The Power of Open Innovation Platforms
Every financial institution is looking for the next ‘big idea’ or ‘next generation’ digital app that will differentiate an organization by making banking easier and deployment of products and services less costly. With most banks and credit unions unable to build this type of digital capability internally, it is vital to be able to reach out to the largest possible number of creative thinkers. In banking, one way to accomplish this is through a pool of fintech firms who are working on behalf of a community of financial institutions to deliver custom solutions that can be deployed at scale. For a perspective on this relatively new way for fintech firms and financial organizations to partner, we’re joined by Kris Kovacs, president and CEO of Constellation Digital Partners. Kris and his team have built an organization focused on open innovation solutions for traditional financial institutions. In this episode, Kris will discuss his organization’s mission and the benefits of open innovation for fintech firms, financial institutions and the consumer.