Banks urged to collaborate with FinTechs to survive the digital age

Head of Business Enablement at Stanbic Bank Ghana, Marian Amartey says it has become necessary for banks to work hand in hand with FinTechs to thrive in the digital age as technology continues to change our way of life.

Speaking at ‘The Money Summit’ on a discussion about the future of financial institutions, Marian Amartey explained that instead of competing, the time had come for banks and FinTechs to work hand in hand to develop better solutions to meet the needs of customers.

She said, “As an industry, you cannot stay stagnant while the world around you continues to evolve. We must be agile and adopt new trends in technology to meet the ever-changing needs of our customers. At Stanbic Bank, we are interested in exploring all the exciting opportunities that technology has to deliver better services.

As technology continues to affect the way we behave, the needs of our clients also evolve and change along with the new developments in technology. It has therefore become necessary that we as banks work together with FinTechs to combine our strengths and deliver the best solutions for customers.”

She said the bank was partnering with FinTechs along the value chain, especially those that specialized in key areas such as credit and lending, and partner with them so that we can collaborate with them to provide value for our customers.

“As a bank, we strongly believe in driving national growth by supporting small businesses and giving them a chance to grow. Therefore, at the Stanbic Incubator, which supports businesses to grow, one area the bank is looking to enhance is to provide local FinTechs with the right skills they need to grow and give them the space to innovate and grow.” She added.

She further stated that although it was necessary to partner with FinTechs, there were key areas that banks needed to look out for in ensuring that the partnership is valuable.

She explained, “For us to have meaningful partnerships, we have to pay attention to certain areas such as unforeseen risk. Risk in terms of strategy, compliance, and cyber are important things to consider when you are working together to roll out a particular solution or else you will encounter breaches. Even though this partnership is necessary we need to make sure that we do not end up becoming over-reliant on technology. We don’t want to get to a point where the bank becomes a back-end supplier rather than acknowledging that there is a collective effort between both parties to deliver the right solutions to clients. It is important to keep an open mind and explore all the necessary areas around partnerships and investments. We need to be aligned on what we want to achieve the desired results.”

The Money Summit is a platform for stakeholders from various sectors to come together and discuss strategies to overcome challenges and capitalize on opportunities in the financial sector. Collaborative efforts among governments, regulatory bodies, financial institutions, private sector entities, and civil society were emphasized as essential for building a robust financial system that drives sustainable economic growth.