2 The symbiosis The myth that “dinosaurs” and “unicorns” cannot understand each other because between FinTechs they cannot communicate has started to fall apart - evidence that the weakness of one is the strength of another, and that symbiosis is not only possible but urgent. and financial institutions Large financial institutions (“dinosaurs”) need FinTechs (“unicorns”) to identify the is not only possible innovations promising to have a large impact on the industry, and FinTechs need the financial institutions to gain access to the market, allowing them to scale rapidly. but also urgent. Depending on their maturity and purpose, FinTechs adopt different roles in relation to the financial institutions: some are technology providers to large institutions, that allow them to issue white label products to improve the offer; some are challengers trying to compete in the same service categories; and others are disruptors promising to change the rules of play in the industry. 3 Collaborative For the alliance between FinTechs and financial institutions to be successful, the latter programs between must be in the right mindset to change towards an open innovation model. To initiate a transformation with the objective of redefining the future of financial services, the FinTechs and financial ideas generated within the organization are simply not enough. The next step is to institutions allow an have extremely clear targets and objectives before connecting with entrepreneurs: which can be anything from contributing to accelerate a change of culture within exchange of innovation, it the organization, solving internal business challenges through new technological is a two-way path. solutions, or exploring and escalating new high-impact opportunities in the market. After setting a clear agenda, the collaborative process is designed, which essentially includes three steps: scouting, pilot and implementation; and even investment. FinTech innovations have a place in this two-way path. Collaboration is therefore also very attractive to entrepreneurs. The most successful corporate acceleration and innovation programs have elements facilitating the growth of startups, such as the offer of shared services, access to know-how or technological platforms, connection with clients and financing sources, as well as promoting the collaboration among entrepreneurs. A TWO-WAY PATH 7