There are several important trends that are currently impacting the financial technology market. We try to focus on some of them to stay competitive and offer services that improve user satisfaction, conversion and bring more revenue to our partners. In this article, I would like to focus on a few of these ongoing changes.
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Embedded Finance
More and more applications, marketplaces and partners want to integrate financial solutions into their applications. It seems that flexible and low-cost payment solutions are necessary to build new value propositions in many markets. From lending to insurance, loyalty platforms, merchants, discount programs, employee benefits - all of these providers can find useful value in fintech solutions.
Focus on Revenue Generation
Every financial product must deliver value that can be measured in dollars. It used to be expensive to set up a card issuing solution, but that is no longer the case. You can implement and test different financial technologies within 2-3 months. You can have cards with your own visuals, and easily make money transfers globally. Once it becomes easy, all partners focus on solutions that can bring direct revenue per user, per transaction. High cost is no longer an issue.
Multi-Functionality, Multi-Acquiring, Multi-Issuing, Multi-Processing
There used to be specialized players focusing on a particular segment. You had to choose different vendors for card issuing, accounts, money transfers, eCommerce payments, etc. But today it is more and more important to find partners who can offer different solutions, provided by different banks, various processors under one roof. Connections between different products bring the most value, as they allow you to build more sophisticated use cases.
Fraud and AML Management
Flexible but superior approach to AML, KYC, fraud management is becoming king. The strategy focused on rejecting all high-risk transactions no longer works. Financial players and regulators have learned that it is necessary to build rules that allow processing various types of transactions in a secure and compliant manner.
Cryptocurrencies - it seems that after years of ups and downs cryptocurrencies have become a part of our world. It is difficult to imagine that there will be a hard block for this technology. It is important to start thinking about it as part of financial technologies that bring global value in different use cases.
How is Verestro Responding to the Current Fintech Trends?
At Verestro, we focus on these trends to ensure that we can deliver exceptional value to our customers. Our technologically advanced Fintech-as-a-Service platform is still being developed to meet our clients’ needs. We are constantly growing and helping fintech companies grow.
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