81% of financial institutions to partner with fintech: survey

Partnering, particularly with startups, is driving fintech activity, finds a KPMG survey of global financial institutions.

Overall, 61% of respondents say their institutions have taken a partnering approach to fintech in the past, and 81% say their institutions are currently partnering with startups or plan to in the next 12 months.

Read: Scotiabank partners with early-stage fintech venture fund

A similarly high percentage—78%—say their institutions are, or will be, partnering with other large non-financial institutions.

“This approach is being driven by […] the need to get to a dominant scale position quickly in particular segments,” says Ian Pollari, global co-leader of fintech, KPMG International, in a release.

At the same time, half of respondents say they’ll employ a build strategy—reflecting the plans of many banks and other institutions to build and launch their own fintech services.

The future of work

Tech is also changing how Canadians work.

A report by Deloitte Canada and the Human Resources Professional Association (HRPA) says that, over the next decade, work will be shaped by the intelligence revolution, which is based on “machine learning, virtually free data storage and communication, and ever-increasing computational power that rivals some human capabilities.”

Read: How to take part in the digital revolution

This revolution will change what a job means and how it’s done, and will also require policy changes by organizations and governments, says the report.

The report describes eight job archetypes of the future, which illustrate what kinds of work Canadians will perform and what kinds of competencies they’ll need.

For example, the influencer type is described as demonstrating leadership to drive innovation and inspire others. For this archetype, the report lists current jobs with a lower risk of automation, one of which is “leader in fintech.”

Read the full Deloitte and HRPA report.

Download the full KPMG survey.

About the survey: KPMG conducted a survey, in spring 2017, of executives from more than 160 financial institutions from 36 countries.

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