The year 2017 will play an important role in the growth of
Fintech. Some of the resolutions which will drive growth in this area are:
Address security concerns
& strengthen backend infrastructure – both in the transaction as well
as the platform. Businesses involving online transfers of money such as
e-payments, online money transfers and crowdfunding carry the most risk.
Scale to compete with
incumbents – scale will lead to economies which will further drive
competitiveness.
Adhere to new
regulation – with the rise of Fintech, regulators are becoming active in
order to stay ahead of the curve. Fintech startups must find the right balance
between providing a value-added service and adhering to regulation.
Build a profitable
business model – building a profitable business is a necessity as it is not
possible to forceful tactics to drive incumbents out of the market.
Enhance customer
experience by ensuring promises are delivered – to get a foot into this
space, a very high standard of service is required.
Enhanced
usage of the blockchain –
the advantages of a distributed ledger must be utilized as a tool to deliver
enhanced value and build differentiation.
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