FINTECH
“ We work towards a vision to make international money transfers frictionless and pain-free ”
DAUMANTAS DVILINSKAS CEO TRANSFERGO
have to be more flexible when it comes to hiring processes .
“ As for the financial services industry as a whole , digitalisation will continue to dominate , always driven by consumer demand . For business decision makers and the C-suite this means investing in technology will have to be a priority – whether that ’ s outsourcing to established vendors or building new systems from the ground up .”
Q . What can fintechs do to ensure they stay ahead of the innovation curve ?
Anders la Cour : “ Competition between fintechs is fierce . If they are to stay ahead of the curve agility will be key . They also need to ensure they remain ‘ relevant ’, which will be achieved by understanding customer needs as they evolve and widening their offering , for example by introducing new payments methods such as ‘ request to pay ’ or ‘ buy now pay later ’. But this is easier said than done , particularly when it comes to back-office processes and regulation which can often hamper new product innovation .
“ The truth is , a lot of fintechs and payments businesses simply don ’ t have the infrastructure to handle cross border payments and other back-office processes . And banks , who they ’ d traditionally turn to for cross border payments , are often operating with legacy systems that consistently struggle
42 May 2021