Partnership in banking is as old as banking itself. Without the concept of reciprocity that underpins correspondent banking, it would have proved difficult to move beyond mere domestic deposit-taking to the powerful, international banking market that exists today. Without partnerships between banks and technology partners, the likes of banking standards, credit cards and online FX portals would still be on the drawing board.
For an industry currently facing many operating challenges – including margin pressure, market volatility, increased risk management and regulatory costs as well as competition from new entrants and excess supply – partnership offers a significant line of defence. And, where new opportunities and markets present themselves, partnership may also be the best route to early rewards.
