Lloyds Bank, UK published a report saying that after the wake of the Covid-19 pandemic, more and more banks are looking forward to extending their partnership with fintech firms in the upcoming years, according to media reports. The report also mentions that more than 46 percent of financial institutions plan to extend their partnership with fintech firms in 2022, compared to 32 percent in 2020.
This move comes as an effort to boost their position in the post-pandemic market since the fintech sector registered the highest growth and user friendliness during the global crisis.
Additionally, developing new products and services was the biggest driver of firms’ fintech plans, followed by improving client experiences and driving growth.
Steve Everett, head of payments and receivables, client products at Lloyds Bank Commercial Banking, told the media, “The UK has one of the most vibrant fintech communities in the world. They are at the forefront of innovation within financial services and, by partnering with them, the UK’s largest firms are showing they are committed to developing new products and services to meet changing client needs through collaboration.”
Around 77 percent of senior leaders in the UK financial bodies said technology, automation and digital investment is a top strategic priority for next year. Firms are also expected to grow investment in their technology systems and core platforms over the next 12 months compared to last year. The banks also aim to improve their client experience by driving growth and increasing productivity.