New Partnerships

Fintechs and Banks Snuggle Up

Deutschland. Frankfurt am Main. Kap Europa. 21. Handelsblatt Jahrestagung. Gespraech auf der Dachtertasse. Timo Willius, Janis Curtuius und Ilse Munnikhof alle Ing DiBa, .31.8.2016. Photo: Bernd Roselieb
Young bankers at the Handelsblatt banking conference.
  • Why it matters

    Why it matters

    Traditional banks have much to lose in competition with new financial technology providers. But they also have much to gain with smart cooperation.

  • Facts

    Facts

    • The German financial startup figo – short for “finance on the go”— developed a banking app interface that allows users to access accounts via a central platform.
    • The Berlin startup N26, previously known as Number 26, offers free checking accounts that can be managed by smartphone.
    • The French bank BPCE purchased Munich-based online bank Fidor, in what is considered one of the biggest fintech deals in Germany.
  • Audio

    Audio

  • Pdf

Up to now, startups in the financial services sector, known as fintechs, were mostly seen as threats to established banks. But that view is changing.

Banks increasingly see the small, innovative companies as partners – and many fintechs are seeking to cooperate with traditional financial institutions.

In the long term it is “certainly even more important to work together with fintechs,” said the head of Deutsche Bank, John Cryan, at Handelsblatt’s annual Banks In Transition conference this week.

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