STANDOUT
FINTECHS AND
TECHNOLOGY INNOVATIONS
As the fintech space becomes increasingly competitive , standing out from the crowd with an innovative solution is essential to success
WRITTEN BY : JOANNA ENGLAND
The recent announcement that Apple will be entering the BNPL space was enough to send the shares of established industry providers tumbling . The reason ? When someone bigger and better than you offers customers the same service experience , you are most definitely on a losing streak .
Therefore , offering services that have an innovative edge is the only way to survive in the cutthroat world of finserve . With the fintech space growing exponentially , creatively packaging products and services have never been more critical .
New technologies that enable faster services , better customer interaction and next-generation security are key factors in determining how quickly a fintech company will scale in the current , competitive environment .
Fintech differentiators According to Mark Lamers , director of Vartion , the Dutch data analytics company , innovation in the financial services industry is a fairly new requirement for success . He says , “ The financial market is a conservative market which relies greatly on proven and controlled processes . The latter consumes a lot of energy for the organisation , its employees and in the end , the clients .”
Fintechs ease the accessibility , usage and integrability of services and products of financial services by utilising new technologies encapsulated in modern control frameworks , points out Lamers . “ Each step in the entire chain can be targeted by fintechs to challenge both each other and the financial providers they serve .”
Customer centricity One element that fintechs should place at the forefront of their strategy is their relationship with the customer . Creating a business model that puts the user at the centre of the processes makes total sense in an increasingly competitive environment , says Lamers .
“ Even for emerging technologies , start with principles of solid security controls and use only what is needed to prevent escalations later on ”