A Pathway for Scotiabank's Innovation: Leveraging FinTech Partnerships
(8 pages of text)
In February 2017, Scotiabank’s vice-president of digital enablement was sitting in his office at Scotiabank’s Digital Factory in downtown Toronto. He was reflecting on his recent introduction to the financial technology (fintech) company Kabbage, and on how successfully the partnership was progressing. Scotiabank’s vice-president was considering what opportunities the bank should pursue next, specifically in the area of blockchain. The Scotiabank–Kabbage partnership provided a valuable guideline for future partnerships. At the partnership’s launch, the group head of Canadian banking at Scotiabank said that the partnership with Kabbage set “an example of how banks and fintechs are working together to provide customers with a better banking experience.” However, all partnerships did not work in the same way. How could Scotiabank devise an effective partnership strategy, considering the unique contexts in different sectors and geographic markets?
This case can be used in a class in strategy or innovation management at the undergraduate, MBA, MSc, or EMBA level. After completing this case, students will be able to do the following:
- Determine when a company may need to form a fintech partnership.
- Discuss what can be learned from a previous successful fintech partnership.
- Consider other emerging areas, such as blockchain, and how to devise a viable partnership strategy accordingly.
Finance and Insurance
Canada; Mexico; United States, Large, 2017
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