Can Fintech Startups Continue To Shake Things Up?

Lucy Thorpe

The financial technology revolution is taking the world by storm – nowhere more so than in the UK, where this red-hot sector directly employs 135,000 people. Britain’s fintech sector generates billions of pounds for the UK economy; London leads the way, but other British cities, including Manchester, Leeds, and Belfast, are up there as well.

Disruptive innovators

Whether operating in areas like international money transfers, loans, or investment management, these agile startups are making a big impression and attracting venture capital investment. Not surprisingly, their influence has attracted the attention of the established banking sector, which, rather than be overtaken, has opened a dialogue with many of them, including discussions about blockchain.

The result has been rapid growth, with the best of the bunch already helping themselves to a healthy slice of market share. But is their maverick reputation as disruptive innovators a cause for concern?

Growing up fast

Making life easier for customers by cutting fees and middlemen is all very well. But do such businesses have the backend support they need to ensure that they can carry on offering a reliable, consistent, and compliant service as they expand? Crucially, can they convince investors that they can scale and grow while remaining compliant in this highly regulated sector?

One consideration is adopting business management software accessed through the cloud, which can help support their scalability. Most solutions are now built on the highest standards of accountancy, reporting, project management, customer relationship management, and talent management, so would prove to be a smart choice for delivering a consistently high standard of service.

Invest to impress

Investors look favorably on those who can show they are taking the future of their businesses seriously. With cloud-based software, businesses can benefit straightaway from real-time insights and analytics from any device at any time. With robust systems in place, fintech entrepreneurs are in a better position to attract investors, who can be more confident that they are protecting their investments.

Want to learn more about how banks can improve customer relationships? Download the report “Engaging the Unengaged Customer.”


About Lucy Thorpe

Lucy Thorpe is a digital marketer and writer with SAP platinum partner In Cloud Solutions. Based in the UK, she is a former BBC journalist and presenter. Much of her work is now focused on explaining the benefits of digital enterprise resource planning (ERP) systems for small and midsize businesses.