Important Lessons for Startups in Running Strategic Collaboration with Banking

Today, along with the increasing use of digital platforms, collaboration between banks and startups has become commonplace. Integration between platforms produces new innovations that make it easier for people to carry out banking transactions according to their needs on various available platforms.

For startups, collaboration with banks can be seen as a potential that can be used to enlarge business scale and improve product quality. In addition, with good collaboration, the 'gap' that has existed between banking and startups can be eliminated.

Furthermore, here are some advantages that startups can get when collaborating with banks:

Expanding User Reach

The collaboration that occurs between banks and startups helps to expand the reach of users. Startups can increase the number of users and the number of transactions on their platform through banking customers who make transactions. In addition, the number of customers and a large banking distribution network allows startups to save energy and focus on presenting other innovations.

From the banking side, digital collaboration with startups helps expand the reach of customers who have not been reached by conventional services. Both startups and banks benefit from this collaboration.

Creating New Product or Service Variations

Collaboration and cooperation carried out by startups and banks are not only limited to financing transactions. Another thing that can be done is to create new products by integrating platforms owned by startups with banking through the use of APIs. Startups can add banking services needed by users to their platform via API or Application Programming Interface. One of the example is Independent API, a platform that allows startups to collaborate with one of the largest banks in Indonesia, Bank Mandiri, by integrating products and services owned by Bank Mandiri into digital platforms owned by startups.

With the Mandiri API, customers can make transactions directly on the startup's platform, ranging from payments via direct debit, easy online loan services, to top up or check electronic money balances directly on the startup owned platform.

Startups can also increase the value of their business by presenting banking transactions on their platform. In the end, this collaboration will benefit all parties, both users, startup companies, and banks.

Improving Consumer Satisfaction

The collaboration between startups and banks will make it easier for customers to meet their needs. This will certainly increase user satisfaction, both direct startup platform users and banking service users in general. The increase in platform user satisfaction will encourage an increase in the number of users and the business value that startups have, so that in the future, startups will find it easier to develop their business. Banks as service owners will be helped by adding transaction channels through the startup platform.

The technology owned by startups will certainly increase the efficiency of banking services. so that it will be easier for customers to make financial transactions. In the end, customers will see this collaboration as an easy way for them to access various banking services.

Disclosure: This article is sponsored content endorsed by Mandiri Bank