Ambar Vitelli-Khosla
Strategic Partnerships
As part of the Plug and Play Summer Summit NayaOne collaborated on a POC workshop dedicated to exploring best practices and strategies related to POCs and pilots in the financial services industry. Among practitioners from EY, William Blair, SMBC, FIS, and John Deere Financial, Karan shared his insights and experiences on building an innovation culture, scoping use cases, and creating a sandbox environment to accelerate proof of concepts (POC’s).
In today’s rapidly evolving landscape, the collaboration between traditional financial institutions and fintechs startups has become imperative to drive innovation and deliver exceptional experiences to customers. However, this partnership can often be challenging due to the differences in operational processes, regulatory requirements, and technology infrastructures.
- Sandbox technology has emerged as an accelerant, providing a secure and controlled off-estate environment for collaboration between financial institutions and fintechs.
- It allows both parties to test and experiment with new solutions, products, and services without compromising data privacy or regulatory compliance.
- The sandbox serves as a bridge, enabling efficient communication, streamlining integration processes, and fostering a culture of innovation.
We shared the practical strategies and best practices for leveraging sandbox technology to alleviate the pain points associated with working with fintechs. From establishing clear communication channels and building trust to mitigating cybersecurity risks and optimising regulatory compliance. In recent years Sandboxes have become more prevalent within the industry and are becoming recognised as a technical toolkit to advance innovation through enabling and streamlining bank and fintech partnerships.
