The evolving relationship between fintech and banking

Innovation and technology, Regulation and supervision, Financial Strategy
/ Banking

The Banking and Fintech Leadership Forum, October 2019

The emergence and growth of a range of financial technology companies in businesses historically dominated by large incumbents has changed the financial services ecosystem. Although incumbents initially viewed fintechs as a competitive threat, bankers increasingly see them as potential partners to help more quickly launch new products and services and migrate away from legacy systems. Many fintechs, meanwhile, now see banks as important customers and sources of capital. On 26th September 2019, fintech CEOs and other executives, bank executives and directors, and other industry participants convened in London for the second Banking and Fintech Leadership Forum hosted by Tapestry Networks and LendIt Fintech. The Forum was sponsored by Sidley Austin LLP. Two of their senior partners also contributed legal and regulatory perspectives to the discussion, which focused on how the financial services ecosystem is likely to evolve and opportunities and practical challenges to partnerships among banks and fintechs.