{"id":256746,"date":"2023-04-06T00:44:02","date_gmt":"2023-04-05T22:44:02","guid":{"rendered":"https:\/\/mypr.co.za\/?p=130560"},"modified":"2023-04-06T00:44:02","modified_gmt":"2023-04-05T22:44:02","slug":"fintechs-and-banks-a-marriage-made-in-digital-heaven","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/fintechs-and-banks-a-marriage-made-in-digital-heaven\/","title":{"rendered":"FinTechs and Banks: A Marriage made in Digital Heaven"},"content":{"rendered":"<p>\u201cThere\u2019s a quiet revolution happening in the financial services sector and it\u2019s bringing speed, opportunities and better service to customers around the globe,\u201d says Andrew Maren, founder and CEO of FinTech firm ProfitShare Partners.<\/p>\n<p>While banks have traditionally developed proprietary platforms to deliver their services to business and individual clients, Maren says many are looking to partner with FinTechs to take advantage of platforms that already exist in the FinTech space, and are tried, tested and fully functional.<\/p>\n<p>\u201cFor a while, big banks saw FinTech companies as a threat \u2013 until they noted the huge opportunities that we could provide as partners,\u201d says Maren. \u201cWith innovative digital technologies, we\u2019re able to white label our products and deliver a branded solution for a bank.<\/p>\n<p>\u201cThere\u2019s little value in a bank reinventing the wheel, and many are working closely with those of us in the FinTech space to provide their customers with a seamless, home-branded transition into our more agile space.\u201d<\/p>\n<p><strong>What the studies say<\/strong><\/p>\n<p>A recent study by McKinsey &amp; Company posits that by 2025, digital financial services (DFS) have the potential to provide access to financial services for 1.6 billion people in emerging economies.<\/p>\n<p>\u201cThe World Bank adds FinTech offers the advantage of reduced risks of loss, theft, and other financial crimes posed by cash-based transactions; as well as the reduced costs associated with transacting in cash and using informal providers,\u201d Maren notes. \u201cThis means FinTech solutions are driving digital financial inclusion in emerging economies too.\u201d<\/p>\n<p>The UK\u2019s Lloyds Banking Group reportedly noted that it is \u201cno surprise to see banks and FinTechs working much more closely together\u201d; and that there are currently more than 25,000 FinTechs globally, with even greater collaboration between banks and FinTechs expected in 2023 enabling more corporates and individuals to benefit from the latest in digital technologies.<\/p>\n<p>Maren concurs: \u201cIn partnerships with banks, FinTechs bring revolutionary offerings to the banks\u2019 clientele, including cutting-edge financial services to the financially underserved, such as credit, savings and insurance, with digital data able to assist in managing risk.\u201d<\/p>\n<p>It\u2019s a win-win alliance, ex-banker Maren asserts. \u201cThe FinTech industry has matured rapidly over the last decade and we make the perfect marriage partner for a bank with a solid reputation, ready to take advantage of growing markets swiftly, at far less cost than creating a platform from scratch.\u201d<\/p>\n<figure id=\"attachment_130561\" aria-describedby=\"caption-attachment-130561\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/mypr.co.za\/?attachment_id=130561\"><img loading=\"lazy\" decoding=\"async\" alt width=\"848\" height=\"1250\" class=\"wp-image-130561 size-large lazyload\" src=\"http:\/\/www.myza.co.za\/press\/wp-content\/uploads\/2023\/04\/fintechs-and-banks-a-marriage-made-in-digital-heaven.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-130561 size-large\" src=\"http:\/\/www.myza.co.za\/press\/wp-content\/uploads\/2023\/04\/fintechs-and-banks-a-marriage-made-in-digital-heaven.jpg\" alt width=\"848\" height=\"1250\"><\/a><figcaption id=\"caption-attachment-130561\" class=\"wp-caption-text\">Andrew Maren. Photo: TPW Agency<\/figcaption><\/figure>\n<p><strong>Video:<\/strong> FinTechs and Banks: A Marriage made in Digital Heaven<\/p>\n<p><strong><a href=\"https:\/\/mypr.co.za\/FinTechs%20and%20Banks:%20A%20Marriage%20made%20in%20Digital%20Heaven\/2\/\">Boilerplate and Editor\u2019s Notes<\/a><\/strong>.<br \/><strong>More Info on <a href=\"http:\/\/profitsharepartners.co.za\" target=\"_blank\" rel=\"nofollow noopener\">FinTechs and Banks: A Marriage made in Digital Heaven<\/a> here:<\/strong><br \/><strong>Twitter<\/strong>: <a href=\"https:\/\/twitter.com\/TPW_PR\" target=\"_blank\" rel=\"nofollow noopener\">https:\/\/twitter.com\/TPW_PR<\/a><br \/><strong>Facebook<\/strong>: <a href=\"https:\/\/www.facebook.com\/ThePublicityWorkshop\/\" target=\"_blank\" rel=\"nofollow noopener\">https:\/\/www.facebook.com\/ThePublicityWorkshop\/<\/a><\/p>\n<p><a href=\"http:\/\/mypr.co.za\/save-with-myprs-monthly-flat-fee\/\">CLICK HERE to submit your press release to MyPR.co.za<\/a>.<\/p>\n<p> <span class=\"post-views-icon dashicons dashicons-chart-bar\"><\/span> <span class=\"post-views-label\">Press Release Views since 1 July 2022:<\/span> <span class=\"post-views-count\">144<\/span> <\/p>\n<div class=\"entry-pagination pagination\">Pages: <span class=\"post-page-numbers current\"><span class=\"screen-reader-text\">Page <\/span>1<\/span> <a href=\"https:\/\/mypr.co.za\/fintechs-and-banks-a-marriage-made-in-digital-heaven\/2\/\" class=\"post-page-numbers\"><span class=\"screen-reader-text\">Page <\/span>2<\/a><\/div>\n<p><a href=\"https:\/\/mypr.co.za\">Source: MyPR.co.za<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u201cThere\u2019s a quiet revolution happening in the financial services sector and it\u2019s bringing speed, opportunities and better service to customers around the globe,\u201d says Andrew Maren, founder and CEO of FinTech firm ProfitShare Partners. While banks have traditionally developed proprietary platforms to deliver their services to business and individual clients, Maren says many are looking [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":256747,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[3331,18,6468,3332,9021,3330,3336,1],"tags":[3257],"class_list":{"0":"post-256746","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-cape-town","8":"category-durban","9":"category-east-london","10":"category-johannesburg-south-africa","11":"category-mypr","12":"category-port-elizabeth","13":"category-pretoria-south-africa","14":"category-south-africa","15":"tag-mypr","16":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/www.myza.co.za\/press\/wp-content\/uploads\/2023\/04\/fintechs-and-banks-a-marriage-made-in-digital-heaven.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/256746","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=256746"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/256746\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media\/256747"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=256746"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=256746"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=256746"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}