{"id":6066,"date":"2020-09-21T08:52:49","date_gmt":"2020-09-21T06:52:49","guid":{"rendered":"https:\/\/bfconsulting.com\/?p=6066"},"modified":"2020-09-21T08:59:59","modified_gmt":"2020-09-21T06:59:59","slug":"do-we-need-a-partner","status":"publish","type":"post","link":"https:\/\/bfconsulting.com\/do-we-need-a-partner\/","title":{"rendered":"My institution wants to offer to our (existing or future) customers a new service. Do we need a partner?"},"content":{"rendered":"<p>We don\u2019t believe that there is a hard and fast answer to this question. Below we provide a simple YES\/NO question guide which you may follow:\u00a0<\/p>\n<p><!--more--><\/p>\n<p><strong>1. Is my institution able to develop and deliver the service to the targeted customers?<\/strong><br \/>If the answer is \u201cYES \u201c \u2192 consider doing it yourself<br \/>If the answer is \u201cNO \/ MAYBE\u201d \u2192 consider Question 2 below<\/p>\n<p><strong>2. Is (are) there a player(s) in the market that is (are) offering \/ can offer the service better than you?<\/strong><br \/>If \u201cYES \/ MAYBE\u201d \u2192 contact the player(s) and verify your answer to Question 2<br \/>If \u201cNO\u201d \u2192 consider Question 3 below<\/p>\n<p><strong>3. Can my institution learn on its own (via external help) or is there someone in the market in a better position to learn with me (via external help)?<\/strong><br \/>If \u201cYES, I can learn on my own\u201d \u2192 consider doing it yourself<br \/>If \u201cNO \/ MAYBE\u201d \u2192 consider contacting the other player for partnership<\/p>\n<p>&nbsp;<\/p>\n<p>In addition, we would recommend that it is worth identifying what type of partnership could be established, create a screening of the market and financial institution to identify the feasibility and potential. Please see a list of options below.<\/p>\n<ul>\n<li><u>Type of the partnership<\/u>: partnership with service providers, supply-based chain, value chains with processors and manufacturers, etc.<\/li>\n<li><u>Market<\/u>: population, potential partners and their industries, competitions, successful or non-successful showcases, specific legal issues and overall government regulation, etc.<\/li>\n<li><u>Financial institution<\/u>: target segment, existing product offer, efficiency of the loan process, regional presence, implemented IT tools (for instance, loan origination system, CRM), etc.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>In order to obtain more understanding about partnerships, possible schemes and approaches, we would like to share a few useful articles and reports:<\/p>\n<p><strong>A winning partnership: Financial institutions and strategic suppliers:<\/strong><br \/><a href=\"https:\/\/www.mckinsey.com\/industries\/financial-services\/our-insights\/a-winning-partnership-financial-institutions-and-strategic-suppliers\">https:\/\/www.mckinsey.com\/industries\/financial-services\/our-insights\/a-winning-partnership-financial-institutions-and-strategic-suppliers#<\/a><\/p>\n<p><strong>Marketplace vs platform banking \u2013 why the marketplace approach must prevail to better serve SMEs:<\/strong><br \/><a href=\"https:\/\/www.comparethecloud.net\/articles\/marketplace-vs-platform-banking-why-the-marketplace-approach-must-prevail-to-better-serve-smes\/\">https:\/\/www.comparethecloud.net\/articles\/marketplace-vs-platform-banking-why-the-marketplace-approach-must-prevail-to-better-serve-smes\/<\/a><\/p>\n<p><strong>Establishing a Successful Partnership Between a Financial Institution and a FinTech:<\/strong><br \/><a href=\"https:\/\/www.banklabs.com\/2018\/03\/establishing-a-successful-partnership-between-a-financial-institution-and-a-fintech\/\">https:\/\/www.banklabs.com\/2018\/03\/establishing-a-successful-partnership-between-a-financial-institution-and-a-fintech\/<\/a><\/p>\n<p><strong>How Financial Institutions and Fintechs Are Partnering for Inclusion: Lessons from the Frontlines<\/strong><br \/><a href=\"https:\/\/content.centerforfinancialinclusion.org\/wp-content\/uploads\/sites\/2\/2018\/08\/IIF-CFI_FI-Fintech_Partnerships_Final.pdf\">https:\/\/content.centerforfinancialinclusion.org\/wp-content\/uploads\/sites\/2\/2018\/08\/IIF-CFI_FI-Fintech_Partnerships_Final.pdf<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>We don\u2019t believe that there is a hard and fast answer to this question. Below we provide a simple YES\/NO question guide which you may follow:\u00a0<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-6066","post","type-post","status-publish","format-standard","hentry","category-askbfc","entry"],"_links":{"self":[{"href":"https:\/\/bfconsulting.com\/wp-json\/wp\/v2\/posts\/6066","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bfconsulting.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bfconsulting.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bfconsulting.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bfconsulting.com\/wp-json\/wp\/v2\/comments?post=6066"}],"version-history":[{"count":5,"href":"https:\/\/bfconsulting.com\/wp-json\/wp\/v2\/posts\/6066\/revisions"}],"predecessor-version":[{"id":6076,"href":"https:\/\/bfconsulting.com\/wp-json\/wp\/v2\/posts\/6066\/revisions\/6076"}],"wp:attachment":[{"href":"https:\/\/bfconsulting.com\/wp-json\/wp\/v2\/media?parent=6066"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bfconsulting.com\/wp-json\/wp\/v2\/categories?post=6066"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bfconsulting.com\/wp-json\/wp\/v2\/tags?post=6066"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}