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Newsbyte: Six in 10 Global Banks Open to Partnering with Fintech Start-UpsWALLDORF, Germany, Sept. 15, 2016 /PRNewswire/ -- SAP NEWSBYTE — Six in 10 global banks are open to partnering with financial technology firms (fintechs), a survey released today on future proofing banks by SAP SE (NYSE: SAP) revealed. One in three banks (34 percent) are open to a collaboration with a fintech company and one in four (25 percent) would consider an acquisition, the survey, conducted by IDC Financial Insights and sponsored by SAP, found. The IDC e-book, "The Future-Proof Digital Bank," surveyed respondents from 265 retail and corporate banks in 24 countries on how they're driving digital transformation. The study found that while the relationship between banks and fintechs is improving, banks still need to do more to implement key lessons learned from fintechs to achieve full digital transformation (DX). While most banks are quick to report that they are digitally savvy, the study found that most digitally transformative initiatives are still business-led "islands of innovation" only posing as digital transformation, while true business-wide transformation remains rare. "The relationship between banks and start-ups is an interesting and nuanced one," said Rob Hetherington, global head of financial services, SAP. "Banks are in the midst of digital transformation, looking for ways to speed their time to market and to deliver new value or services to customers. Start-ups on the other hand are mobile, agile and built solely for the customer, yet they lack the regulatory know-how and customer confidence that large, global banks have. Both have something the other wants, and I anticipate that we'll witness far greater collaboration, integration and – in some instances – acquisitions happening in the next year." Other key findings include:
To see the full report, visit: http://sapworldbanking.idcinteractive.net. For more information, visit the SAP News Center. Follow SAP on Twitter at @sapnews. Media Contact: Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect," "forecast," "intend," "may," "plan," "project," "predict," "should" and "will" and similar expressions as they relate to SAP are intended to identify such forward-looking statements. SAP undertakes no obligation to publicly update or revise any forward-looking statements. All forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that could affect SAP's future financial results are discussed more fully in SAP's filings with the U.S. Securities and Exchange Commission ("SEC"), including SAP's most recent Annual Report on Form 20-F filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. Logo - http://photos.prnewswire.com/prnh/20110126/AQ34470LOGO
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