Collaboration. That’s a buzzword that you can not avoid hearing nowadays. But it’s a buzzword that talks about a real need: collaboration between startups and banks. That’s what is needed in banking, both for the banks’ and startups’ sake, but especially for the sake of the customers. But to be successful, collaboration has to be done right.
We at Nestholma engage banks and startups to collaborate. We have done 20 startup accelerator programs so far with companies such as Nokia, BT, Microsoft, Telecom Italia… During the last couple of years, we’ve been working closely with Nordea bank and have run three accelerator programs with them so far. It has been a great learning experience for them….
…but also for us. Here is what else we and our partners have learned about how to get the results you want from collaborating with startups
Have the best startups to work with
You achieve the best results when you have the best startups to work with. Now that is quite obvious. But finding the high-quality startups is a problem. A big problem. And an even bigger problem is attracting them to work with you.
Innovations are global
Most likely the best innovations don’t come from the startups closest to you. And this is for the most local and regional banks a huge issue. How to attract the best startups and their innovations from other places to Helsinki or even to Milan.
How to work with startups in practice
Once you have managed to lure a startup or startups to start working with them how to do that in practice. Are your processes, your people, and your company culture ready to work with them?
As one bank executive said, ”it takes only one bank to kill a startup”! Banks and startups are like two different creatures. And almost nothing is easier than for an unprepared bank to smother the startup with its processes and ways of working.
Work close enough with the startups
Our customer experience tells that the proximity is one of the key things. You really need to work with the startups, not just take quick peeks at what they are doing. Like taking a look at a lion won’t make you one, just looking at startups won’t help you much. And to get your organization to learn, you need to get as many people as possible involved. That is how you will re-energize your people and get them to learn, to learn how to become agile fast accepting failure and capable of pivoting when needed.
When you have enough people who know how to do that, your whole organization has learned and become agiler, startup like. That is why it is so important to really work together with the startups, get involved and have enough of your people involved.
Those are the things we have learned to be key in working with startups successfully. I don’t claim it is easy, but that’s why we created the Global Fintech Accelerator. To tackle these 3 challenges: to get the best startups, access innovations globally, to work with them but not killing them we have designed Global Fintech Accelerator. It is the perfect solution for preparing for the future.
What is it?
It is a program for non-competing banks. To join forces with other banks, to enjoy benefits of global presence and brand but still to have your own local program for new products. Maximal learning and branding benefits.
Access to the most disruptive innovators in the industry, globally. Better and stronger startups.
By combining the brands of the 5 banks we’ll be able to attract far more startups than any one single bank could do. From all over the world. They’ll apply to the locations they want and you decide which startups you want.
Learning, sharing the common needs and solving them together
Banks share many similar or completely same challenges. Thus it makes sense for non-competing banks to collaborate. Trying to reinvent the wheel while others are wrestling the same challenges is a complete waste of time. That is why banks learning from other banks is also a key part of the Global Fintech Accelerator.
Share, learn, be more competitive. And help the startups to get better and stronger.
There will be 50+ bank approved startups graduating from the program. Capable of solving problems that you might have and what the PSD2 might bring. 10-15 is already a huge number, but it is only the beginning. You’ll also benefit when the other participating banks make their startups better.
It’s about sharing the learnings in a structured way without any unnecessary hassle. We know what fits for your needs, and how to make it all bump-free.
Global Fintech Accelerator in short:
- Join forces with the other banks
- Share the pool of the startups & innovations
- Learning and sharing from the other banks
- Test your processes, assumptions, business models in a safe environment to be ready for the PDS2 ERA.
Collaboration with startups has become a must now. But a lot of collaboration, if not even most don’t bring the results banks and corporations want. That’s because collaboration isn’t done right.
That’s why we have worked hard with our partners to find out what exactly causes the hiccups. And we used all the knowledge and experience we have gotten from working with startups and big corporations and facilitating the collaboration of the two. Global Fintech Accelerator is the result of all that. It is what is needed to bring banks to the 21st century.
If you would like to get into the Global Fintech Accelerator or hear more about it, feel free to contact me at [email protected] or +358 40 3433352.
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