According to research done by East & Partners on behalf of Finastra, three out of every four global banks intend to connect with an average of three fintech startups over the next 18 months to advance their digitization efforts.
The majority of respondents want to plug into a platform of integrated fintech solutions (56%), according to the study, which involved 783 interviews conducted at 260 banks and 393 community banks in North America. Only 6% of respondents preferred to build capabilities themselves. The prevalence of this is particularly high in Europe (73% and 5%, respectively).
With an average investment of USD 886 million, European banks are investing significantly more. However, only 20% of those who believe they are ahead in their digital journey and 54% of those who believe they are behind do so.
Read More: Global banks turning to fintechs to boost customer experience – research
