With high interest rates still floating in the market, fintechs can drive profitability through technology and partner with banks to curb costs and fuel growth, experts say.
With the challenges of the macro environment and tight funding, banks will seek to partner with fintechs more in 2024 than last year since it is difficult to fund internal growth to build new functionality, said Luther Liang, director of product at Grasshopper Bank. These partnerships are cost-efficient for both organizations planning to grow, Liang said.
Read More : Unlocking Potential: Fintechs Eye Growth Through Strategic Bank Partnerships in 2024