Rise in strategic partnerships
PwC Belgium’s collective data shows a significant increase in publicly announced banking partnerships as of 2018. So far, partnership activity in 2020 had already exceeded and soared above 2019’s total in November and might even surpass 2018 as the new all-time high. The increase in partnership activity is primarily driven by universal banks, whereas the amount of partnerships has remained more stable for niche banks.
"Belgian banks have significantly stepped up partnership activity in recent years. In taking this route, Belgian banks are preparing themselves to become market players that serve their customers with services that fulfil a wide range of customer needs through one integrated customer experience, in the likeness of BigTech firms that created super-apps in Asia."