The Men and the Boulder

Once upon a time in the world of today, two men were walking along the beach. One man was older, just past his prime years but still full of vigor and prowess. The other man was younger, full of energy and self-confidence. They approached each other along the beach and turned to see a cave a little off the beach. Something within glittered off the sun and caught both men’s eyes. They approached together and were stopped by a huge boulder in the way of the entrance. Peering through a small opening at the top of the boulder where it did not quite meet the roof of the entrance the men could see gold and jewels and a great wealth resting in the rear of the shallow cave.

The older man declared he saw it first and went up to the boulder and pushed and pulled at the stone but could not move it an inch. The young man grinned and stated if he could move the boulder the riches within were his. He shoved the older man out of the way and heaved and grunted but could not move the boulder at all. Both men took turns struggling with the boulder separately to move the large rock so they could gain access to the great wealth. Each time one was spent, the other jumped in and attempted it themselves each time believing if they put in a little extra effort, the reward would be theirs.

All day they spent in frustration and exhaustion and went home empty handed. The next morning both men returned and again spent another fruitless day attempting to move the boulder while the other man watched. Neither the older man nor the younger man told a soul of the riches for fear of others succeeding where they were failing. As years went by each stubbornly believed they would succeed.

One day the older man realized he was getting older and each day he was getting slightly weaker as age crept up on him. The younger man was still doing all he could to get stronger but raw energy was not enough to outweigh the force against him. The older man knew he had the wisdom and the experience to succeed, but he did not have the agility nor the strength anymore. The younger man, panting with exasperation, realized he had lots of energy and strength to succeed but lacked the depth of experience and working knowledge to tackle the boulder. Both realized that all the wealth and riches would be no ones alone and sharing was better than nothing.

One hand extended over to the other man and was they shook in agreement, both men turned and approached the boulder. With an immense effort, they moved the boulder and were rewarded with great wealth.

FinTech companies have fought to be the ‘better alternative’ to banks in online lending for years. Meanwhile, as customers exit banks in droves, banks struggle to pivot towards their online banking and lending solutions but are stifled by regulation and long standing banking cultures.

For both sides to win and to win big, FinTech companies need to partner with banks and use their experience, long standing foundational strength, and deep pockets to sling shot forward in the lending environment. Banks, in turn, should use FinTech companies youthful energy, agility, and lack of regulation and culture to bring in the new generation of customers and adopt to the advanced technologies of today at a faster pace.