As the market becomes more flooded with FinTech solutions, it becomes harder to stand out from the competition. Simply offering digital tools is not enough to keep market share.
Currencycloud has urged that the best practice is leveraging solutions from expert vendors.
It offered an analogy of a restaurant. A Michelin starred chef could create a revolutionary menu, but that alone is not enough to make a restaurant successful. There needs to be a venue, maitre’d, staff, ingredients and more. These are not areas of expertise for the chef. Instead, the chef requires people that are experts in these respective fields.
Currencycloud said, “There’s a whole heap of ingredients needed to actually make this a successful business – besides just a great menu.”
Taking this idea to the neobank world, Currencycloud stated that a fantastic idea for a niche audience or new banking experience is not enough to succeed. They also need to issue bank accounts, cards and more. On top of doing these, they need to keep up with compliance and regulations.
All of this diverts the entrepreneur’s attention away from what it all started with. Currencycloud added, “In the competitive environment of financial services and products, FinTechs must focus on the ingredients that give them an identity. FinTech is enduring its own kind of gastronomy revolution and often it’s now user experience that is the gateway to retaining and expanding any company’s customer base.”
As FinTechs look to include more services to differentiate themselves, luckily there are more suppliers that can provide them with these tools.
One of those is Integrated Finance, a provider of infrastructure APIs that helps banks and financial services implement a selection of financial solutions. It provides companies with access to account issuance, FX, transaction monitoring, cards, payments and more, from expert suppliers.
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