Acceptable cost
The solution must be cost-effective. Today, most integration platforms are prohibitively expensive. When combined with the interface fees charged by banking core vendors, they saddle the FI or fintech with a double-cost situation.
Partnership vs. Vendor Management
Managing a collection of vendors is time-consuming and generates mixed results. FIs need a strategic partner who understands their business, collaborates with their team, and has the technical capabilities to deliver for them.
Dedicated services delivery team
FIs commonly lack the in-house resources to sustainably handle their integration needs.
Fintech onboarding
An FI’s innovation capacity is directly related to the ease with which it can onboard fintechs. This in turn depends on how quickly the FI can integrate a new fintech partner with its banking core and other key systems.
Freedom of choice
FIs need the portability and flexibility to choose any vendor they want.