chapter 03 A POSSIBLE SYMBIOSIS: ONE’S WEAKNESSES, OTHERS’ STRENGTHS Sometimes we think that FinTech is an island In nature it is common to find 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 benefits for both. This financial services. However, FinTechs are, is the case between bees and flowering 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 beneficial 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 efficient disruptions generated by technology. It is in the banks DNA to efficiently do their job, which has led them to be successful: manage accounts and approve credits. They interaction between FinTechs and financial 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 effi- 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, IGNIA In 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 PATH 37