A recent SDI article written by Alan McIntyre , a GlobalScot and Head of Global Banking Practice at Accenture, highlights the importance of developing a collaborative ecosystem between upstarts and the incumbants in the fintech marketplace to enable the banking industry to evolve.
The accelerators and incubators, such as CodeBase in Edinburgh, play an important role in helping startups make the right connections, helping them to pitch their ideas in a way that can be easily understood by the banks.
An excellent example cited is FreeAgent (simple accounting and business management software) which has recently announced a strategic partnership with the Royal Bank of Scotland. By linking in with businesses’ bank accounts, the platform will improve forecasting, save time and simplify the whole tax process with useful elements like allowing users to attach photos of receipts to their transactions. Click here to read to full article.