As fintech startups continue to grow, traditional banks are facing increasing pressure to adapt or risk losing relevance. On forums like Reddit, the discussions around which model people trust and which one offers better services have become more intense. Many point to how fintech’s agility and digital-first approach are challenging the traditional, slower-moving banking sector.
Traditional banks have long been seen as the reliable foundation of the financial industry, but their outdated systems and regulatory constraints now stand in stark contrast to the innovative, customer-focused solutions fintech companies are delivering. In fact, fintechs are not just improving existing services—they’re creating entirely new models of finance.
In 2024, Chime, a prime example of a new fintech bank, reported a 53% user growth, with over 22.3 million customers. And this surge is just a glimpse into the rapid expansion of such solutions, with approximately 30,000 new fintech startups launched that year. Traditional banks can no longer rely solely on their established customer base and legacy systems. To stay competitive, they must innovate and adapt—especially when you consider how stark the contrast is between the new wave of fintech vs finance we've known for ages.
In this article, we’ll take a closer look at the difference between fintech vs financial services, the rise of new fintech banks, and how both sectors are adapting to the shift in the industry. We’ll explore how (and if) this rivalry is pushing the boundaries of finance, and what is the key to survival for traditional banks.
- TL;DR
- How We Reduced Transaction Time From 10 Seconds to Just 4 with a Fintech vs Bank Integration
- The challenge
- The solution
- Challenges along the way
- The results
- Fintech vs Traditional Banks: Characteristics and Differences
- What is fintech?
- What is a traditional bank?
- Key differences between fintech and banks
- The Competition Between Fintech and Traditional Banks
- The rise of fintech
- Banks' response to fintech competition
- Can Fintech Replace Traditional Banking?
- Fintech vs Traditional Banks: How Can They Work Together?
- Examples of Successful Collaboration Between Fintech and Banks
- Trends and Predictions Shaping Fintech and Banking
- Technologies Behind Fintech and Banks
- How Traditional Banks Will Evolve
- How We Help You Build a Stronger Digital Future
- A Digital Solution for Primary Capital Markets
- Seamless Integration of Online Payment Services
- Trading Automation Platform
- Why Partner With Us?
- Conclusion
TL;DR
- Over 30,000 new fintech companies launched in 2024. Chime, for example, saw a 53% user growth, reaching 22.3 million customers.
- Traditional banks, known for their stability, are struggling to adapt to digital demands, relying on outdated systems that can’t compete with the agile fintech models.
- Our Case Study: A traditional bank integrated fintech solutions, which reduces transaction times by 60% (from 10 seconds to 4 seconds).
- Fintech’s roots trace back to 1871 with Western Union. The 2008 financial crisis further accelerated the shift towards digital alternatives.
- Fintech vs Banks: While fintech offers user-friendly solutions (e.g., mobile payments), traditional banks offer stability, trust, and regulatory compliance. The future lies in collaboration, not replacement, with open banking fostering cooperation.
- Successful Collaborations:
- Santander and Ripple: Simplified international payments using Ripple’s blockchain tech.
- ING and Funding Options: Provided SMEs with access to over 50 financing options.
- N26 and Wise: Integrated low-cost international money transfers into N26’s app.
- Key fintech trends are driven by AI enhancing customer interactions and fraud detection, blockchain transforming cross-border payments, cloud computing supporting scalability, and CBDCs influencing payment systems.
How We Reduced Transaction Time From 10 Seconds to Just 4 with a Fintech vs Bank Integration
Working behind the scenes of financial technology often means tackling complex problems head-on, and that’s exactly what happened here. A mid-sized traditional bank reached out, recognizing the need to modernize and compete in a digital-first world. With customer expectations growing and competitors stepping up, the bank knew it was time for a change—but their legacy systems weren’t making it easy.
The challenge
Like many traditional financial institutions, the bank faced two major hurdles:
- Their existing infrastructure wasn’t compatible with modern fintech applications, making it hard to innovate.
- Users wanted faster, seamless payment options, but the bank’s systems couldn’t keep up.
This is where our team stepped in. While we can’t share every detail due to a strict NDA, here’s a look at how we tackled the challenge and delivered a scalable and lucrative fintech solution for a bank.
The solution
We crafted a tailored fintech integration strategy designed to modernize the bank’s operations while keeping their existing systems intact:
- API Development: By building powerful APIs, we facilitated seamless connections between the bank’s legacy systems and new fintech applications, enabling real-time data exchange and rapid transaction processing—a core part of our IT System & Software Integration Services.
- User-Focused Design: To improve the experience for both customers and employees, we dove into user research and designed an interface that was easy to navigate yet packed with features.
- Enhanced Security: Knowing the stakes with financial data, we prioritized advanced measures like multi-factor authentication and end-to-end encryption, ensuring both compliance and trust.
By starting with a tailored MVP approach, we were able to pinpoint and resolve key gaps early, aligning with users’ rising expectations while keeping core operations unaffected. If you’re looking to modernize your systems, a strategic, well-planned discovery phase can guide you through every crucial step of the process.
Challenges along the way
Integration projects rarely come without hiccups. For this bank, data migration turned into a major sticking point. Inaccurate mapping created discrepancies, threatening to slow everything down. To solve this, we adopted a phased migration strategy, testing thoroughly at each stage to ensure smooth transitions.
The real game-changer came during the pilot phase. Early testing showed transaction times dropping from 10 seconds to just 4 seconds—an incredible 60% improvement. Customer feedback during this phase was overwhelmingly positive, giving the green light for full implementation.
The results
Here’s what the bank achieved through the integration:
- Average processing time dropped from 10 seconds to just 4 seconds—a 60% improvement.
- Within three months, 75% of users embraced the new system, beating the initial goal of 50%.
- Automation and streamlined workflows cut transaction processing costs by 30%.
If upgrading your banking systems feels like a mountain to climb, we’ll be your guide to the summit. Fill out the form to start our journey of transformation.
Fintech vs Traditional Banks: Characteristics and Differences
Let’s start by breaking down the key differences between fintech and traditional banks. In our experience working across the financial sector, the contrast between these two worlds couldn’t be clearer.
What is fintech?
Fintech, or financial technology, is all about reimagining how financial services work. Instead of relying on physical infrastructure and lengthy processes, fintech companies use technology to make everything faster, smarter, and more convenient.
Some examples of fintech solutions include:
- Apps like Venmo and Zelle enable instant peer-to-peer payments, removing the delays commonly associated with traditional banks.
- Robinhood offers commission-free trading, making stock market investments more accessible to retail investors.
- Digital-only banks like Varo offer checking and savings accounts with lower fees and higher interest rates, avoiding the overhead of physical branches.
Here’s the secret: fintech thrives because it’s designed for the way people live and work today. Advanced technologies like artificial intelligence, blockchain, and automation allow fintech companies to stay agile and meet customer needs without the red tape that traditional banks often deal with.
What is a traditional bank?
Traditional banks are well-established institutions offering services such as savings accounts, loans, mortgages, investment products, and payment processing. They operate within strict regulatory frameworks designed to ensure consumer protection, financial stability, and fraud prevention. The regulations banks must comply with often include capital reserves, reporting standards, and anti-money laundering (AML) laws.
Some common bank services include:
- Savings and checking accounts that provide interest on deposits.
- Personal loans, mortgages, and credit lines with thorough credit assessments.
- Wealth management and investment advisory services for both individuals and businesses.
“The same rules apply here as in other areas of business. Banks are large, established institutions offering financial services, but their processes tend to be slow and complicated due to complex infrastructure. This frustrates customers, who often have to wait for their transactions to be processed. On the other hand, fintechs are nimble. They provide fast, convenient services and can quickly adapt to customer needs, while banks must navigate strict regulations and standards.”
— Maksym Trostyanchuk, Inoxoft’s Head of Delivery
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Key differences between fintech and banks
Here’s a closer look at how fintech and traditional banks stack up:
1. Digital vs. physical presence
Fintech operates almost entirely online. Need to open an account or transfer money? Apps like Revolut or N26 let you do it in minutes, right from your phone. On the other hand, traditional banks often require in-person visits for tasks like setting up accounts, which can be time-consuming.
2. Regulatory environment
Fintech companies face fewer regulations, allowing them to innovate rapidly. For instance, platforms like Kiva expand quickly in regions with less regulatory oversight. Traditional banks, while offering stability, must navigate complex rules, which can slow their ability to launch new products.
3. Product offerings
Fintech shines when it comes to personalization—budgeting tools like Mint or peer-to-peer lending options are tailored to individual needs. Traditional banks, though, provide a wider range of services, such as mortgages and investment products, but often in a more standardized way.
Fintech vs Banks: Quick Comparison
Aspect |
Fintech Companies |
Traditional Banks |
Operational Model |
Primarily digital; services accessed via apps or websites, like Revolut. |
Physical branches for services like account setup, e.g., Bank of America. |
User Experience |
Seamless, fast, and convenient; often designed for mobile use [N26 offers instant account setup via a mobile app]. |
Can be cumbersome; often involves long wait times and complex procedures for services like loan applications. |
Customer Base |
Appeals to younger, tech-savvy consumers seeking convenience and personalization. [Chime targets a younger audience with no-fee banking solutions]. |
Attracts a broader demographic, including those who prefer face-to-face interactions and established trust with institutions like Wells Fargo. |
Regulatory Environment |
Generally faces fewer regulations, allowing for rapid innovation. |
Subject to strict regulations that mandate compliance with capital requirements, which can slow down innovation. |
Speed of Service |
Near-instant processes. [Users can send money instantly using Venmo] or get 24/7 support with Robinhood mobile app]. |
Slower service due to regulatory requirements and manual processes; opening an account may take several days in traditional banks. |
Cost Structure |
Typically lower fees due to reduced overhead costs. |
Higher fees associated with maintaining physical branches and extensive staff. |
Technology Use |
Heavy reliance on cutting-edge technologies, leading to fewer mistakes [ZestFinance uses machine learning for risk assessment]. |
Struggles with legacy systems that hinder the adoption of new technologies. |
Risk Management |
Uses data analytics for risk assessment but may lack the data depth of traditional banks. |
Established risk management practices based on decades of data and experience. |
The takeaway is clear: fintech offers speed and convenience, while traditional banks provide stability and trust. The choice depends on what matters most—agility or assurance.
Fintech and Machine Learning: Benefits, Trends, Statistics, and Use Cases
The Competition Between Fintech and Traditional Banks
Fintech and banks might seem like rivals from different eras, but their competition isn’t as new as it might appear. Take PayPal, for example—it launched back in 1998, making online payments seamless long before fintech was a buzzword. But it’s only in recent years, driven by rapid technological advancements, that the fintech vs bank debate has truly taken center stage.
“What we are doing right now with ChatGPT and technologies like it is creating an advice layer. […] AI will be trained on our personal behavior and situation. […] The result will be highly targeted and contextual, much more personalized than what could ever be delivered by a human.“
— Brett King, Futurist and Founder of Moven
The rise of fintech
The roots of fintech go back much further than we realize. Think 1871, when Western Union began using telegraph lines to send money quickly and securely—no need to hand over cash in person. By 1877, they were processing millions of dollars annually, laying the groundwork for the financial technology platforms we rely on today.
Fast forward to the 2008 financial crisis: trust in traditional banks plummeted, and people began looking for alternatives. With the rise of the internet and smartphones, fintech companies seized the moment. From payment processors to lending platforms, new types of fintechs emerged to solve age-old banking problems, giving people more transparent, user-friendly solutions.
Neobank vs fintech: how they differ
As fintech matured, it gave rise to neobanks—digital-first financial institutions that redefine banking by offering services solely through mobile and online platforms. While fintech encompasses a wide range of technologies and companies (from payment processors to robo-advisors), neobanks focus exclusively on delivering core banking services in a streamlined, tech-driven way. This demonstrates the change in consumer expectations, with neobanks providing a direct alternative to traditional banks, thanks to the fintech.
The impact of fintech on banks has been undeniable, fueled by remarkable growth in the sector. In recent years, global fintech investments reached an astounding $45.5 billion. By 2024, the fintech market was valued at approximately $340.10 billion, with projections suggesting it could surpass $1,152 billion by 2032—boasting a compound annual growth rate (CAGR) of 16.5%.
With over 124,000 fintech competitors worldwide, the landscape includes everything from payment processors and investment platforms to fintech banking services that challenge traditional financial institutions.
Banks’ response to fintech competition
Facing stiff fintech competition, traditional financial institutions are being pushed to rethink their game. Many banks are still grappling with outdated legacy systems, which makes innovation feel like patching a leaky roof during a storm.
For example, while Chase reported that 60% of its transactions in 2024 were digital, integrating new technologies into old systems remains a challenge.
As our CTO pointed out:
“Banking isn’t just about keeping money safe anymore—it’s about making people’s lives easier. Traditional banks are realizing they need to meet customers where they are: on their phones, on their laptops, living their busy lives. Behind every digital transaction is a human story—someone paying their child’s tuition, sending money to family abroad, or saving for their dreams. To stay relevant, banks must rethink not just their technology but their entire approach to serving people.”
Can Fintech Replace Traditional Banking?
While fintech has made significant strides in transforming financial services by offering innovative, technology-driven solutions, it is unlikely to completely replace traditional banking. Financial technology companies shine in providing convenience and efficiency through digital platforms, such as mobile payments and peer-to-peer lending. However, traditional banks offer distinct advantages, like established trust, regulatory compliance, and a broad range of services that many still rely on.
Instead of fintech replacing banks, we are more likely to see a growing partnership between the two, blending innovation with trust.
“Open banking opens doors to such possibilities. When allowing secure collaboration between traditional banks and innovative fintech companies, we’re creating a bridge between the trust we’ve built over centuries and the dreams of tomorrow.”
— Maksym Trostyanchuk, Inoxoft’s Head of Delivery
This shift opens exciting opportunities for fintech and banks, making it easier for both to integrate new technologies while maintaining reliability. By exploring fintech banking as a service, your organization can enhance offerings and improve customer satisfaction without losing sight of the stability traditional institutions provide.
Ready to see how fintech can take your business to the next level? Contact us today to discover how our solutions can enhance your bank’s competitiveness and propel you forward.
Fintech vs Traditional Banks: How Can They Work Together?
Fintech vs Traditional Banks: How Can They Work Together?
For years, the relationship between fintech companies and traditional banks seemed like a rivalry. On one side, you had the agility of fintechs; on the other, the trust and legacy of traditional banks. But things are changing. With the evolving role of financial technology in banking, this collaboration is more essential than ever. And instead of competing, many fintechs and banks are now working together to tackle challenges that neither could solve alone.
Take this, for example: fintechs bring cutting-edge technology—artificial intelligence, blockchain, and open banking platforms—while banks contribute regulatory expertise, robust customer bases, and market credibility. Together, they create services that are faster, cheaper, and more transparent.
Here’s a deeper dive into how these collaborations are reshaping the landscape of the industry.
Examples of Successful Collaboration Between Fintech and Banks
Let’s look at three real-world partnerships and how they’re redefining traditional financial institutions and services.
Santander and Ripple
Cross-border payments are notoriously slow and expensive. Banco Santander decided to tackle this challenge by teaming up with Ripple to launch One Pay FX, a mobile app designed to simplify international transfers.
Launched in 2018, One Pay FX uses Ripple’s xCurrent technology, allowing customers to send money internationally—often within the same day—with full transparency on fees and exchange rates. Traditional bank characteristics, like reliance on systems such as SWIFT, often fall short here. But by embracing Ripple’s blockchain technology, Santander addressed these common pain points.
Cross-Selling in Mobile Banking: Opportunities and Strategies
For example, you need to send money to Europe quickly. With One Pay FX, you avoid hidden fees and uncertain timelines. Santander even waives commissions for transfers between its accounts, making the service more appealing. By 2023, the app had expanded to 19 countries, putting Santander in direct competition with fintech solutions like TransferWise (now Wise).
As Ed Metzger, Head of Innovation at Santander UK, explained,
“The motivation to bring One Pay FX to market comes as the firm has taken note of the growing expectation from consumers that sending international payments will be easier and less friction-filled than it has been seen in the past. Blockchain stood out as a way to alleviate some of those frictions.”
ING and Funding Options
Small and medium-sized enterprises often struggle to find financing that fits their needs. Recognizing this, ING partnered with Funding Options in 2018 to give Dutch SMEs better access to a wide range of funding solutions.
Through this collaboration, Funding Options integrated its platform with ING’s services, allowing SMEs to compare over 50 financing options from various lenders. Whether it’s a £1,000 microloan or a £10 million business expansion loan, SMEs could easily find the right fit.
This partnership also helped Funding Options expand into the Dutch market, reaching over 1.8 million SMEs. ING even invested £5 million in the platform to fuel its growth and enhance international capabilities. This is a perfect example of how fintech for banks can create win-win scenarios for both financial institutions and their customers.
“This is a great example of banks and fintechs working together for the benefit of customers. We look forward to supporting Dutch small businesses to access alternative funding and achieve their goals.”
— Ryan Edwards-Pritchard, Managing Director of Funding Options
N26 and Wise
For N26, collaboration with Wise wasn’t just a simple feature—it was a way to transform international money transfers. By embedding Wise’s low-cost, transparent remittance services directly into the N26 app, they made cross-border payments seamless.
In October 2023, N26 expanded this partnership to allow transfers in over 30 currencies. This integration means users can send money quickly without leaving the N26 app. Unlike traditional banks, which often tack on hidden fees and unfavorable exchange rates, N26 offers mid-market rates and transparent pricing.
For younger consumers, who value cost and convenience, this partnership cements N26’s position as a leader in fintech and digital banking. According to Steve Naudé, Product Manager for Banks at Wise:
“Through N26’s access to our global payment infrastructure, their customers are able to send money quickly, transparently and conveniently. The extension of our partnership helps N26 further strengthen its market position across Europe as one of the go-to banks for people who want to transfer money internationally at a low cost and high speed.”
Are you prepared to take advantage of the growing fintech and digital banking to stay ahead? If you’re ready to explore how open banking and fintech can transform your offerings, let’s talk.
Trends and Predictions Shaping Fintech and Banking
Fintech is rewriting the rules of finance, and the numbers we’ve shared highlight this shift. As our COO, Nazar Kvartalnyi, puts it:
“The future of banking takes shape through the daily choices of millions – through every tap to pay for coffee, through every person choosing a digital bank from their living room, through every mobile payment that makes life flow more smoothly. This revolution in banking reflects our deeper human desire for simplicity and connection.”
Technologies Behind Fintech and Banks
- Artificial Intelligence (AI): AI is transforming the dynamic between fintech and financial services, enabling instant fraud detection and personalized customer interactions. Banks like JPMorgan Chase use AI to enhance security, while AI-driven chatbots improve engagement.
- Blockchain Technology: Blockchain is central to the evolution of financial technology platforms, offering secure, transparent, and efficient transaction methods. This is especially important in cross-border payments, with the fintech blockchain market projected to reach $29.73 Billion by 2032.
- Cloud Computing: Cloud solutions provide the scalability both fintech and traditional banks need to adapt to changing demands. These innovations also support the rise of fintech platforms, offering customers modern, digital-first experiences.
- Central Bank Digital Currencies (CBDCs): Fintech firms are adapting to the development of CBDCs, which promise streamlined payments and lower transaction costs, further influencing the conversation on “How does fintech affect banks and their traditional operations?”
How Traditional Banks Will Evolve
Staying relevant in the digital age means traditional banks must innovate. The divide between financial technology company vs bank is narrowing, with many traditional banks investing in AI and machine learning to better manage risks and customer insights.
Rather than viewing fintech as competition, banks are embracing collaboration. This trend, often referred to as “BankTech,” highlights the growing use of fintech solutions for banks to enhance services while maintaining compliance.
For example:
- Open banking and fintech partnerships provide customers with more personalized and seamless experiences.
- Embedded finance tools help banks integrate fintech innovations into their existing infrastructure.
And we can feel how the question “will fintech replace banks?” becomes less about replacement and more about collaboration. Traditional banks that adapt by adopting fintech tools can remain competitive and meet the growing expectations of digital-savvy customers.
Technologies, Trends, and Strategies Driving the Future of Digital Transformation in Banking
How We Help You Build a Stronger Digital Future
Success in finance today demands agility, innovation, and digital-first solutions. Our team specializes in creating custom web and mobile platforms to help you adapt, compete, and thrive. Here’s how we can help:
- Build personalized solutions powered by AI, machine learning, and blockchain.
- Develop secure payment systems and advanced analytics to enhance customer satisfaction and streamline operations.
- Integrate innovative fintech solutions seamlessly with your existing systems.
- Create open banking APIs to enable secure data sharing with third-party providers.
- Modernize traditional banking systems, helping you stay ahead of fintech competitors.
Below, explore real-world success stories where we’ve empowered our clients to unlock the full potential of fintech innovation.
A Digital Solution for Primary Capital Markets
Our client, a UK-based fintech company, needed to digitize deal execution in the primary capital markets, since traditional processes were bogged down by inefficiencies and high costs. Our team developed an innovative digital solution featuring an admin portal, a web app, and a mobile app for underwriters, issuers, and investors.
How it helped:
- Real-time access to critical information.
- Streamlined workflows and reduced operational risks.
- Improved productivity and enhanced transparency for stakeholders.
Seamless Integration of Online Payment Services
A US-based fintech company approached us to simplify its transaction processes and improve customer experience. We integrated online payment services, similar to PayPal, into their existing software, enabling effortless one-off, recurring, and subscription payments.
How it helped:
- Reduced transaction costs and improved global payment processing.
- Enhanced user experience with faster, secure payment methods.
- Real-time data access for better financial tracking and decision-making.
Trading Automation Platform
Manual trading processes were slowing down a UK-based group of traders. They needed a way to automate time-consuming tasks like currency data analysis and price monitoring. We presented them with a trading automation platform using advanced algorithms and real-time data analytics.
How it helped:
- Reduced order generation time from 90 seconds to 30 seconds.
- Enabled real-time data analysis for faster, more accurate decision-making.
- Improved operational efficiency and competitiveness in the trading market.
How to Create a Banking App: A Comprehensive Guide from Our Team
Why Partner With Us?
- Expertise in leading technologies like Flutter, Python (Django), .NET, Node.js, and React.
- A proven track record in developing custom fintech platforms that drive success.
- Flexible cooperation models tailored to meet your specific needs.
You don’t just need software. You need a partner who understands your challenges and delivers the right solutions. Explore our software development services for startups to see how we can help bring your fintech ideas to life.
Conclusion
The relationship between fintech and traditional banks is reshaping the future of the financial industry. And the difference between the two often lies in speed and innovation—fintech companies focus on delivering cutting-edge solutions like AI-driven risk management, open banking platforms, and automated trading systems, while banks emphasize stability and trust.
Instead of viewing each other as competitors, both sides are discovering the power of collaboration. By combining fintech’s agility with the trust and stability of traditional banks, this partnership is driving better customer experiences, faster services, and more transparent financial solutions.
As the industry continues to evolve, businesses that embrace this transformation—whether by integrating fintech solutions or modernizing their operations—will stay ahead of the curve. For more insights on creating successful fintech products, check out this guide on estimating the costs of fintech app development.
If you’re ready to explore how fintech can elevate your business or need expert support in your digital journey, let’s connect and shape the future of finance together. Reach out to us today, and let’s make the future of banking work for you.
Frequently Asked Questions
How can banks and fintech companies form successful partnerships?
Collaboration between banks and fintech companies can succeed when:
✔ Banks use fintech innovation for digital transformation.
✔ Fintechs benefit from banks’ regulatory expertise and customer trust.
✔ Partnerships focus on shared goals like improving customer experience, expanding digital offerings, or enhancing operational efficiency.
✔ Clear communication and aligned objectives bridge the gap between traditional systems and fintech agility.
Are neobanks truly a threat to established banks, or are they a niche market?
When discussing neobank vs fintech, it’s clear that neobanks are a subset of the broader fintech landscape, focusing on streamlined, digital-first banking solutions. Neobanks have made an impact by:
✔ Offering innovative, user-friendly apps tailored to tech-savvy customers.
✔ Disrupting traditional banking markets with low-cost structures and customized financial tools.
However:
✔ Their limited offerings compared to broader fintech platforms and traditional banks often make them complementary rather than direct replacements.
✔ To stay competitive, traditional banks can adopt fintech-driven innovations and enhance digital strategies, bridging the gap between the flexibility of neobanks and the stability of established institutions.
How are regulatory hurdles impacting the competitive landscape between fintech and banks?
Fintech companies often face challenges that can slow fintech innovation and increase operational costs, but they also create opportunities for collaboration. Open banking initiatives and government-backed regulations are helping to level the playing field.
Regulatory hurdles affect both fintech and banks by:
✔ Slowing fintech innovation with compliance complexities.
✔ Increasing operational costs for smaller fintech firms.
Opportunities arise through:
✔ Open banking initiatives that encourage collaboration.
✔ Government-backed regulations that create a more balanced competitive environment.