World FinTech Report 2020

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World FINTECHREPORT20202Preface 3Executive summary 4Banks must board the last train to relevancy the Open X express 6 BigTechs and challenger banks have opened a Pandora s box of customer expectations. Can banks compete? 6 Why collaboration counts: FinTechs specialized tools and expertise can empower banks 7 Open banking was just the beginning 8The last mile is merely the visible result of customer experience 12 But behind the scenes, middle- and back-office operations affect customer perception 12 Back-end transformation can be a bumpy ride avoid potholes with collaboration by design 14 FinTechs offer innovative enhancements for middle and back offices 16Structure is essential for bank/ FinTech partnership effectiveness 19 The disappointing reality of many bank/ FinTech partnerships 19 Effective collaboration requires people, business, and process maturity on both sides 21 Players that collabo

customer satisfaction – are often neglected. That’s why, despite substantial front-end investment, many banks continue to fall short of delivering seamless and personalized customer experience. Bringing back-end operations up to speed can be an extended journey. Our World FinTech Report 2020 offers

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