Murray Raisbeck, head of insurance innovation, KPMG UK, said: “Whilst a lot of insurance companies are building their own tech teams, we are increasingly finding firms opt for partnerships to speed up on-boarding and deliver specific projects without adding long-term cost. Building capabilities internally can also hinder the main appeal of a fintech – speed and agility - as the tech teams find their processes slow to the pace of the incumbent. The Matchi platform offers a more rigorous approach than fintech databases that merely provide a list. It is designed to identify, match and enable collaboration with the most innovative fintechs and solutions to address specific issues being faced by financial institutions.”
Matchi includes more than 2,500 fintech companies offering innovative solutions to legacy problems or launching ventures into new markets. The platform allows financial institutions to search for a specific company or product, or to use the proprietary “Innovation Challenge” to present specific problems to the fintech community and receive recommendations on solutions. In this way, firms can access the brightest and best thinking to address their challenges.
Warren Mead, global co-lead fintech, KPMG, comments, “Through 2015 and 2016, a total of $71bn was invested in fintechs globally as traditional financial services companies increasingly recognised tech innovation as the best way to remain relevant, manage compliance and cut costs. As we enter the new world of open banking and PSD2, innovation will become even more relevant so we are investing today to make building partnerships as easy as possible for clients and stakeholders. Firms can’t possibly filter the thousands of fintechs on the market so KPMG’s Matchi platform will help them block out the noise and focus on what will work.”
“Combining the Matchi platform with the knowledge and skills of KPMG professionals creates a powerful fintech resource,” says David Milligan, Matchi CEO. “Together, we are positioned to help clients find and deploy the fintech solutions that are most relevant to their business needs. We are fulfilling the promise of collaboration between financial institutions and fintech firms, which can ultimately benefit all consumers and businesses.”
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