This kind of activity might lead one to believe that the entire industry was rapidly changing, perhaps even that incumbent financial institutions were eager to scoop up new technology to enhance and fortify their offerings. However, peeking into the archives reminds us that banks did not begin to catch onto the new innovation wave for a few years.
One of the first recorded acquisitions of a crisis-era FinTech startup by a premier bank was of Simple by BBVA in 2014. However, activity with the other large banks didn’t see a real uptick until 2017 with JP Morgan’s acquisition of WePay, Goldman Sachs’s acquisition of Financeit, and BBVA’s acquisition of OpenPay, a decade after the start of the crisis.
1-3+ years after: Banks realize the need to innovate and quietly, slowly put internal programs together to show progress. 6-9+ years after: Incumbents begin to warm up to partnerships, M&A, and external innovation initiatives.We frequently see that large institutions are slow to adopt outside technology, especially in conservative industries like finance and healthcare. Many will likely try to build before they consider buying or partnering. They might “keep an eye” on innovative developments from cutting edge HealthTech startups for the next few years.
Source: News Formal (newsformal.com)
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