No successful organization runs successfully without collaboration. Collaboration involves individuals working together to solve problems across departments, management levels, and functions. To break it down, collaboration is the act of individuals working together to make unified decisions. The very definition of this term extends to team members or colleagues working together and setting processes to make choices that all members agree on for a greater purpose.
Now, what is the impact of collaboration in FSI ecosystems, and how can it be enhanced? “Through the rise in smartphone penetration, financial service solutions have hit an all time high” said Michelle Hassan, the Kenya Country Manager at Catalyst Fund. “Advanced data analytics, machine learning, and AI are ensuring the undeserved can access financial solutions” she continued, giving rise to the understanding that digital technologies enable collaboration platforms, and collaboration platforms enable ecosystems that bring together a group of organisations to build a new capability or product or service offering.
In order to achieve systemic impact and change, companies need to tune into opportunities for pre-competitive collaboration, and at the same time, effectively manage Intellectual Property and other legal considerations that are likely to emerge.
Michelle posed a key question, “What does it take for a startup to partner with a financial service provider?”, she went on to emphasise how a clear value proposition is vital, whilst being able to increase efficiency and decrease friction.
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