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A recent Accenture report for North America noted that “incumbents must embrace collaboration and understand that, when it comes to the question of whether fintechs are friends or foes in retail payments – they are both.”
In an ever-changing digital payments landscape, fintechs are able to provide solutions that enable payments to happen in a dynamic way that is both effective and convenient for the end customer. If an organisation, like a bank or telco, perceives fintechs as a friend, then the opportunity for a mutually beneficial partnership increases significantly.
Ultimately, ease of use, the growing variety of payment methods together with a great user experience will continue to drive digital payment adoption, even in markets where cash is still the most prevalent means of payment.
For established organisations, strategic partnerships and collaboration achieves what a siloed approach cannot. Collaboration brings inherent agility to organisations through value-added services and implementing new solutions in a matter of days instead of months or even years.
The trend towards open banking will no doubt drive collaboration, but the valuable data collected over years of operation becomes a valuable commodity to both banks and fintechs. It’s through collaboration and cultivating the right partnerships at the right time that truly enhance innovation. At Ukheshe we view every collaboration as a way to enable our partners to provide digital-first banking and payment services to their customers.
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