Simmons & Simmons LLP conducted a study of 200 senior level execs across five financial services sectors to understand the struggles large financial institutions are facing by not innovating quickly enough. According to their research, 1 in 3 banks will acquire a fintech firm within the next 18 months as they prepare for intense technology focused future, while about 1 in 2 are already collaborating or partnering with innovative firms and/or have special desginated units in house to create fintech products. There exists tons of opportunity for Financial Institutions to collaborate and innovate with fintechs to retain their market position. Deloitte is the market maker professional services firm with existing relationships with fintech firms and financial institutions to help bridge the gap.
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