WATCH: Executives from JPMorgan and BNY Mellon tell fintech founders the best ways to partner with large banks
- Lucien Foster, Global Head of Digital Partnerships at BNY Mellon, highlighted the importance of developing "muscle memory" when onboarding new tech partners on Monday at Business Insider's IGNITION: Transforming Finance event.
- Foster also suggested that knowledge and experience with the wholesale banking field are essential for BNY Mellon when it decides what sorts of companies to partner with.
- Banks are ready to move from strategic discussions around tech to "ruthless execution, said Huw Richards, JPMorgan's Global Head of Digital Investment Banking.
In a world with an ever-changing queue of cutting-edge technology, slow-moving big banks with hundreds of thousands and employees and systems that were built decades ago are at a disadvantage. In order to compete, banks need to find ways to work with whatever new industry-disrupting technology has been most recently cooked up by an agile startup - and do so quickly.
Lucien Foster, Global Head of Digital Partnerships at BNY Mellon, and Huw Richards, Global Head of Digital Investment Banking at JPMorgan addressed these challenges on Monday at Business Insider's IGNITION: Transforming Finance event at the New York Stock Exchange. They highlighted how they've increased the speed at which they can onboard new tech, the best ways for fintechs to partner with big banks, and how the industry is ready to move on from strategic discussions to "ruthless execution."
You can watch highlights from the talk here.
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