Competition in the Fintech market
Fintech has disrupted the financial industry for a number of years now, but since the Open Banking initiative and the success of online banks like Monzo and Starling, more innovators have seen this space as a prosperous opportunity. Entrants to the area grow year-on-year, with expert predictions stating that the Fintech market will grow to over $37 billion by 2026. Beyond this, institutional changes have also promoted competitive growth in the market. For example, the UK government has introduced a new pro-competitive regime for digital markets, which is being regulated by the FCA in the financial market. This regime is to promote tech and unlock a new era of digital-driven growth for the economy, with competition key to the vision. While this is incredible for the market as a whole, it does mean that existing Fintechs need to stay on top of the game to remain the authority in the field, and data analytics will be central to gaining a competitive advantage.
Visualization for financial data
A phrase we cannot avoid these days is ‘data is the new oil’ - while it may be a bit overused now, the premise stands strong. However, data alone is not valuable, it needs to be analyzed to derive insight and unlock hidden value.
SaaS customers are becoming more accustomed to accessing financial data via user-friendly and often self-serve means that can deliver the answers they need clearly and concisely. So, whether a Fintech is supporting financial institutions or has a platform specifically designed for consumers, data visualization is a must.
Closing the digital literacy with user-friendly applications
Consumers are using digital financial apps to move money, buy coffee, and even split bills with friends and your customers want access to this abundance of data in a visual way. According to EY, 64% of the global population used at least one Fintech app in 2019, which demonstrates the potential for data insight. But whatever the application may be, there is a clear correlation between those that are successful - and it is those that are accessible and designed with users in mind.
With so many options of applications on the market, users have the advantage of choice. Simply, if the solution you deliver is difficult to navigate or doesn’t present the desired data in a usable and understandable format, users will move to a competitor. To avoid this customer churn, Fintechs need data visualization that is simple for any user to understand. The introduction of no-code applications democratizes data visualization by making it super user-friendly with drag and drop interfaces.
Upholding data security in a changing financial landscape
According to research, 48% of FinTech adopters are willing to share financial data. Whilst this is great for both Fintechs and users to uncover insight from their financial data, data security still remains a top priority in the sector. A data breach or an instance of fraud doesn’t only cause harm to users but permanently damages brand reputation. Security protocols are a must for those looking to either work or partner with financial institutions, as it’s this stringent data protection that can be the main differentiator between a partnership flourishing or not.
The introduction of Open Finance (predicted to come into effect later in 2023) will become even more critical as more Fintech applications will have access to financial data through regulated APIs to support users with investing, saving, or pensions. With third parties accessing more financial data, it is critical these SaaS applications protect their consumers’ data, and the best way to keep data safeguarded is to ensure that it never leaves your secure infrastructure.
Our unique makes your Fintech unique
Panintelligence is here to support Fintechs in the changing world of finance. Our unique embedded analytics solution delivers a specialist feature for your SaaS application to help you stand out in an ever-saturated Fintech market. Our solution can analyze various financial data sources and transform them into customizable dashboards, interactive reports, and predictive analytics to expand SaaS vendors’ offerings.
In such a fast-moving market, you need new features available in the immediate future, not months away when internal resources can fit it into the product roadmap! Panintelligence accelerates your product planning by deploying a low-code solution with no long implementation timelines which can be infused into your application in a matter of days.
In addition, Panintelligence assures compliance and safeguards sensitive financial data by never moving data away from your secure infrastructure and queries data at location to reduce data breach risks.
Looking to stand out in the Fintech market? Speak to our experts or request a demo to understand how we can elevate your solution.
