Full Network
Sourcing fintechs is a companywide effort at Citi leverages its full network, reaching out to government entities, private entities and Citi Ventures.
«In some organizations, an investment arm that is separate from the core business can create challenges with alignment,» Southall said, commenting on the bank’s venture capital arm.
«But if you have the ability to collaborate, build an internal network and tap an ongoing pipeline of opportunities, this can be very effective and advantageous. This is the case for Citi Ventures.»
Innovation Lab: Ready for Business
Upon sourcing fintechs, they and their capabilities will be put to test and implemented for usage at innovation labs, where Southall claims Citi’s rendition of the construct has a major differentiator from its competitors: culture.
«Culturally, we have also created a fast and nimble environment through our Innovation Labs, integrating our core competencies with other capabilities,» he explained, emphasizing the importance of the unit for its function and not fanfare.
«Some people are still in the experimenting game and the show-and-tell space. For us, this access point is fundamental to actually achieving business objectives.»
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