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6 Approaches to Secure Sustainable Growth for your Fintech Platform

The fintech landscape is changing at breakneck speed, with more innovative products and services emerging every year.

For companies that have launched fintech platforms and applications, it can be difficult to stay in touch with an ever-evolving industry while ensuring sustainable growth within their own platform.

However, some steps can be taken to ensure that fintech platforms have all the tools they need to grow organically and reach new audiences, even as the competitive landscape continues to grow. surrounding the industry.

With that in mind, let’s take a look at six approaches businesses can take to ensure the sustainability of their fintech platforms:

1. Make sure your platform is ready to support your ambitions

This applies to almost any business in almost any industry. Before you can consider taking advantage of developing your platform, you must first take a moment to review your product and ask yourself a few readiness questions.

When it comes to scaling your business, it’s not just about growing your ambitions, but you also need to consider whether your platform can scale to larger workloads without compromising its overall performance or not.

If you are not ready to develop your product, that can lead to more problems that can eat away at your current revenue. Also, if your market isn’t there, paying to expand your reach can also affect your bottom line.

2. Calibrate your route

To anticipate growth in the fintech world, it is essential to manage expectations between building a top-notch product and managing time to market.

Here, it’s important to remember that it’s not just your platform that needs to be scalable to ensure its growth. Your entire business model needs to follow, from your organization to your technology infrastructure to your compliance and your people. This raises questions about your growth priorities and the skills your team needs to ensure sustainable scaling for your platform.

While you can’t wait to speed up your development, it takes time to build a scalable infrastructure. This means building a logical path that combines your vision for the future and the skill level needed to grow in a sustainable way.

As the diagram above illustrates, exponential growth can only be achieved when your business establishes market fit and works to optimize the right channels.

3. Prioritize trust

Trusted brands aren’t built overnight, especially when it comes to the world of fintech and open banking.

When developing a fintech platform, it is likely that open banking will be an integral part of your product, providing cutting-edge services at the heart of your offering. Open banking typically focuses on using a third party to securely access a bank’s financial data with user consent. It then extracts the data and uses it to provide personalized financial services. This consent can be given and withdrawn at any time, and in the context of GDPR, this aspect of privacy is an important consideration for all parties.

To develop your financial technology, you always need to obtain consent to access users’ financial data. This means that gaining access to financial data is central to fintech’s scaling strategy.

One of the most important ways to gain consent is to first build trust in your platform. For example, creating user-friendly terms and conditions or a privacy policy can result in a higher level of trust in the product.

4. Never save safe

If you’re looking to grow your fintech business, the main area where you should be looking to increase your spending is security. The security of customers’ personal data should be a top priority for every fintech startup, and there should never be a risk of monitoring privacy, compliance and regulatory policies across all business sectors. . .

Growth can depend on money spent at all levels to improve infrastructure and readiness, but no amount of money spent can repair the reputational damage that a business can do. may be incurred as a result of a Security breach. While it may seem like a lot of money for an unattractive aspect of your fintech platform, security measures can actually be highly marketable as a key feature of your business. your career.

While it can cost a lot to scale, strong security protocols can be a tool to ensure more growth and attract more customers willing to trust their funds. main for you.

5. Make money from the expertise

While we’ve discussed that scaling can be an expensive process, securing growth can also open the door to new revenue streams.

Because trust is an essential ingredient for opening a fintech platform to new customers, it means that expertise can not only be shared, but also monetized. By creating industry-specific e-learning resources, you can take advantage of premium content in the form of PDF downloads, subscription podcasts, and video-based learning.

The beauty of monetizing your industry expertise is that it can not only boost the flow of your content to your visitors, but it can also improve your reputation as a thought leader and expert in your field.

There are many ways to include a monetization course in your fintech platform, including:

Specialize in a specific or niche topic

Build a new website or incorporate your learning into your existing site

Upload and promote expert content

Also, setting up a premium learning resource in an industry like fintech can pave the way for greater profits as your income is limited only by your traffic.

6. Predict what’s next for your platform

It’s not enough to map out your development roadmap and consider the key factors that will come into play as you grow your platform. You will also need to keep in mind all the factors that will affect your growth.

Consider exactly how your business is set up to scale, what new products you will develop, what new geographies you will expand into, and what other interactions will be important to Deploy your new systems and which vendors can enable you to continue your growth.

By taking the time to fully understand the expected growth rate and the market you’ll be entering, you can become more aware of how much money you’ll need to market your product and whether you’ll have enough. the ability to develop in the way you anticipate or not. By properly applying the above methods, you will not only ensure that your product will hit the market, but you will also be able to protect yourself against possible threats to your platform, which may prevent further expansion.

Fintech can be a complex and unpredictable industry, but that shouldn’t stop you from growing your product in a sustainable way because taking the next step for you and your fintech foundation should be you are reasonable.

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thefintech.info

5 fintech innovations impacting the consumer experience

With many innovations in the field, the field continues to grow through the implementation of many areas of technology, such as chatbots, artificial intelligence, digital banking, blockchain and augmented reality. Due to these changes, many companies are able to provide high-quality service at an affordable price.

Overview of the fintech market

The market for fintech companies continues to grow. The global fintech market is valued at $112.5 billion in 2021 and is forecast to be worth $332.5 billion by 2028. With this market growth rate, they can set themselves up to serve the people. consumption on a more individual level. The idea is to develop a system that can also provide a unique experience. With the use of these enhancements, consumers can have a more positive experience.

Before we take a look at the innovations that are shaping the fintech world, it’s important to understand what fintech is and how it works.

What is FinTech Innovation?

As for fintech, it is a company that deploys technology to automate, modify, or improve its financial services to consumers. How does financial technology work?
Since fintech can cover many fields, we can understand everything about it. In its simplest form, fintech makes all consumer transactions more seamless, affordable, and accessible. FinTech is also used in conjunction with blockchain, big data and AI so that internal transactions can be secured.

Fintech also allows transactions to go smoothly to avoid unwanted actions such as using 2-party peer-to-peer payments instead of cash payments.

Now that we’ve learned about FinTech and how it works, here are five innovations that are impacting the consumer experience.

1. Consumers can be guided by virtual assistants and chatbots

The implementation of virtual assistants and chatbots has improved the way we get information when using our mobile devices. In addition, many fintech companies have begun to integrate a variety of technologies that can help educate consumers through the content they create. Since many consumers have no financial literacy, they often seek advice from organizations.

Before virtual assistants and chatbots appeared, consumers were helped by humans to better understand their options. However, many consumer questions will be similar but different. While many financial institutions try to get as many answers as possible using the FAQs page, it can be difficult to sift through them to find the answers for you.

Due to this increase in difficulty, many financial companies have combined the use of virtual assistants and chatbots that can effectively deliver important content and information. A good example of this is the use of Alexa Skills to help consumers pay bills and other banking essentials.

2. Integrate predictive analytics through AI

As AI is involved in many virtual assistants and chatbots, it can also play an important role in predictive analytics so that the consumer experience is on a personal level.

As many banks today have access to consumer data, they can also set up a real-time solution for all of their financial needs. This capability was previously unknown, but with implementation, it could facilitate many financial processes.

From a bank’s perspective, predictive analytics has the potential to create bundles for consumers. It will also help prevent fraud, build customer loyalty, and improve the lending process.

3. Digital bank

Many consumers trust a physical financial institution. Either way, it seems that sentiment has begun to shift and move into the digital realm. This digital realm comes in the form of a number of banking apps and websites on a regular basis. While this digital realm is not new to many financial institutions, many banks are starting to go fully digital so consumers can access finance faster. Having banking software development tools allows banks to integrate new banking methods, such as digital banking. Having digital banking services will reduce the amount of costs the bank incurs. This allows the bank to offer its services at a lower price but with high quality. While there will be an increase in digital banking, traditional banks will need to remain competitive.

4. Blockchain

While blockchain is a topic of constant debate, its use continues to bring enormous benefits to consumers.

In fact, many of the largest financial institutions in the world are trying to provide a constant stream of services through blockchains. If they are successful, the cost of the service to consumers can be reduced. Having this technology could have an impact on many other industries.

5. Augmented reality implementation

Many fintech companies are enriching themselves through augmented reality so that consumers can have a rich service.

Augmented reality is a convenient option for many people, and no headsets are needed to use it. In fact, consumers can use this technology through mobile devices. From a financial perspective, banks want this done for their physical banking locations.

In fact, several well-known banks have implemented this technology to allow consumers to interact directly with bank staff.

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thefintech.info

How to take a quick loan without much effort?

The emergence of Fintech has significantly boosted financial inclusion in the country. Powered by cutting-edge technology and seamless digital experiences, financial services can be easily accessed anytime, anywhere by simply using a smartphone.

One of the products that are gaining popularity with individuals is the fully digital personal loan.

More than 70% of official credit offered by banks in India is granted to less than 10% of the wealthiest Indians. The middle class, namely those earning less than Rs 50,000 per year, is the most underserved class. Either they are ineligible for a bank loan due to strict credit score and income requirements, or the harsh process involving a long list of documents and paperwork makes accessing credit difficult. Timely use is a distant dream. For emergency situations, this is very frustrating.

This is where Fintech companies come in and allow people to borrow money with a fully digital process, providing almost instant disbursement! Users can get a loan by downloading a loan app on their smartphone instead of running from one pillar to another or contacting a banker. Thanks to technology, various processes such as credit assessment, document verification, and repayment (setup automatic debit) have made online loans easier and faster. Fintech has also opened up opportunities for other financial services, ranging from banking, investment, insurance and postpaid solutions. Let’s take a closer look at how digital loans save time and effort:

Flexible loan amount

Requirements for a personal loan vary among people applying for a loan online. As a result, digital platforms allow people to borrow as small as Rs 5,000, which can go up to Rs 50,000 depending on their needs and conditions.

Faster Eligibility Check

Checking loan eligibility is extremely easy on the digital platform. Machine learning and risk assessment models determine if you qualify for a loan in just two minutes using just one app.

Ease of Documentation and Verification – Nowadays documents can be verified online in seconds through different modes available like cKYC, Digilocker. The emergence of API-based solutions facilitates real-time photo/revenue verification, greatly reducing approval times.

Instant Disbursement

Unlike the traditional loan method, which requires weeks of paperwork and multiple visits to the bank, online loans are approved and disbursed almost instantly, within minutes if your documents are in good condition.

Fully personalized refunds

While traditional banks have limits on the duration and size of bonds, fintech companies offer more flexibility in choosing good repayment plans from a few months to 60 months. This helps to ensure the solvency of the loan to the user without incurring any additional financial burden.

Graduation-based approach

Often people with no or poor credit history will be denied loans/other credit products. However, fintech does not discriminate against them. Users can get a credit product (small:
5K-10K). When users maintain good repayment behavior, not only their credit score improves, but they can also be approved for better offers or new products in the future.

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thefintech.info

How the financial industry can benefit from low-code technology?

In a rapidly changing business landscape, organizations need faster innovation and deployment cycles to meet customer needs and improve customer experience, resulting in good customer retention. than. When it comes to financial institutions, data security and transparent implementation are key to digitizing processes.

Driving innovation by implementing the right automation solutions, financial institutions can increase employee productivity, improve decision-making, reduce errors and operational costs, and improve customer experience. According to an online survey, intelligently automating routine and repetitive tasks will increase transaction processing speed by 30% and improve fraud detection by 20%, thereby improving the customer experience. It also reduces costs by 22% and transaction processing times by up to 60%.

However, innovating by addressing all factors of customer satisfaction is not easy. Even for large financial institutions, building efficient systems and allocating resources to drive digital transformation is a daunting task. To overcome these challenges, many financial companies are exploring low-code and nodeless solutions to accelerate their innovation journey. Low-code technology makes it easy to implement new features without disrupting existing operations.

What is low code?

Low-code technology is an alternative to traditional development methods that accelerate digital transformation and enable teams to innovate faster. It’s an intuitive development method that requires little or no coding skills. Enabling business users and IT teams to work together to transform business processes, low code is cost-effective, enables faster time to market, improves productivity, and drives speed up the prototyping process.

Initially, purchasing a solution is a more cost-effective option than developing one yourself. However, the solutions available in the market are difficult to adapt and do not correspond to the needs of the financial sector. Low-code solutions are easy to use, easy to deploy, secure, and fully customizable to business needs, making them a better alternative to traditional development.

Benefits of using low-code technology in the financial sector

Due to the easy implementation of custom and scalable solutions that low-code allows, the financial industry is seeing increasing adoption of low-code solutions to meet rapidly changing needs. of today’s business landscape. It has delivered proven benefits, from increased efficiency and faster response times to reduced operating costs.

Here are some ways low-code solutions support organizations financially:

1. Less clutter, improved operation

Low-code solutions are easier to implement. While the end-to-end scanning of any process is easier with low-code technology, it’s also less chaotic due to the minimal coding required. A good solution backed by low code capabilities allows easy integration with existing systems. In addition, companies need to spend less on training and development. All new upgrades and features are easier to develop and adopt. In addition, business users can easily collaborate and implement needed new features.

2. Meet the growing expectations of customers

In the digital age, customers are provided with more information than ever before and request service faster and better interact. According to an online study, 66% of customers expect companies to understand their expectations and needs. A financial business that fails to meet customer needs will reduce retention and loyalty.

Low-code solutions help businesses manage growing customer expectations by automating repetitive tasks and enabling faster responses, ensuring their needs are met on time. With low code automation, businesses can offer 30-second turnaround times to address customer requests. It also improves accuracy by up to 90% or more. This leads to happier and more satisfied customers.

3. Improved data security

When it comes to financial institutions, protecting customer data and sensitive assets is an important function. Manual data collection, management, storage and analysis are difficult and risky. An online study shows that 95% of security problems are caused by human error.

With low-code solutions, companies can automate manual and inefficient business processes, improve accuracy, and dramatically reduce errors. Today, low-code solutions come with a range of data security and access control features to ensure customer information is safe.

4. Compliance with regulations

Financial companies are always subject to the control of regulatory authorities when they work with customer funds and their sensitive data. They must adhere to the strict and evolving regulatory compliance imposed by various regulatory bodies in order to function flawlessly. According to online research data, financial institutions can lose up to $4 million in revenue due to non-compliance. Complying with these stringent regulations is a challenge for organizations and must be approached with precision. Low-code solutions automate various time-consuming compliance tasks, ensure accurate and timely compliance, and enable teams to focus on other business processes. Financial firms can get 360° information on compliance and security variances.

5. Leading the opponent

The financial industry is a highly competitive sector and faces increasing competition with new industry players entering the market. Increasing technological advancements are boosting competitiveness as more and more financial firms begin to leverage the latest technological advancements to deliver impeccable customer experience. Therefore, digital adoption at a rapid pace is key to staying ahead of the competition. Low-code solutions enable rapid digitization, helping the financial sector meet the challenges of an ever-changing market with powerful, configurable and personalized features.

On a concluding note, solutions designed with low code capability can achieve end-to-end automation that improves productivity by up to 15-30%, reduces costs, increases efficiency, and improves efficiency. improve the ‘customer experience. The financial sector in particular has enormous benefits that can be achieved through the proper use of low-code technology. Automated workflows and custom solutions built with low code can improve team collaboration, security, compliance, and data management. Now is the time for financial institutions to turn to low code to adapt, scale, and scale rapidly to the ever-changing dynamics of the industry.

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thefintech.info

8 Ways to Save Money and Get Out of Debt in 2023

Depending on how much debt you have, 2023 could be the year you write off or significantly reduce those financial obligations. Either way, you can end the year on a stronger financial footing. No trick will do the job on its own, but organizing ideas can reduce debt dramatically.

1. Review your monthly budget

Go through your monthly budget. If you need a monthly budget, take the steps to create one. Sometimes, just seeing your monthly expenses in black and white helps you focus on expenses that you can easily make without. For example, if you pay for a bunch of small subscription services, you can reduce them without affecting your quality of life.

2. Find a side job that you love

Some jobs are just fun and don’t look like work. The best side activities involve activities that you want to do even if you don’t get paid. For you, it could be teaching someone to play an instrument or speak a foreign language. It could be walking the dog or making crafts to sell online.

3. Lower your utility bill

Depending on the age of your home, you can lose hundreds of dollars each year due to leaky windows and dripping water. Fortunately, there are dozens of ways to reduce utility bills.

4. Take advantage of coupons

Whether you clip them from a newspaper, download them from a website, or use a shopping app designed to help you find the lowest prices, coupons can save you hundreds of dollars each. five. That’s how much you can spend on existing debt. However, there is a little trick. Anyway, you need to find coupons for the products you intend to buy. Otherwise, you’ll be spending money on products that you could easily make without.

5. Plan your meals

Meal planning:
Some people enjoy the job, while others enjoy root canals. Like it or not, planning your meals in advance allows you to create an accurate shopping list. It also gives you time to check your fridge and pantry to make sure you don’t have what you need.

6. Only buy when there is a list

It doesn’t matter if you buy groceries or school clothes for your child. Carrying a list of things you need can help you stay focused. It can also reduce impulsive purchases. Also, if you have children with you, you can explain that you only buy what is on the list.

7. Switch from cable TV to streaming

If you’re paying $100 or more per month for cable TV, that’s money that could easily be used to pay off the loan. Consider paying less for a streaming service that only includes the channels you watch. If you don’t watch a lot of TV, look for shows you can watch online.

8. Find fun and free activities

Many of those who get out of debt start by taking advantage of whatever they can do for free in their area. For example:

Many zoos, museums, and aquariums are free to enter on certain days.
Parks are always a good bet. Pack a lunch and, if you have kids, let them escape the stench at a local park. Watch movies from your local library. As long as you still have a DVD or Blu-ray player, you’re spoiled for choice.
Board game. The truth is that most of us never stop loving the board game. You can buy them for a song in thrift stores. Long walk. Even if you’ve never been one to go out and enjoy a nice day, now is the time to work those muscles while saving some cash. If you have kids, they’ll probably love it.

Cycle path Chances are your local government website will list all the bike paths near you. Above all, don’t be discouraged. You don’t need to freeze your entertainment spending forever. Until you get your debt under control instead of letting it control you.

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thefintech.info

How to Write for Finance & Development?

  • What is Finance & Development?

F&D is the most-read magazine of the IMF. It focuses on issues related to macroeconomics, development and finance. It is editorially independent and has been authored both within and outside the Foundation. Articles are published online throughout the year, and a subset of articles appear in our quarterly print edition (March, June, September and December). In addition to English, F&D is available in Arabic, Chinese, French, Japanese, Russian and Spanish.

  • Who reads Finance & Development?

F&D readers are well-educated people interested in economic and development issues – many are policymakers in the public and private sectors – but they are not necessarily economists. learn. More than 3 million people read F&D’s digital edition each year, and our weekly e-newsletter has a six-figure audience. Thus, our readership is both broad and deep.

  • Why write for Finance & Development?

Writing for F&D is a great way to reach a highly educated global audience to offer ideas or share views that could contribute to an ongoing debate. F&D bets on accessibility:
it provides an opportunity to talk about what you know in a way that will resonate with a wide range of people, from well-educated members of the public to academics and policymakers.

  • How to write for amateurs?

The tone of your writing should be that of a serious mainstream magazine – for example, The Economist, Foreign Policy, The Atlantic Weekly – and not that of an academic journal. You need to present your article to a wide audience. Some tips:

First impressions last a lifetime…

Captivate your readers with a lively opening and immediately assert that your perspective is interesting, important, and fresh. Engage the reader with concrete and colorful examples.
Avoid jargon, overly formal language, and technical analysis that can be difficult for non-specialist readers.

Serious topics can also appeal…

Focus on what is happening in the world around us and how the challenges need to be addressed; Discussion of what happens in organizations or economic sectors should be included only insofar as it relates to the outside world (avoid inner baseball).
Provide analysis leading to conclusions and recommendations; not just description.
Be brief – ask yourself what you can cut without interrupting the article. As simple as beautiful. Also, use compelling examples and avoid generic and trivial statements.

Use graphics wisely. Ask yourself:

What is the main message you want your audience to get from the data. Many graphics fail because they try to convey too much of a message and don’t effectively explain how the average reader would interpret the visual image and end up with something understandable and memorable. Keep references to a maximum of five and avoid footnotes.

Make your goodbyes memorable…

End the post on a forward-looking note – sharing a preview of what’s next.

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