How partnerships can drive innovation in Fintech with Wirex, Optty and Wildfire systems

Recently, I had the pleasure of attending a webinar from The Fintech Times with Georgy Sokolov, co-founder and VP of Partnerships at Wirex; and Natasha Zunamer, CEO of Optty. The topic of this latest installment of The Fintech Times’ webinar series was “How Can Partnership Fuel Innovation in Fintech.”

Fintech partnerships are a topic I’m passionate about. Mainly because Wildfire’s business is entirely partnership-based: we don’t have a direct-to-consumer offering (instead we offer a white-label rewards platform that financial institutions and fintechs can in turn deliver to their own consumers.) frankly, I can’t see that our entire industry would move forward if the fintechs did not drive innovation through the partnerships they create.

At one point we were asked, “What is the most important ingredient for a successful partnership?” In my experience, especially in Wildfire when we get large financial institutions and other large partners, a “different” partnership can often result in great success. Although counterintuitive, each partner can provide complementary value to the partnership even though it may seem diametrically opposed.

I found it interesting to hear my fellow panelists’ responses to the same question: Georgy said that a strategic and cultural fit was most important. Natasha said it has to be a win-win (income opportunity for both parties, equal effort, good growth opportunities, etc.)

You really should listen to the full webinar on demand on Fintech Times’ site, but here are some of the other key takeaways.

• Partnerships provide leverage and expand the company’s resources. Partnerships can enable a company to add a new feature by simply integrating it from a vendor, rather than building everything themselves. They can enable a company to be more effective with marketing: for example, by collaborating on a joint marketing campaign if the products are complementary. Each company gets exposure to the others’ user base.

• It is crucial to set up your partnership agreements so that they are a win-win for both parties. Oppty sets up partnerships to provide revenue opportunities for both partners, allowing them to accelerate growth and become so valuable to the partner that the partner does not end up becoming a competitor.

• Speed ​​is not a word you usually use to describe the financial services industry. But over the past decade or so, with the rise of fintechs, there has been a paradigm shift that is transforming the entire industry into a much more consumer-focused industry, providing lower friction for consumers and better ways for them to do things. Fintechs are the engine driving this innovation.

• You should only consider working with partners when there is a total added value in terms of complementing each other. If you are too identical in the services offered, it may not make sense.

• It is possible to innovate yourself, but most companies innovate with the help of partnerships.