BFSI firms need to refine their FinTech programs to focus on outcomes rather than partner identification

As we slogged through the first year of a new decade under the shadow of a global pandemic, the banking, financial services, and insurance (BFSI) sector is weathering this latest storm. The pandemic has re-contextualized digital, and BFSI firms have an even greater urgency to consume emerging technologies to accelerate their digital journeys and usher in effective, increasingly virtual ways of working and transacting. With this backdrop in mind, HFS, with support from Capgemini, investigated how BFSI firms are approaching partnerships with emerging partners, particularly fintech start-ups and scale-ups that often offer bleeding-edge innovation but are not big enough to pass muster with standard risk and sourcing protocols. HFS conducted qualitative interviews with leaders of fintech programs and innovation labs in BFSI enterprises to understand the evolving wants and needs for emerging technology solutions, appetite for co-innovation and models aligning to it, and any impact from COVID-19.

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