In a new report, Santander InnoVentures, the megabank's venture capital fund, argues that banks and fintech startups need to collaborate in order to "reboot" the global financial services industry and trigger the 'Fintech 2.0' revolution.

Unlike the first generation of fintech pioneers that are limited to relatively simple propositions such as digital wallets and peer-to-peer lending, 'Fintech 2.0' will deliver fundamental changes to the infrastructure and processes at the core of the financial services industry, according to a new report from Santander InnoVenture, co-authored with Oliver Wyman and Anthemis Group.

The document, called 'The Fintech 2.0 Paper: rebooting financial services', reads:

"Fintech 2.0 represents a far broader opportunity to re-engineer the infrastructure and processes of the global financial services industry, in which the top 300 banks command a revenue pool worth $3.8 trillion."