It‘s complicated! However things are improving. Compliance and regulation is still a key obstacle. Incumbents see Fin-techs not as a threat but a challenge and slow-moving as a conservative sector. But so was Kodak, was what the moderator warned! Progress means there must be trusted relationship to work on specific projects through acceleration techniques such as creating sand boxes and labs for incumbents to play and prototype and experience technology. It takes on average well over 209 days to get traction for fin-techs with incumbents. Good news is there is more in common between incumbents and fin-techs than what separates them. There is agreement that there will be positive change and both sides have more to gain in order to succeed!
Moderated by Ilias Benjelloun - Inter-preneurship Catalyst at Desjardins, the panelists included: Christian Nentwich - CEO of Duco, Arian Lewis - FinTech Hub Guru, Francois Lafortune - Founder and CEO of Diagram, Pierre Tamisier - Head of Straight Through Processing IT in Prime Services Americas at Societe Generale, Paul Raymond - President and CEO of Alithya.