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The race is on. Fin-tech vs traditional banking go head to head to try to captivate an audience who is not very trusting and loyal to what used to be a sure bet to save their hard earned money.

For this, understanding and adapting to customers' needs is crucial to defining a winning strategy. One cannot be successful if we are slow to change and offer products and services that do not evolve as our customers habits evolve.

The good thing is that technology is enabling better ways to provide relevant insights to what our customers want and need through capturing value in their day-to-day activities.

So is it fin-tech vs traditional banking... or fin-tech + traditional banking?

Never before have financial institutions being partnering at such a staggering rate with fin-tech and or high-tech solutions providers as they understand that their core business is better served by focusing on assisting clients than constantly adapting their infrastructures to the highly evolving and complex technology waves.

It seems that they understand that to survive they have to open up and allow experts to provide the means by which they can process huge amounts of information efficiently and give personal banking (I like to call it "individual banking") to each and every one of us as customers.

So we are seeing three very distinct approaches to what's going on: some banks are gobbling up as many new and "hip"solutions (that haven't even been proved yet) for alarming high amounts -bubble anyone?, others are investing heavily in developing in-house solutions and new areas to adapt to this new era of technological enhancements and possibilities. The problem with this alternative is getting know-how and incorporating new areas into established areas (specially in big banks)-basically adaptation and speed to catch up. The last alternative is partnering with relevant solutions developers. This -in my opinion- provides the quickest results and lowest impact development by leveraging and trusting critical areas that aren't part of banks' core business to specialists whose focus is to adapt and create solutions through technology shifts.

Do what you do best, always. Trust somebody else who can deliver what you can't or can do it better.

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