CIBC, Bank Leumi of Israel, and National Australia Bank (NAB) have partnered to launch the Global Alliance FinTech Link, a digital platform developed to facilitate collaboration between banks and FinTechs.
“Transformative innovation is key to meeting the ever-evolving needs of clients.”
-Greg Elcich, CIBC
Through the new platform, FinTechs can submit technology solutions in response to a wide range of challenges faced by banks, and the banks will then consult directly with the FinTechs. The portal is intended to open the door for companies to provide tech-driven solutions to key areas where banks want to enhance customer experiences.
“Transformative innovation is key to meeting the ever-evolving needs of clients, and this new platform gives us the opportunity to identify new and emerging technologies that will drive solutions as we build a relationship focused bank for a modern world,” said Greg Elcich, vice president of enterprise innovation and Wealth Digital at CIBC, calling the portal a way “to help stimulate further creativity and growth in the global FinTech industry.”
The initiative, which originates from the banks’ partnership that was first formed in September 2016, seeks to offer FinTechs access to potential business partners and bring FinTech into the global banking ecosystem. Global Alliance Fintech Link, designed to enable FinTech startups to collaborate with the three financial institutions, was initially launched as a pilot, and will grow as more opportunities are added to the site.
This is not the first time CIBC has partnered with NAB. In 2017, both banks worked with Visa to introduce a feature suite called Travel Tools to CIBC’s mobile banking app. The feature displays local exchange rate and any applicable fees users can expect to pay when completing a transaction with their Visa while travelling.
“This partnership shows that Bank Leumi, NAB and CIBC are leaders not just in thought but also in action when it comes to seeding international efforts to spur better value propositions,” said Tamar Yassur, first executive vice president and chief digital officer at Bank Leumi. “We’re confident this new platform will help spark international innovation and creativity to enhance customer services in banking across the globe.”
Although some companies have a more adversarial relationship with financial incumbents, seeking to replace the functions of banks with tech (see Power Financial‘s FinTech ‘Justice League,’ which is an archipelago of financial services distributed across a collection of startups), others have opted to partner with financial institutions. Toronto-based Senso.AI, which recently closed a $1.5 million round of funding, has partnerships with several Canadian banks, including RBC. Zafin developed a corporate banking tool that aims to help banks manage relationships with customers. National Bank’s Easy Pay feature is powered by Montreal FinTech Mobeewave.
“In big and complex banks like NAB, CIBC and Bank Leumi, it can be a challenge for FinTechs with good ideas to find the right path to the right people, where their concepts can be appropriately considered,” said Jonathan Davey, executive general manager of digital and innovation at NAB.
“This new platform provides a simple and easy process for FinTechs to help connect them into the bank where we can connect that idea to the right people who may be interested in what they have to offer and how we might be able to work together, no matter where they are based,” he stated.
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