The January 2023 Aite-Novarica Group report examines how bank-fintech collaboration can counter payment disintermediation. With capital, regulatory, and cost pressures slowing banks, many businesses turn to fintechs to address payment friction, though most prefer partnering with their FI. Currently, 62% of businesses use fintech providers, and 28% use multiple. Only 34% feel their FI fully understands their payment needs, with speed of payment and settlement cited as the biggest gap by nearly 60%. About 88% have invested in improving payment technologies, and this trend is expected to continue.

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