Milken Institute 2022 Global Conference Power of Ideas Article
We are finding there are more opportunities for established institutions to integrate capabilities with fintechs to accelerate the innovation cycle.
With digital innovation as a core focus of the financial industry, this transformational moment for markets demands a reevaluation of the historic roles of market participants. We need to rethink a new compact between investors and intermediaries, incumbents and new companies, finding new ways to collaborate and partner, while still competing and disrupting.
We are finding there are more opportunities for established institutions to integrate capabilities with fintechs to accelerate the innovation cycle. Emerging, high-growth fintechs are building platforms that often provide complementary services to those offered by legacy players. As an example of the scale: 250 of the top private fintech startups around the world raised a record $73.8 billion in aggregate funding over the past five years. Market incumbents should think creatively about building out their own advanced technological capabilities, while also embracing the innovation happening externally, to create common value for clients and the industry.
One of BNY Mellon’s ultimate aims is to serve as the central orchestrator of capital markets by embracing technology, curating and collaborating with the best innovators from across the ecosystem. To do this, we are going to use our technology, trust, and long-established relationships to deploy the following strategies:
As capital markets continue to evolve, the financial industry should lean into collaboration with the fintech world and even with competitors. Collectively, when approached in the right way, we can orchestrate opportunity in financial markets, together.
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