Partnerships. We know that there is a heavy focus here within financial services and particularly so now in fintech after a slow start. Done right, strategic partnerships can solve big problems and create huge value to all involved, especially the end customer.
There has been a huge shift in the financial services sector towards collaboration. We see this with banks and fintechs partnering together. A typically competitive landscape and extremely risk averse environment means that it has always been hard for banks to get comfortable working closely with smaller or critically, lesser regulated firms. However, we are now seeing a realisation from the financial services establishment that partnering with fintechs is actually a good thing and that there could be much to learn.
Fintechs have a unique way of working which makes them more agile and able to respond to the customer problem at a much quicker pace than what other traditional banks and financial institutions can. As a result of financial services and fintechs partnering, you actually see banks taking on that way of working. Look at ING for example who implemented agile methodology. Fintechs are able to provide banks with that trusted collaboration that they need when entering into a partnership.
This year Currencycloud developed a strategic partnerships team. The time was right for Currencycloud to venture into the strategic partnerships realm and the right opportunities were presented for the business to do so. Strategic partnerships create real strategic alignment between those companies that are involved and not necessarily just within a bilateral partnership but within an all-encompassing ecosystem.
Developing a strategic partnership isn’t a single exercise, it requires shifting resources and realigning the business to new goals. It seeps through the whole business, harnessing true collaboration on a company level but also importantly on an individual level. At a company level there needs to be an acknowledgement that your company can achieve greater results when you work in collaboration with other companies. At an employee level, employees need to be bought into the goals that the partnership is responsible for, it is ultimately them that will drive the partnership forward.
Looking at what makes our strategic partnerships great at Currencycloud, there are certain elements that all good partnerships should have. A common goal and strategic alignment is essential between the organisations involved. A diverse skill set within the strategic partnerships team will help to get as much out of the partnership as possible. Plus importantly, make sure you do your research and really think about where the business is going, what problems your customers are facing and how you can solve these by entering into a partnership.
If you get strategic partnerships right, they prove to move the business forward, create exponential growth and most importantly they solve the problem for the customer in a more coordinated fashion which will ultimately lead to something really special!
If you are interested in partnering with Currencycloud or learning more about how we could work together please click here.