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Deutsche Bank Says Cooperation Could Lead to B2B Revolution

February 18, 2024         By: Mike Dautner

A new white paper from German financial giant Deutsche Bank says cooperation between financial technology startups and traditional banks could lead to a business revolution.

Rather than compete, Deutsche Bank says, the two similar industries should combine forces and create a strategic alliance. The report also details some of the ways the two industries can work together and push the financial sector forward into the future.

The white paper is a major breakthrough in the perceptions and sentiment surrounding financial technology companies.

The report says explicitly that partnerships between banks and fintech firms should be “equal”, and that the biggest change in the financial sector in the past decade has been the emergence of fintech, by far. Deutsche Bank covered numerous topics and detailed how each side of the finance sector could benefit for one another.

The bank believes that regulations and laws need to be updated for the 21st century, and that fintech companies can be the drivers of this change.

Deutsche Bank also believes, to an extend, that financial technology companies have an edge up over traditional banks. It can be difficult for a bank to focus solely on tech, even if the bank has an entire division dedicated to technology.

On the other hand, fintech companies are predicated on technology, meaning they can provide much need perspective and innovation in the financial sector in the form of efficiency, accessibility, streamlined services, enhanced security and real world applications.