TECHNOLOGY
risks associated with economic downturns because they enable companies to respond more quickly to market changes .
“ These solutions measure and monitor systemic risk , market risk and volatility in financial markets ,” Lekhi says , “ as well as identifying illegal activities in crypto markets , fraudulent initial coin offerings , money laundering and other cyber risks .”
Providing solid customer service can also protect fintechs in the event of a recession . Crucially , says Neuschatz , “ Fintechs have to put customer needs first . Building a fintech brand with a long-term future means taking customers with you ; this means reinvesting in the latest technology but also ensuring first-class customer service and support is available around the clock .”
Strategic partnerships , he points out , will also help maintain stability in the event of a downturn . “ Consolidation of financial services is key , with ambitious businesses looking for a single-portal entry for payments , credit , FX and other services . In previous years , this would be offered by multiple providers on different contracts , sometimes in different geographies . These platforms are often powered by artificial intelligence and automation technologies , which are underpinning the delivery of such services .”
Future-proofing fintech To safeguard the future against unknowns , fintechs must fortify themselves in several key areas , says
Adam Vipond , Director of Fintech at Caspian One . He believes maturity in fintech
124 October 2021