​The FinTech industry has seen exceptional growth over the last few years with high levels of investment. Although the industry is booming, organisations are faced with numerous challenges that they need to overcome to be successful.

Though it’s only been around for a short time, FinTech start-ups have the challenge of keeping up with larger brands such as Revolut, Paypal and Monzo. To find something that will set you apart from the competition here are a few key solutions to consider.

User Experience

Historically, the financial sector has had significantly lower retention rates compared to other industries. Let’s behonest, finance is not usually the centre of all things fun.

A low retention rate, relating to the duration that users spend on an app or website, negatively impacts revenue as users are not having an engaging and satisfying experience.

We have seen organisations counter this by using gamification. For example, push recommendations and rewards systems allow for a user-friendly and customisable environment for consumers to interact with and have a bit more fun.

Another key way to counter this is to offer transparent data visualisation. Organisations need to allow their data and finances to be viewed in a visually pleasing and meaningful way. It allows for a user-friendly way for consumers to have a better understanding of things such as earnings or expenses.

More advanced products may include machine learning algorithms where users can access predictive visualisations that state the effect and impact of their choices over a period of time.

Finally, organisations need to focus on product identity where users can embrace the value of looking after their finances in a pain-free and less time-consuming manner. For example, use of white space, emojis and animations are all commonly used to make the design less foreign to a human user. Therefore, making the product more engaging and fun to interact with.

Raising Capital Venture

As the market is large and investors are very receptive to new financial growth opportunities, getting a commitment from them requires a detailed plan of action.

Firstly- if you want your FinTech Startup to succeed, you must understand the main issues as to why they tend to fail. Globally, the FinTech industry has risen its funding to a little over £100b and is still expected to grow at a fast rate. This means that the opportunity is there to be taken.

You must find a good investor (preferably someone with an existing history of investing in a similar start-up) who will help you raise venture capital or at least help with strategic financing.

Next, you must have an amazing investor pitch deck. Both types of investors, be they venture or strategic, would like to see the details of data - going through important information that essentially shows scalability.

So what goes into that deck? When trying to raise venture capital investors somehow seem to have the same questions which might sound a bit like this:

  • What problems can be solved by this product specifically?

  • What are the underlying risks that may be inflicted on the wider business?

  • How lucrative will the market present itself for this product?

  • How can you prove to the investors why the founders think this product will be lucrative?

  • What steps can you take to ensure that the investment capital will achieve the product goals?

Once you can answer all these questions to your stakeholders/investors, the next challenge you will have to face will be hiring for the key early expenditures for FinTech companies, and that’s where we can help.

Fin-Tech positions are typically centred around Technology, Product, Operations, Finance, Marketing, HR and Legal. So if you’re growing your team or looking for a role in Fin-Tech, please get in touch.

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