Collaborating with fintechs
We recognise the contribution fintechs and insurtechs are making to innovate and develop better outcomes for customers, and we’re committed to strengthening our collaboration in this area.
We believe better collaboration with fintechs and insurtechs is key to delivering exceptional service across the Financial Services market and enhancing our capabilities to be the best bank for customers – now and in the future.
We look to engage and work with fintechs and insurtechs who can help us transform our Retail, Commercial and Insurance business areas and provide enterprise-wide solutions.
We understand entering into a partnership with a bank can be a daunting process but we’re here to support you and make it as straightforward as possible, while ensuring we deliver the best solutions for our customers.
To help provide more guidance and clarity on our process, below we've outlined the steps we need to take before a partnership can go live.
Our Business and Strategy teams extensively scout for the best-in-class fintechs and insurtechs which can collaborate with us to improve our transformation capabilities and customer journeys.
Engage with fintech
At this stage we will engage with our Sourcing Business Partners to assess several fintechs and insurtechs by asking you to pitch and demonstrate your technology and capabilities against our business needs.
Before we enter into an agreement with you, we will register your organisation on our sourcing system. There will be some basic information required from you at this stage. During this process we will complete the necessary due diligence checks – for a PoC engagement this will be reasonably light-touch.
Subject to the due diligence checks being completed successfully, we will share our Non-Disclosure Agreement (NDA) which will be electronically signed by both parties.
Complete IT requirements
Depending on the risk level of the engagement and the integration of the product/service, we may need you to complete our Architecture and Data governance to help us assess any potential risks or assurance gaps for our customers. We will work together with you to complete this as quickly as possible.
Together with our Business and Sourcing teams, we will commence more detailed discussions around the scope of the engagement and share our scaled-back terms and conditions for your review and consideration. This is your chance to make sure you are comfortable with everything, and our team are more than happy to assist with any queries.
Alongside the previous step, we will work through the governance process on our side and contact you if we need any more information. This is the final step before we can sign a contract.
After finalising internal governance, the final contract will be executed through electronic signature, with a start date agreed and a purchase order raised if necessary.