Osahon Akpata, COO, Group Consumer Bank at Ecobank Transnational Incorporated, is an African business evangelist with an award-winning career of over 20 years in financial services, healthcare and strategy consulting.
Osahon is interested in the rise of partner banks and one article, in particular, sparked his interest — ‘The Partner Bank Boom’. The article discusses why the number of partner banks have increased so suddenly in the past decade.
Here’s Osahon’s take on the subject matter.
“The world of financial services is changing rapidly, driven by an evolution in technology, changing needs, and disruptive business models. For good reason, banking is a heavily regulated industry, capital intensive, and traditionally quite slow to change. Fintech firms, though more agile and innovative, often lack the financial muscle and regulatory approval to provide financial services. Banks and Fintech firms are perfectly suited partners to meet the financial needs of individuals and businesses. This article shows why this is happening so much today and concludes that banks who develop partnering capabilities are two to three times more profitable than average.”
Click here to read the original article by Rex Salisbury and Anish Acharya.