A recent survey of banking professionals found that most respondents see financial technology partnerships as key to their institution’s growth, although establishing such partnerships has proven elusive. The survey of 100 professionals commissioned by ABA Endorsed Solutions provider Q2 found that 61% see fintech partnerships as the most important part of their growth strategies or at least a key component. However, only 12% said their institutions had many fintech partnerships and could add more quickly.
While fintech partnerships are a top priority for banks, the study also pointed to the challenges they face to deliver new innovations, according to Q2. Seventy-three percent of the financial institutions surveyed reported that their data is aggregated across all processes and systems, but less than half are using that data to personalize customer experiences. At the same time, half of banks are providing separate digital experiences for their consumers and business customers, but only 10% said they are able to create a digital experience that aligns with each target with full mobile functionality.