The fintech industry has seen explosive growth in the last decade, with a projected compound annual growth rate of 16.8% and a valuation of $300 billion by 2023. This period of growth
is set to continue and in order to do so, fintechs need to focus on the key areas that will form challenges and opportunities for industry in the future. From AI to open banking, fintechs should prioritize product development for future growth – but how?
Focus on Customer Experience
As consumer demand and expectations of financial services continues to increase, fintechs should focus on developing intuitive customer interfaces, providing timely and accurate customer service, and creating a secure and reliable payment system. Fintechs should be considering how customer service teams can leverage AI-powered tools for faster issue resolution, and
how they might use machine learning to run predictive analyses of customer behavior. By focusing on improving the customer journey, fintechs will have a competitive advantage in the future.
Scalability Through Automation and Cloud Computing
Scaling a business is another key factor in fintech success and fintechs should be investing in cloud computing, automation, and AI technologies to reduce operational costs and increase efficiency. Automation and cloud technology can help fintechs respond quickly to customer needs and stay ahead of the competition. As new technologies are adopted and new products and services created, fintechs should also be thinking about how to best streamline processes to ensure scalability.
Innovate Through Emerging Technologies
In order to remain competitive, fintechs also need to invest in innovative technologies such as blockchain, AI, and machine learning. These technologies can help fintechs develop new products and services, process large data sets, and stay ahead of the competition. Fintechs should also be looking at how they can utilize these technologies to create customer-centric
solutions to improve security, reduce fraud, and create competitive advantages.
The Key to Fintech Growth is Focus
It is clear that in order for fintechs to remain competitive in the future, they must focus on product development for future growth. By focusing on customer experience, scalability, and innovation, fintechs will be better prepared to face the challenges and opportunities of the future. With the right investment in the right areas, fintechs will be able to stay ahead of the competition and drive sustainable growth for the industry.