Are Fintechs Prepared to Overcome Critical Industry Challenges? Infiniti’s Latest Blog Elaborates on the Key Roadblocks for Fintech Companies
LONDON--(BUSINESS WIRE)--Nov 20, 2019--
A well-known market intelligence company, Infiniti Research, has announced the completion of its latest article on the fintech industry. This article examines some of the complex challenges that fintech companies must resolve to thrive in the long run.
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Fintech industry challenges. (Graphic: Business Wire)
Innovation coupled with the extensive use of technologies has changed the face of banking worldwide. Financial technologies (Fintech) have become an integral part of banking, and banks have started to compete beyond financial services. The Fintech industry has grown massively over the past couple of years. As a result, they pose a strategic threat by potentially disrupting the financial sectors and services, particularly in areas such as lending, payments, wealth management, and casualty products. Fintech companies have quickly moved on from their initially modest offerings in back-office operations into areas such as trading, investment, retail banking, thus emerging as direct competitors for other players in the banking industry.
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The fintech industry is quite different from the traditional banking setup. Fintech companies are often unaware of which regulators and governing bodies they have to adhere to. This means that these companies often aren’t even aware of the regulations that they must comply with. This problem can result in delays in getting license on-time. Also, the possibility of getting charged with hefty fines are also high.
Difficulty in attracting investors
Fintech companies were phenomenally successful in raising funds until 2016. However, from the second quarter of 2016, this trend showed a major dip. This was primarily due to banks and other financial institutions starting their own fintech operations and reducing the dependence on fintech companies.
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There is a lot of misunderstanding in the exact procedures which must be followed in the fintech industry. Furthermore, the general public has their skepticism about relying on fintech companies rather than traditional banks. The fintech revolution has the potential to disrupt the financial industry, but until more people become educated about fintech, some of the misconceptions will restrict companies in the fintech industry from realizing their full potential.
With fintech, a plethora of data has become available in digital formats, which makes it easier to analyze and generate insights, but at the same time also makes the data more susceptible to security breaches. This is one of the main factors fueling skeptics to rely on fintech companies.
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About Infiniti Research
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies. To know more, visit: https ://www.infinitiresearch.com/about-us
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CONTACT: Infiniti Research
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INDUSTRY KEYWORD: TECHNOLOGY BANKING PROFESSIONAL SERVICES
SOURCE: Infiniti Research
Copyright Business Wire 2019.
PUB: 11/20/2019 10:01 AM/DISC: 11/20/2019 10:01 AM