Banks are loosening up internally so they can work with startups

As banks and financial technology startups collaborate more closely, banks are beginning to pull apart the image of their institutions as segmented bureaucratic machines that can’t innovate quickly.

With public confidence in them in the U.S. below 50 percent across the political spectrum, banks have a branding problem — one that gets even more problematic when they have to work with those outside the industry. Banks recognize that they need to work with startups to keep abreast of the future of money, and taking a page from Silicon Valley, they are experimenting with open co-working spaces and other organizational models to make it easier to work with startups.

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