Finance

Why financial institutions need fintechs to stay in the game

Published by Jessica Weisman-Pitts

Posted on April 12, 2022

1 min read

· Last updated: February 23, 2026

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Conceptual illustration of secure encrypted communications in fintech - Global Banking & Finance Review
This image depicts the concept of secure encrypted communications, essential for fintech. It highlights the importance of encryption in protecting sensitive financial data from cyber threats.
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Key Takeaways

  • Banks need fintech partners to meet customer demands for clarity, efficiency, and security.
  • SaaS and API-driven solutions cut costs and accelerate deployment of corporate banking portals.
  • Partnerships help institutions strengthen compliance, data security, and scalability.
  • Collaborating with fintechs modernizes legacy stacks and improves time-to-market.
  • Co-innovation delivers better user experiences and a sustained competitive edge.

Frequently Asked Questions

What is fintech?
Fintech, or financial technology, refers to the integration of technology into offerings by financial services companies to improve their use of financial services.
What is digital banking?
Digital banking involves the use of digital platforms to conduct banking services, allowing customers to manage their finances online without visiting a physical bank.
What is a financial institution?
A financial institution is an establishment that provides financial services, such as banks, credit unions, insurance companies, and investment firms.
What is customer experience in banking?
Customer experience in banking refers to the overall perception and satisfaction a customer has with a bank's services and interactions throughout their relationship.
What is innovation in finance?
Innovation in finance involves the development and implementation of new ideas, products, or processes that enhance financial services and improve customer satisfaction.

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