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In fact, 98% of fintech companies have identified how their business can benefit from partner assistance, with the majority citing payment networks as key. Fintech State of the Union learn from 451 Research (Part of S&P Global Market Intelligence) and global payment brands Discover Global Network.
The study, which surveyed 852 financial technology vendors in the US, Canada, UK, Germany, China/Hong Kong, India and Singapore, found the key identified the field. Fintech companies headquartered in North America and Asia showed a strong appetite for partnerships across a wide range of categories.
The survey found that fintech companies could benefit from partner support, with 47% needing help reaching customers, 41% proposing financial investments, and 37% needing marketing support. I made it clear where I felt. Other areas where fintechs are looking to partners for support include technology such as core infrastructure development (34%), access to training (34%) and strategy development (33%).
Interestingly, larger and later-stage fintechs (Series D+, Mature) have deeper resources and better infrastructure to incorporate partner engagement, so support across a range of areas is the most It shows that you really want it.
Partnerships are about more than sharing technology, he said. Kiran Pukote Director of Strategy and Business Development at See Financial Services.
By building partnerships with innovative technology companies and established brands, we can bring new products to market significantly faster and achieve cost efficiencies across the value chain.
Pookote also said that Discover Global Network has infrastructure, capabilities and regulatory expertise, providing connectivity to key payment ecosystem players (enablers, acquirers, merchants, etc.) said it is helping to expand its solutions in the market.
of Fintech State of the Union The report reveals that payment networks are playing a strong role in expanding the reach of fintechs.
70% of fintech companies are currently partnering, and 28% see opportunities to partner with payment networks. A whopping 89% of businesses say they rely heavily or somewhat on payment networks as part of their strategy and operations.
Two-thirds of fintech companies see payment networks as partners, and more than half (51%) see them as customers. Only 29% see them as competitors.
Many young fintech companies, once they establish a viable proposition, many seek opportunities to further expand their business. We offer security, regulatory and payment know-how, superior technology and banking relationships, but above all, we are a trusted brand with a proven track record of success, which is what makes us attractive to fintechs. , says Pookote.
Fintech looks to the future with a focus on current and next-generation payment use cases. Nearly two-thirds (65%) of fintech companies have a strong interest in partnering with payment networks to co-develop solutions.
Mature fintech firms were much more likely than seed/pre-seed firms to exhibit a strong reliance on payment networks (55% vs. 37%). Fintechs in the US (50%), India (64%) and Singapore (54%) are more likely to rely on payment networks than those in China (20%) and Germany (29%). I have.
Payment processing (41%) is a key area where fintechs want to further develop their expertise, but other areas such as artificial intelligence (34%), cryptocurrencies (34%) and open banking (32%) are also ranked high. Fintech companies headquartered in North America show a higher willingness to learn about cryptocurrencies than companies based in other regions.
Fintechs now need to do more with less, and need to increase their focus on strategies that drive long-term, sustainable growth.
Nearly half (44%) of fintech companies say open banking is the most common use case for their I answered that it is very relevant for business. ). Top connected commerce use cases include payment-enabled appliances (41%), touchless authentication (40%), and blockchain-based data sharing (40%).
Notably, the top interests identified by current Discover Global Network partners surveyed were connected commerce (57%) and embedded finance (54%).
After years of easier access to capital, the macroeconomic backdrop of rising inflation and volatile global markets poses significant headwinds for businesses in 2022.
Building relationships with investors (50%), determining the right funding sources for the business (48%) and providing a scalable business model (47%) are key factors in securing financial investment. It ranks as the biggest challenge facing fintech.
Fintechs now need to do more with less and need to increase their focus on strategies that drive long-term, sustainable growth. Partnerships can play a key role in helping fintech companies achieve their growth goals more efficiently and effectively.
Source: 451 Research, part of S&P Global Market Intelligence Global Fintech Vendor*, commissioned by Discover Global Network, Q2-Q3 2022
*n=852 Fintech vendor respondents in Vice President, C-suite or Founder roles headquartered in Canada, China/Hong Kong, Germany, India, Singapore, UK and US.
