What Does Fintech Need More Of? | FF News at FinovateFall 2024

Fintech needs more…

FinovateFall is one of the world’s premier gatherings of the brightest minds in fintech.

We were at the conference in New York to get the industry pulse from fintech thought leaders, founders, banking pros and more. This time we asked what the fintech industry needs more of.

There’s always room for improvement and everyone has their own opinion on what could make it better. There’s a whole range of different perspectives here.

What is FinovateFall?

FinovateFall showcases new fintech and provides a place to meet like minded individuals. It’s the place to talk about the current state of fintech.

Taking place at the Marriot Marquis on Times Square, New York, it’s quite a sought after event and is attended by 2,000+ decision-makers and 1,000+ banks & investors.

Over the 3 days they claim that 26,000+ meetings take place, leading to new opportunities, connections and business partnerships. The big feature, as with other Finovate events, such as Finovate Europe which we attended earlier this year, is the pitches. Attendees have the opportunity to witness over 65 demos as well as the 125 speakers across the event.

What does fintech need more of?

Fintech is a thriving industry but there’s always room for improvement. Funding has gone up and down and certainly more money is always helpful. But as for what our speakers thought? The video above includes the thoughts of many leaders from budding companies such as InstaBase, NayaOne, ShareFile and Nest Bank.

One speaker mentioned the importance of diversity. Diverse teams bring a variety of viewpoints and experiences, which not only drive more creative problem-solving but also ensure that fintech solutions cater to a broader, more inclusive customer base. By prioritizing diversity—whether in gender, ethnicity, or skill sets—fintech firms can unlock new opportunities and better reflect the communities they serve. This approach naturally leads to growth, another key need.

Growth is also about attracting and retaining the most talented people. The fintech sector is competitive, and companies must ensure they are offering not just cutting-edge roles but also fostering environments where creativity and innovation thrive. This talent pool is the lifeblood of the industry, especially as it pushes the boundaries of what’s possible through experimentation. Encouraging calculated risk-taking is crucial for keeping fintech at the forefront of technological advancement, ensuring that new ideas can be tested, refined, and brought to market faster.

One point was the need to deliver innovation faster, a common challenge. To address this, fintech companies need cohesive guidance on implementing new technologies, particularly with the rapid proliferation of AI, blockchain, and other transformative tools. Clear and standardized frameworks can help businesses implement tech solutions more efficiently, reducing friction and enabling quicker adaptation

We got thoughts on finding the balance between automation and human intelligence, the power of strategic partnerships, making customer experience (CX) easier and more personalized and more. Be sure to watch the full video to find out more.

By addressing these areas, the fintech industry can continue to evolve, meet consumer demands, and drive the next wave of financial innovation.

Stay tuned for more from this conference.