The rapid development of technological innovation has created Big Bang situations in services of payment providers so that businesses are constantly in a race to technologically meet customer expectations. Fintech term appeared when the distinct boundaries between technology-media and telecommunications (TMT) and existing financial institutions ceased to exist.
In the Fintech category are all those TMT companies that seek to offer and operate as financial institutions. On the other hand, financial institutions which also operate as TMT are included.
Fintech companies use the internet, mobile phones and tablets, cloud, and open-source software to provide their services. On the one hand, they aim to satisfy their customers by achieving the lowest possible cost that will make their products and services attractive.
The pandemic along with economic shutdowns & lockdowns globally has turned consumers to change habits by choosing digital payments. The company that will be able to lead the Fintech industry will be the one to implement the following strategies:
1. To continuously adopt and apply to its services and products emerging technologies such as Artificial Intelligence, Blockchain etc.
2. Optimize the way it integrates and uses innovative technology to both reduce their operating costs and at the same time maintain their existing customers first and then increase them.
3. Continuous strengthening of the selection and staffing process, with such a process that attracts candidates who have the necessary qualifications.
4. Continuous training of existing employees in new technologies and in the field of digital skills to be able to lead the way as a company.
5. Development of new business products that will move within any configured regulatory framework, but without discounts on innovative technology and the attractiveness of the products and services offered.
These companies that will adopt the above strategies in their business plan will be able to lead the Fintech industry. The rest will lose market shares until they are bought by stronger Fintech companies.
