#XRP #Ripplenet #Ripple #Blockchain #DeFi
Phoney war
While FinTechs are perfectly placed to build next-generation financial services, including through partnership with providers like Ripple who can circumvent international borders through the blockchain, we need an infrastructure on which to deliver them. That’s why the ‘war’ between legacy and FinTech is a phoney one. Since both sides have what the other one craves, our future lies in combining banks global reach with FinTech’s vision, to the profit of us all.
Don’t think that this ‘piggybacking’ is just one-way traffic. For banks, the value of partnering with FinTechs is that they don’t have to develop new services and payments infrastructure themselves but can adopt and roll them out to their existing customer base. And that benefits both parties, enabling each play to their particular strengths.
By allying with FinTechs and EMIs, traditional banks can keep their role as payments processors, but on a much larger scale than before; meanwhile, their partners will shoulder much of the burden of customer service and support. This is a costly and time-consuming business for banks and, let’s face it, digital firms are better at it.
These relationships should enable banks to deliver a range of new services, including low-cost international transfers for their retail and business customers, providing them with new revenue streams, greater reach, and fresh relevance in a market where customer expectations are changing so rapidly.
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