The companies that are taking more boom today are those that have to do with the technology sector, which, added to the financial industry and traditional banking, have unleashed a new group of companies that have become known as fintech companies.

2018 was a year that brought many new developments for the financial sector, as well as a group of proposals. However, not everything was rosy. Also 2018 was a year in which great challenges had to be faced, among them the theme that was known as the “winter of cryptocurrencies”, which we talked about extensively in the previous article titled fintech companies that have survived the winter of the cryptocurrencies.

Challenges of 2019 for digital banking

This so-called winter of cryptocurrencies and other tests that were presented to companies based on financial technology, made their CEOs began to look to the future and to consider new challenges to achieve not only survive and stay but also grow and go to the front of the race in the fintech era. Here are some of the challenges you have had to face.

New competitors

The upturn in the financial technology industry has made what was once a novelty, now has become almost the most obvious way to do business and this has led to companies seeing a greater competitiveness because they are increasingly plus those that are emerging from the hand of entrepreneurs specialized in the financial area or in the technological area.

The news should benefit everyone

Along with the increase in competition, innovations have also emerged that offer higher quality services to users. However, it is advisable that these developments are regulated, so that there is fair competition between companies, stealing customers from each other with activities that are not always the most reliable.

Increasingly demanding customers

Big data is now considered more than personal information. This 2019 will be a year of challenges in which they must meet, by fintech companies, must meet the 3 V basic big data for their customers: Speed, Volume and Variety. That is, the data that customers access through their platforms must be available as quickly as possible, in the volume they need and with the variety that allows them to choose from a range of possibilities.

Fintech becomes real for all financial institutions

Although 2018 was the year to bet on growth and setbacks and to make known a new way of looking at banking with a timid approach towards financial institutions (although in many cases it was not so shy), this 2019 is a year in which that will cease to be a novelty since many Fintech companies have ventured into places that traditional banking had not reached.

“Disruption is a fact but transformation is a choice”

This phrase of the innovation leader of Wells Fargo, one of the largest banks in the world, summarizes a little what is the trend and some of the recommendations is to look for what is of added value for partners, who decide to transform will be left a little more in front of those who do not choose it. Fintech impacts all the layers of a financial institution, therefore from the most internal part or office to the customer’s mobile screen, you can look for the improvement of the user experience.

Finally, the differentiating factor of this 2019 is that the novelty that represented Fintech when it emerged, has become part of the daily life and even more, of the demands of users and this represents a challenge for all companies that want to join to this race and be part of the leading companies, such as those mentioned in the previous article titled Top 5 Fintech companies, where we mention those that emerged in 2018 and remain in 2019 as part of the new trend of the global economy, including the world of cryptocurrencies and the blockchain.

What do you think about this topic? Did you know all the challenges that fintech companies face this 2019?

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