Some banks and fintech companies are in the early stages of collaboration, but for the partnerships to fully take hold, the companies need to fundamentally understand how they each operate and what they are hoping to achieve. The "conventional wisdom of the past few years that fintech will disrupt everything" is changing.
Fintechs are facing more regulatory scrutiny and that is making them wary. Fine cited the daily fantasy sports industry as an example of how increased regulatory oversight can hinder the growth of tech-focused startups (Last year, regulators categorized many of the companies as gambling sites and several have been banned from operating in various states.) Investors in fintech startups are also growing impatient with their ability to build scale, and partnerships are seen as a way to accelerate it. They want to see "how you're going to make money in at least the next few years," Fine said.