The financial services industry has been the hotbed of technology-led changes in recent times. Much of this has to do with how aggressively FinTech firms have revolutionized this space – leveraging innovation and digital to improve the most fundamental functions. They are now evolving into full-stack financial services providers while continuing to disrupt the value chain.

However, changes in response to COVID-19 threaten to derail this momentum. Across the three life cycle stages, FinTech firms are faced with key challenges, including:

• Early stage – slow product releases, talent and skill gap, risk and compliance

• Growth stage – back-office complexity, roadblocks to market expansion, increased competition

• Mature stage – post-M&A operational integration complexities, balance between growth and innovation, agility and responsiveness