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Transformation and Innovation: a Guide to Partnerships Between Financial Services Institutions and Fintechs

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Transformation and Innovation: a Guide to Partnerships Between Financial Services Institutions and Fintechs TransformaTion and innovaTion: a guide To parTnerships beTween financial services insTiTuTions and finTechs November 2017 @thecityuk www.thecityuk.com About TheCityUK TheCityUK is the industry-led body representing UK-based financial and related professional services. In the UK, across Europe and globally, we promote policies that drive competitiveness, support job creation and ensure long-term economic growth. The industry contributes nearly 11% of the UK’s total economic output and employs over 2.2 million people, with two-thirds of these jobs outside London. It is the largest tax payer, the biggest exporting industry and generates a trade surplus greater than all other net exporting industries combined. About Santander Santander UK is a financial services provider in the UK that offers a wide range of personal and commercial financial products and services. It has brought real competition to the UK, through its innovative products for retail customers and relationship banking model for UK SMEs. At 30 June 2017, the bank serves around 14 million active customers with c19,500 employees. Santander UK is subject to the full supervision of the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) in the UK. Santander UK plc customers are protected by the Financial Services Compensation Scheme (FSCS) in the UK. About Shearman & Sterling Shearman & Sterling has been advising many of the world’s leading corporations and financial institutions, governments and governmental organizations for more than 140 years. The firm has approximately 850 lawyers in 20 offices around the world. Its lawyers come from some 80 countries, speak more than 60 languages and practice US, English, EU, French, German, Italian, Hong Kong, OHADA and Saudi law. The firm also practices Dubai International Financial Centre law and Abu Dhabi Global Market law. 2 www.thecityuk.com contents foreword 4 Key findings 5 introduction 7 choosing the right collaboration model 8 Application programming interfaces/sandbox 8 Hackathon/Entrepreneur in residence 9 Startup corporate accelerator 10 FinTech product sourcing 11 FinTech joint venture/venture builder 12 Corporate venture capital 13 Mergers and acquisitions 14 Hybrids 15 TaKing a deeper dive 16 addressing legal issues head on 17 successful collaboration: Key ACTions 19 Recommendations for FSIs 19 Guidance for FinTechs 20 Industry resources 21 conclusion 22 3 Transformation and innovation: a guide to partnerships between financial services institutions and finTechs foreword Financial services continue to undergo significant change on a global level. The rise of FinTech is transforming the sector, unlocking new products and services, and allowing consumers greater and more flexible access to their financial services providers. The UK has long recognised that embracing innovation is central to ensuring long-term success and the development of new financial technologies is the latest pivotal shift. It is a testament to the UK’s competitiveness that its financial services sector, with support from the wider ecosystem, has positioned itself at the forefront of the FinTech evolution. The positive approach by established providers demonstrates a widespread awareness of how FinTech will benefit all sides of the equation – the start-ups, the incumbents and, most importantly, the consumers. As we move beyond the initial disruptive phase, it has become clear that the benefits of this high-growth area can best be secured through a collaborative, joined-up approach. It may be a cliché, but it is broadly true that while incumbents have longer established customer relationships, larger scale, more funding, and developed regulatory and legal knowledge; start-ups have more innovative ideas, more specialised technological expertise, and a huge amount of experience of testing and trialling new developments. The combination of these factors can help London and the UK continue to grow as a world leading FinTech environment. Yet, too many incumbents and start-ups are still unsure how to approach and establish, partnerships with each other. Incumbents often risk being perceived by start-ups as inflexible and bureaucratic, while FinTechs may be perceived as lacking understanding of regulatory challenges faced by incumbents and often find the varied procurement processes at incumbents to be challenging to navigate. This is why, as part of our work for HM Treasury, Santander and TheCityUK have produced, with support from law firm Shearman & Sterling, a guide to partnering for FinTechs and incumbents. We hope this guide will help to steer both sides as they navigate what may be unfamiliar territory. We are confident that the range of success stories explored can provide insightful lessons. The report sets out seven possible models by which incumbents and FinTechs can partner with each other, and the benefits to both from doing so. It also includes an outline of the main legal issues for both sides to consider when partnering. In promoting this report, TheCityUK will reach out across the industry and the FinTech community. This will now be taken forward as part of our future work programme for HM Treasury’s Financial Services Trade and Investment Board. The FSTIB was established in 2013 to attract inward investment, promote external trade and remove barriers for the industry. The Board, which is made up of representatives from government and the financial services industry, aims to strengthen the UK’s position as the centre of global finance and deliver jobs and growth cross the country. This guide has been made possible with input from across the sector and we would like to thank everyone who has contributed, in particular the teams from Santander and Shearman & Sterling. Miles Celic Nathan Bostock Jeremy Kutner Chief Executive Officer, Chief Executive Officer, Partner, Co-head of TMT Group, TheCityUK Santander UK Shearman & Sterling LLP 4 www.thecityuk.com Key findings By working together, financial services institutions (FSIs) and FinTechs can combine their respective strengths to drive innovation and reinforce the UK’s position as a global leader in the financial industry. This paper has outlined two key areas of consideration that FSIs and FinTechs need to agree upon: common legal concerns that have the potential to hold up projects, and the nature of the collaboration model itself. By having these discussions at the beginning of a project, both parties can ensure that their interests are protected while bringing their expertise together to innovate. This paper highlights seven possible ways in which to structure such a partnership (see box below). These permit for a varying degree of proximity between the two entities, and allow for leadership on certain aspects to be split, equally, unequally or to sit with one party altogether. It would also be possible for an FSI and FinTech to agree to a tailored partnership which amounts to a hybrid of those outlined. 7 Models of Collaboration 1. Application programming interfaces / sandbox 2. Hackathon / Entrepreneur in residence 3. Startup corporate accelerator 4. FinTech product sourcing 5. FinTech joint venture / venture builder 6. Corporate venture capital 7. Mergers and acquisitions On bringing these partnerships into practice, the report also identifies a number of key legal hurdles to address. These range from data protection and IP ownership, to risk allocation and costs control, and finally to exit mechanisms. Deciding which model, or combination of models, outlined in the report to adopt, while having regard to the legal checklist flagged within, will help enable both parties to take the steps below. These should ensure that the two sides of the financial services ecosystem are getting off on the right foot and able to most effectively bring to market the many widely recognised benefits of FinTech innovations. 5 Transformation and innovation: a guide to partnerships between financial services institutions and finTechs Recommendations for FSIs create a playbook for successful finTech collaboration publish a set of guidelines for finTechs streamline internal processes create a collaborative culture Guidance for FinTechs understand the legal and commercial structures entailed ensure the other party’s data and sensitive information will be safe compare the technology infrastructures of each party Know the size and composition of the team who will take this forward 6 www.thecityuk.com inTroducTion For the UK’s established FSIs, the importance of innovation Key collaboration models and legal for future success has long been recognised. This is issues to consider reflected in the way in which the industry has set out in recent years to become a world leader in the adoption To smooth the journey to collaboration, this paper outlines of FinTech. The drive to innovate will strengthen UK the common pain points for FSIs and start-ups, based on competitiveness and help to tailor financial services more case studies from established financial services providers, closely to the needs of consumers in future. venture capitalists, corporate accelerators and start ups. Each is detailed from the point of view of choosing the Meanwhile, on the edges of the financial services sector, right collaboration model, and highlights some key legal agile start-ups in the FinTech, InsurTech and RegTech concerns. It outlines the first steps that FSIs and FinTechs sectors – referred to simply as FinTechs in this paper – are should take when beginning discussions, and highlights innovating
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