IMPACT OF START-UPS ON BANKING
The impact of start-ups is being felt across the whole range of traditional services provided by banks including for example current accounts, cards, payments, lending, savings and investments, and insurance.
WORKING WITH START UPS
There is an opportunity for banks to work with start-ups, as partners or suppliers. In general, banks recognise this opportunity. 43% of banks in our survey were positive or very positive about working with start-ups as business partners, and 41% were positive or very positive about working with start-ups as suppliers.
The experience of working with start-ups across a range of products and services is still relatively modest. The most common area of cooperation is in payments and digital marketing. 86% of banks in our survey expect to increase their involvement with start-ups in digital marketing and 78% in payments.