What Does the Fintech Industry Need More Of? | FF News at FTT Fintech Festival

What does the fintech industry need more of? 

At this year’s FTT Fintech Festival, we asked passionate professionals what they thought the fintech industry needs to thrive in the coming years. There were urgent calls for collaboration, the importance of advancing open banking with PSD3 and much more. 

Read on to find out more insights that could shape the future of fintech and watch the video above!

At the Festival in November, we asked a number of industry professionals for their quick-fire answers to some quick-fire questions, this time they shared their insights on the most pressing needs for the fintech sector. Common themes emerged, but we also got a few unique suggestions.

Collaboration is key

One of the biggest things that came up was a resounding call for greater collaboration amongst different players in the ecosystem. Raquel Soares from Edenred Payment Solutions, Matthew Addison from Smartnumbers and Nicolas Kendall from GDS all emphasized that a more unified approach among fintech players could strengthen the industry. While individual organizations excel in their niches, one speaker pointed out that the sector would benefit from more collective efforts to tackle shared challenges. It’s a key area that we hear fintechs talking about all the time and would definitely lead to a more cohesive ecosystem.

Transparency, Data, and Security

Another key one that came up was the importance of transparency and security. Peter Kunkli from NIX highlighted transparency, privacy, and security as critical areas needing attention. In a sector reliant on trust and sensitive information, these factors are vital for sustaining consumer confidence and regulatory compliance. Adding to this was the need for better quality data and improved accessibility. High-quality, accessible data can enable fintech firms to make informed decisions, deliver personalized services, and enhance operational efficiency.

Leaders need to step up

In a rallying cry for the industry, Mike Bianchi from Smart Communications pointed out the need for senior leadership to think outside the box and drive execution. Leadership that fosters innovation and adaptability can help fintech companies navigate an ever-changing landscape. Similarly, Ben Thomas from Covecta called for solutions that are scalable, emphasizing the importance of systems and processes that can grow alongside evolving customer needs and market demands. Scalability is essential for fintech firms to remain competitive and sustain long-term growth.

Technological Advancements

Several speakers talked up the need for technological advancements to take the industry forward. Tobi Jacob from Plaid, perhaps unsurprisingly, advocated for more open banking initiatives and the adoption of PSD3, highlighting the need for frameworks that promote integration and accessibility across financial systems. Another speaker underscored the demand for more developers, essential for building and maintaining the sophisticated platforms and applications that define fintech innovation. Meanwhile, another emphasized the potential of seamless and secure crypto payments, which could revolutionize digital transactions.

The Answers Are In Consumer Protection

There were a number of other interesting additions, including a little plug for charity fundraising in the sector from Kate Bolton of Comms for Good. And it is true that the industry could certainly do more with its money. Other needs included adaptability to governance and so developing systems that can adapt to governance changes ensuring compliance without stifling innovation are key. Matthew Bell from Telesign added the need for greater consumer protection, underscoring the importance of safeguarding users from fraud and other risks, a foundational requirement for maintaining trust in digital financial systems.

Overall, the insights shared at the Brewery reveal a shared understanding of the challenges and opportunities within the industry. Check out more of our videos from the event right here.