The research called ‘How the Open Paradigm is Transforming Financial Ecosystems’ encompasses a survey which involved a total of 630 players including fintech, companies, and international startups, and was structured in three different chapters.
The results of the first chapter are based on the responses of the respondents to the survey, including 227 new operators (91 Italian and 136 international operators) involved via collaboration with Fintech District. The survey had the aim of identifying the logic of the value creation and operating models.
From the results it emerges that: 46% of fintechs operate on the basis of product innovation as a distinctive element of their offering, while 39% focus on new customer experience dynamics. For the 74% of fintechs, development strategies are based on the principles of the Data Economy using non-PSD2 data sources.
Moreover, 100% of fintechs believe it is essential for their business to create partnerships with other players and 70% of them have already implemented or intend to implement forms of integration of third-party products/services, considering key partnerships to improve commercial effectiveness (according to 32%). Over the next 3 years, 43% of fintechs see themselves as part of a platform ecosystem.
Further data gathered in the survey from respondents shows that 48% of incumbent banks say they recognise in the collaboration with the fintechs the possibility of having innovative solutions and as many as 52% recognise their ability to develop disruptive technologies fundamental for product innovation. As a result, 57% of incumbents felt that the fintech offering enables them to gain advantages in their cost structures, and 25% also saw the possibility of greater service attractiveness.
Finally, fintechs are also central to the development strategies of businesses, 81% of businesses consider them fundamental to integrating the concept of Embedded Finance into their offerings.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now