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
While detailing the technological, commercial and competitive challenges FinTech firms face, this paper identifies areas where partnership with the right service provider could help overcome these challenges.
It emphasizes how a collaborative strategy could create a massive opportunity for leveling the playing field, streamlining internal processes, adding technological capabilities and, more importantly, improving customer experience.
Know more about WNS FINSIBLE, a modular suite of banking solutions designed to help FinTech companies streamline and scale operations.
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