NovoPaymemt CEO on Why Banks Will Increasingly Need Fintechs

Talking with Karen Webster of PYMNTS, NovoPayment CEO Anabel Perez said that banks will find it difficult to match the speed of fintech companies in creating new offerings for their customers; traditional financial institutions can use the APIs of banking-as-a-service platforms as one solution to this challenge; the Visa acquisition of Plaid is one example of a traditional FI recognizing that a fintech had a superior solution, in this case for data access and connectivity;  Perez said, “Traditional banking providers cannot accommodate all of their own [customers’] needs. It would take years to deliver and millions of dollars [in investments]. We can provide better, cheaper and faster services.” PYMNTS

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