Instead, the bank looked to other fintech partners with values more closely aligned with its own. Harnessing the full potential of technology innovation also requires a long-term, strategic commitment to innovation. Many bankers spoke of the importance of knowing exactly what new technology is solving for, building a team they trust, and securing buy-in from both senior management and the staff responsible for implementation.
Bankers who have forged successful partnerships don’t innovate for the sake of being innovative but instead have a clear vision of their goals. For example, one bank partnered with a fintech company to roll out limited banking services to teenagers.