Is it a right decision to invest or start a FintechStartup? The answer is a BIG YES!
Fintech is today’s buzzword. High in demand and continuously growing with great ROI promises. As per latest Fintech Market predictions the global lending software market will be 5.5K+ million by 2024 with compound annual growth rate (CAGR) of 11.6%.
So, whether you are a financial expert, banker or an investor who understands the market well and has a good business plan for a fintech startup. As the first step, you would need to find answers about building Your Fintech strategy and investment into technology.
Here are 4 vital reasons– Why you should engage a specialized Fintech Technology firm or buy a readymade FinTech SAAS Application/Solution.
1. Digital Transformation of financial services – Digitization of backend financial process is nothing new, however, now it has become more intuitive with high demand of process automation. Now people are more aware of financial gains, take a calculated risk and like experimenting, which opens entirely new financial business model like digital-only banks, peer-to-peer lending and crowdfunding businesses. To meet this high-end demand Fintech firms and startups need robust structure and expertise in technology to actually disrupt the status quo.
2. The increasing number of payment options at retailers: Now digital payment is not limited to credit, debit, gift cards, now it has various and continuous emerging forms like mobile wallets/banks on phones and wearable’s likeApplepay, money transfers from apps like Googlepay, whatsapp and cryptocurrency options. All of these forms of payment need to occur in runtime with the highest level of security, reliability, and integration across the business. This is only achievable if the financial firms are backed by reliable and experienced Fintech Technology experts.
3. Tapping into the emerging markets: The beauty of technology is its scalability. If your Fintech firm has robust and scalable technology, the new customer acquisition cost will be nominal and you can expand in new customer zones and market. This is the reason why all modern financial firms are focusing on the middle-income group along with their regular business class customers. Due to increase in purchasing power, various investment and payment options middle-class segment have huge potential. This segment typically invests in low risk, short term, easy and quick return and consumer attractive offers with few click processes.
4. Deep understating of financial workflows and technology: Two important aspects of starting Fintechstartup is to arrange resources with a deep understanding of the Financial workflows and technology experts that can automate these complex processes. The fact that the success of a fin-tech startup lies in building the core team within a stipulated budget and time is not an easy task. Instead, startups prefer hiring companies with deep fintech knowledge or buy readymade solutions which offer great value for money, saves time & energy.
Moreover, following are the Trending Fintech Software in demand
- Loan origination software (LOS)
- Loan management software (LMS)
- Peer to Peer Lending Software (P2P LS)
- Marketplace Lending Software (MLS)
- Loan analytics software (LAS)
- Loan servicing software (LSS)
- Retail Lending
- Commercial Lending
- Trade finance
- Leasing & cards
- Residential mortgages
The modern financial service industry is in boom and has huge potential and great market size. The mantra of successful business is the same; quick and smart decisions. The early movers into this segment will reap more, hence instead of developing technology capabilities, it is advisable and smart move to engage a good & reliable Fintech technology company.
FintechLabs is a pioneer in Fintech Technology and helpsFintechstartups, financial firms and institutions to setup their technology base with its robust Loan software, SAAS products, technical consultation, development and support.
If you are a Fintech Startup or planning to start your venture in Fintech. Then for technical consultation talk to our Fintech Experts or ask for a product demo. firstname.lastname@example.org / Call us +91-9654100167.