The Capgemini and Efma report, ‘World FinTech Report 2021’ highlights how FinTechs demonstrated resilience during COVID-19. With some verticals recording double-digit growth, and FinTechs beginning to mature, there is greater pressure on incumbent banks to embrace digitalisation far deeper and with more commitment than ever before.

During this period, FinTechs proved themselves to be not only competent competitors but also partners. Banks have the edge over FinTechs when it comes to reach and trust, however, to remain relevant they must overcome their weaknesses: in particular, addressing issues with legacy IT, and delivering a better customer experience.

So how exactly can Fintechs and incumbents work together not just for the benefit of the partners, but for customers and the economy as well?

In this episode of PodChats for FutureCIO, Sandeep Bagaria, chief executive officer, Tagit,  shares his insights and experience working with incumbents in Asia.

1.       Describe the (business) state of the financial services marketplace in Asia today?

2.       Are traditional financial services institutions (FSI) sufficiently responsive to the disruption occurring even before COVID-19?

3.       Why are some traditional (smaller) FSI opting to partner with Fintechs?

a.       How do the traditional FSIs finance these projects?

4.       How does a Fintech work with a traditional FSI to modernise its infrastructure? (perhaps cite the tagit work with Singapura Finance – just be cautious not to make this like a sales pitch for tagit).

5.       Lessons to draw to mitigate fintech-incumbent project failures?

6.       Who should take charge from inside incumbents to ensure that the partnership with Fintech delivers on its objectives?