Competition from fintechs and consumer brands is compelling leading banks and technology providers to revise their strategies. These fintechs and brands are scaling and evolving rapidly on top of banking as a service (BaaS) and open banking infrastructure. We’ve spoken with executives at financial institutions, fintechs, and vendors about how to thrive in an ecosystem that’s reshaping financial services.
Leading financial institutions are refashioning themselves to fit into an ecosystem of fintechs and consumer brands. They’re adopting a new mindset: find a place for themselves in the fintech ecosystem, lean into their strengths, and don’t swim against the tide.
3 KEY QUESTIONS THIS REPORT WILL ANSWER
How do direct-to-consumer fintechs and embedded finance change banking industry dynamics?
How do open banking and banking as a service (BaaS) technologies facilitate fintechs and consumer brands?
How can financial institutions compete, partner, and thrive?
WHAT’S IN THIS REPORT? Faced with competition from fintechs and consumer brands, leading banks and technology providers have revisited their strategies. We spoke with executives at financial institutions, fintechs, and vendors about how they’re pursuing change or reacting to it.
KEY STAT: As of December 2021, almost half (42%) of US adults had recently used a service like Apple Pay, Google Pay, or Shop Pay, indicating that many consumers have encountered embedded finance without knowing it.
Here’s what’s in the full report
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