chapter 03 A POSSIBLE SYMBIOSIS: ONE’S WEAKNESSES, OTHERS’ STRENGTHS Sometimes we think that FinTech is an island In nature it is common to ind symbiotic relationships between organisms. Of these where people may satisfy their needs for relations, the most interesting are mutual societies, in which individuals of species, sometimes very different from each other, cooperate to achieve beneits for both. This inancial services. However, FinTechs are, is the case between bees and lowering plants: the former carry nectar in exchange in a large portion, institutions joining the for facilitating the reproduction of the latter, carrying the pollen between their legs. banks so that the banks may offer better Financial institutions and FinTechs, in general, meet conditions to establish mutually products, a higher added value and generate beneicial symbiosis relationships: the weaknesses of some are the strengths of others. a new value offer for their clients. Hence, In the case of the former, their weakness is the speed to innovate and adapt to the the importance there exists an eficient disruptions generated by technology. It is in the banks DNA to eficiently do their job, which has led them to be successful: manage accounts and approve credits. They interaction between FinTechs and inancial have a solid technological infrastructure, they are fast in keeping it updated but slow system. to take advantage of emerging technologies that offer substantial operational efi- ciencies, improve customer experience and new business opportunities. Álvaro Rodríguez Arregui “The DNA of the bank is to be a bank, to approve loans and grant loans to clients. Founder and Managing Partner, IGNIAIn general, banks do not think about technology, it is not in their core.” S. Furio, founder of Creditas Institutional conversation, February 26, 2018 A TWO-WAY PATH37