What really makes a good fintech company

Fintech has transformed how we access financial services, bringing innovation and competition to a previously rigid industry. But what really separates the fintech disruptors from the rest? Beyond flashy apps and cutting-edge technology, it takes something more fundamental to build a great fintech company that delivers true value to consumers.

Today’s Insights

• Innovation to solve pain points

• Strategy and execution

• Creating a great team and a smooth work culture

• Being disruptive and transformative

Read Time: 4 minutes

Innovation to solve pain points

Curiosity is the spark that ignites innovation. The fintech companies leading the charge display an insatiable curiosity, seeking out customer pain points and imagining ingenious ways to solve them. They are intensely curious about how technology can elevate user experiences and open up new possibilities. Equipped with this mindset of curiosity, they can continuously evolve and improve.

Take person-to-person payment apps, which have become ubiquitous in everyday life. The first movers like Venmo and PayPal saw an opportunity to make transferring money between friends quick and seamless. Their curiosity led them to ask "How can we transform this experience using the power of smartphones and digital connections?" This spirit of curiosity became the genesis of an entirely new way of exchanging money.

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Strategy and execution

Curiosity gives rise to true innovation, but translating ideas into transformative business solutions requires thoughtful strategy and flawless execution. The most successful fintech companies couple boundless creativity with pragmatism and discipline. They set bold visions, but plot a clear roadmap for bringing imaginative ideas to fruition.

For example, Square's core product—a card reader that turns any mobile device into a portable payment terminal—was radical when it launched in 2010. But Square's breakthrough was the result of extensive research into what small merchants truly needed: an affordable, convenient way to accept credit card payments anytime, anywhere. Square focused relentlessly on perfecting the end-to-end experience around their novel product, down to elements like packaging and onboarding. This blend of imagination and razor-sharp execution is a hallmark of leading fintech brands.

Creating a great team and a smooth work culture

A great fintech company also recognizes that innovation is not a solo sport. It requires assembling a team with complementary strengths and giving them the space to create and collaborate. Wise leadership sets the direction and empowers others to find the best path forward. It understands the power of collective brainpower and diverse perspectives.

For many fintech startups, this means fostering a work culture centered around autonomy, transparency, and open exchange of ideas. Employees are encouraged to think freely, share suggestions, and challenge assumptions without fear of judgement. When people feel genuinely empowered, they will apply their full creative capacity towards the company's shared mission.

Adopting new digital technologies is only part of the equation. Changing how business gets done also requires evolving mindsets and processes. Inertia and resistance to change can sabotage innovation from within. Hence, forward-thinking fintech brands lead by example, modeling the agile, open, and customer-focused ways of working they want to see.

Being disruptive and transformative

The most transformative fintech companies maintain a spirit of self-disruption. They are continually looking to improve on what they have built, rather than becoming complacent. They listen closely to shifting consumer behaviors and expectations. By keeping their fingers on the pulse of emerging technologies, they spot opportunities to make a leap with the next innovation.

For instance, many top neobanks are expanding beyond digital banking to become holistic financial partners for consumers. They are leveraging data and insights to provide personalized guidance on spending, saving, and financial health. Technologies like machine learning and analytics help fuel this next wave of innovation and value-add.

This notion of continual evolution is critical, as standing still is falling behind in the fast-moving fintech space. Complacency breeds stagnation, opening the door for agile competitors to out-innovate incumbents. Great fintech brands maintain their competitive edge by combining their entrepreneurial roots with a commitment to continuous improvement.

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