As a former fintech CEO, Michael Zetser has unique insights into the fintech industry. This article will explore challenges faced by companies operating in the fintech ecosystem in 2022.
Tipped to grow to $31.5 trillion by 2026, fintech is an incredibly lucrative arena today. Against this backdrop, it is unsurprising that many new start-ups want to get in on the action, despite fintech being one of the most challenging niches to get into.
With already competitive markets, endless regulations and risky new technologies, inexperienced entrepreneurs venturing into the fintech market can soon find even the best fintech ideas quickly derailed.
Fortunately, there is no such thing as an immovable mountain when it comes to fintech. Common challenges in the sector demand patience, skill, and effort, but are usually conquerable.
Common challenges encountered in fintech today include:
- Cybersecurity: With fintech innovations increasing by 72% across Europe throughout 2022, the industry has become a common target for bad players. According to a new report, new attacks on users’ profiles appear approximately every 39 seconds, with fintech companies emerging as the leading target of cybercriminals in 2022.
- Industry Regulations: Due to the immense increase in regulatory fees relating to earnings and credit losses following the 2008 financial crisis, regulatory compliance has become one of the biggest challenges faced by companies operating in the fintech industry.
- Lack of Mobile App Development Expertise: Throughout 2022, a common challenge faced by fintech companies has been a lack of technical expertise. The development of secure fintech solutions with smooth functionality requires a solid tech background and in-depth expertise. To produce apps with the highest level of security without compromising on quality requires fintechs to invest in building a team of skilled in-house engineers that are savvy with the newest tech advancements.
- Integration of Modern Technologies: Technologies like blockchain, AI, machine learning and big data all offer valuable benefits for businesses seeking to expand their client base and create new business opportunities while simultaneously driving down costs. However, these companies need to invest in bringing on board experts capable of bringing these ideas to fruition rather than leaving the company floundering as it struggles with a series of unsuccessful attempts.
- Winning and Retaining User Loyalty: Winning and retaining loyalty can be an uphill struggle for new start-ups entering into a highly competitive market. It can be earned by focusing on several aspects of the business, chief among them providing value and an outstanding customer experience.
In conclusion, fintechs are tipped to significantly increase their market share as consumers seek out faster, more convenient and more cost-efficient digital solutions. Creating a secure and effective fintech solution requires a skilled team and lots of effort – but for those that can outwit the competition and create a functional financial system, the rewards can be huge.
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