Fintech has dramatically disrupted the financial services industry with four of the most successful fintech companies launched in just five years from 2010 – Revolut, Monzo, Strip and Starling Bank. Why have companies like this continued to succeed and emerge as we head into 2019? The easiest way to find out is to look at what each of them have in common – putting the customer first, perhaps only made possible because they weren’t being held back by legacy technology or processes.
Keeping up with success
Fast forward to today and the fintech industry is already booming, attracting $57.9bn of global investment in the first half of 2018, and new companies launching into market every day. But to ensure that success continues over the coming years, fintechs need to be able to grow and scale at pace in order to support their continually growing customer bases.
But scaling up isn’t an easy process, as many businesses will know. Though putting in place tools and processes which can grow with any company is essential to empowering the organisation to get on with what it’s best at, finding the right approach isn’t always straightforward. At the same time as coping with this huge amount of change, fintech companies need to ensure they maintain business as usual, yielding the same levels of customer satisfaction as always with the fully digitised customer service that they have become synonymous for.
As such, it’s vital that companies meet this period of growth with caution and play it right to ensure success. Scaling up will bring with it a whole host of change and, paired with the constant evolution that comes part and parcel of today’s market, fintech organisations need to be prepared to be flexible enough to adapt to the environment and fast enough to make decisions as quickly as change happens.
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