-ideas-for-2022.html "Top 4 Blockchain Business Ideas for 2022") teaming up to bring their concepts to market. Here, we look at why [collaboration is the key to fintech success:](https://www.financedigest.com/a-winning-team-how-corporate-champions-can-drive-successful-collaborations.html "A winning team: how ‘corporate champions’ can drive successful collaborations  ")

**Collaborate to innovate**

No longer seeing fintech start-ups as a threat, banks and large enterprises are looking to start-ups to boost [digital innovation](https://www.financedigest.com/the-digital-pathology-systems-market-to-get-digitally-innovative.html "The Digital Pathology Systems Market to get digitally innovative"). It’s an approach being adopted beyond the world of fintech, with [PwC](http://www.pwc.com/gx/en/ceo-agenda/pwc-at-davos/ghosts/collaboration-for-innovation-why-technology-alone-isnt-enough.html) reporting that 28 percent of global CEOs expect to collaborate with start-ups or entrepreneurs in the coming year [\[i\]](#_edn1). And, in June, Richard Branson launched Platform X – a new project for [big businesses](https://www.financedigest.com/how-china-became-big-business-for-twitter-from-blocking-to-blue-checks.html "How China became big business for Twitter, from blocking to blue checks") to harness the expertise of more nimble rivals to help them overcome a dearth of innovation within their own organisations. [Banks which follow](https://www.financedigest.com/uk-watchdog-contacts-banks-following-huge-withdrawal-of-mortgage-deals-ft.html "UK watchdog contacts banks following huge withdrawal of mortgage deals -FT") this model and partner with more agile fintech start-ups will be able to expand and grow at a much faster pace.

Customer [problem solving](https://www.financedigest.com/solve-a-problem-you-know-and-live.html "Solve a Problem You Know and Live")

Collaboration is also about solving very specific customer problems. If we look at some of the most recent [fintech partnerships](https://www.financedigest.com/why-a-liberated-cfo-and-fintech-solution-are-a-dream-partnership-for-navigating-economic-uncertainty.html "Why a liberated CFO and fintech solution are a dream partnership for navigating economic uncertainty") we can see that companies are joining forces to improve their product, and make sure it works flawlessly with their other financial applications. For example, HSBC partnered with Tradeshift to manage procurement, accounts payable, [supply chain](https://www.financedigest.com/amazon-introduces-seller-storage-service-to-tackle-supply-chain-woes.html "Amazon introduces seller storage service to tackle supply chain woes") finance and settlement all in one platform. [Digital bank](https://www.financedigest.com/how-fs-organisations-can-enter-the-new-age-in-digital-banking.html "How FS Organisations Can Enter The New Age in Digital Banking") Tide also teamed up with Iwoca to offer users business loans of up to £100,000.

At Intuit QuickBooks, we recently announced an agreement with Lloyd’s Bank to help [small businesses](https://www.financedigest.com/the-small-businesss-guide-to-getting-started-in-digital-advertising.html "The Small Business’s Guide to Getting Started in Digital Advertising") and accountants save time by automatically transferring financial information securely into QuickBooks. We now offer direct bank feeds with three out of the [top](https://www.financedigest.com/hsbc-ups-price-targets-on-greek-banks-with-eurobank-piraeus-top-picks.html "HSBC ups price targets on Greek banks, with Eurobank, Piraeus top picks") four retail banks in the UK, which covers more than 60 percent of the UK market. Our entire ecosystem is all about [working with – not against – other suppliers](https://www.financedigest.com/apple-works-with-chinese-suppliers-for-latest-iphones-nikkei.html "Apple works with Chinese suppliers for latest iPhones – Nikkei"). Partnerships and integration are the tenets of our [app store](https://www.financedigest.com/apple-given-fourth-dutch-fine-in-app-store-dispute.html "Apple given fourth Dutch fine in App Store dispute"), with developers gaining access to our expansive pool of developer resources.

We are entering a new era for fintech, with collaboration coming well before competition. Drawing on one another’s strengths is the [key to getting ahead in a competitive market](https://www.financedigest.com/automotive-mems-sensor-market-key-manufacturers-development-trends-and-competitive-analysis-2028.html "Automotive MEMS Sensor Market Key Manufacturers, Development Trends and Competitive Analysis 2028"), but the real winner here is the customer. They will ultimately benefit from best of breed solutions, so [managing their finances becomes one less thing](https://www.financedigest.com/iomt-internet-of-medical-things-to-accelerate-the-pancreatic-and-bile-duct-stone-management-market.html "IoMT (Internet of Medical Things) to accelerate the Pancreatic And Bile Duct Stone Management Market") to worry about.


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