Fintech is a new and innovative industry that aims to compete with traditional financial methods when delivering financial services. The Fintech industry is characterized by the usage of technology to improve certain activities within finance. New start-ups are entering this industry and the investors are eager to invest.
Digital start-ups within the financial sector (Fintechs) have entered the market and they are here to stay. Investors have been very positive toward the new technology that has enabled transparency and visibility to the financial industry. The development in technology and speed of execution has made it possible for Fintechs to meet customer demands at a faster pace than traditional banking companies. However, the financial industry has been very positive towards the change that is driving the industry forward, offering a wide variety of business models. The shifting market conditions have led to positive outcomes such as improved collaboration as well as an expansion of the scope within the sector. The rapid increase of technology has a positive impact on consumers as they offer a wider range of services. The financial sector is facing many challenges, such as a shift in customer demands and behavior, new and increasing regulations, rigid and complex IT solutions and investors becoming more cautious. How can Ascend help?
Scale up instead of FinTech
To run a start-up is one thing. Being involved in all daily issues and challenges, controlling all interactions and driving the business in the direction you would like is only possible until you have reached a certain level of growth. How do you then take it to the next step? How do you scale up? Making sure you have the right processes in place. The right individuals employed and focusing on the right tasks. How do you define a strategy and how do you enable the organization to implement the defined strategy? Ascend have helped numerous companies to execute on strategies and ensure a profitable growth.
Ascend could help you meet the requirement of internal reporting and control. In order to be compliant, it is important to implement all the basic processes within the business so you are able to keep all information from Know Your Customers, Transaction Monitoring and Sanctions up to date. Define and identify all required metrics and make them accessible in the organization, as it ensures that you are staying within your risk appetite. Ascend has the experience from compliance programs from different larger corporations.