- How has the fintech industry been impacted by recent global economic crises?
- How should fintechs increase their payments efficiency to control spending in an environment of mounting cost pressure? How will this impact fintech clients?
- How are fintechs modernising their payments strategies to maintain competitive?
Recent global financial and economic crises have impacted the efficiency and expenditure of fintechs worldwide. The conflict between Russia and Ukraine and the spike in global interest rates has added strain to the industry, with the influx of risk, sanctions, and new regulations. Banks are under pressure after the notorious collapse of Silicon Valley Bank, and so fintechs are looking to new solutions to shift the tide.
Fintechs are having to adapt to an environment of increasingly constrained funding by focusing on efficiency and cost reduction in their business processes, including their payments stack. As a result, working with multiple banking providers and their associated integrations is increasing development and administrative costs to levels that are difficult to sustain while also increasing their compliance burden.
Fintech is facing an existential crisis where these pressures are changing the expectations of fintech clients, often financial institutions, which seek streamlined and bespoke solutions for their cross-border payments needs. Financial institutions should look to partner with fintechs which are adapting their offering to provide access to a suite of solutions and added-value propositions in one place. These are the fintechs have a track record of increasing client stickiness and outpacing the competition.
Sign up for this Finextra webinar, hosted in association with Banking Circle, to join our panel of industry experts who will discuss how fintechs are adjusting to new challenges in the fintech ecosystem.
Speakers:
- Jane Cooper - Researcher, Finextra [Moderator]
- Livia Benisty - Chief Business Officer, Banking Circle
- Vincent Marchand - Head of Fintech Lab, Global Cash Management, BNP Paribas
- Shaun Puckrin - VP of Product, Checkout.com