There is no doubt the global FinTech sector is booming, with some projections anticipating the sector to reach over $698 billion by 2030, growing at a CAGR of 20.3% from 2021 to 2030. In the period up to October 2021 alone, there was record-breaking funding of over $91 billion invested in the sector, almost double that injected into the industry for the entirety of 2020..
While Asia remains firmly at the top of the rankings by revenue, North America boasts the most FinTech startups, followed by EMEA (Europe, Middle East & Africa) and then Asia Pacific. In recent years Australia has been a key growth driver in the Asia Pacific region, becoming one of the fastest growing sectors in the world. With over 700 FinTechs currently headquartered in Australia, and 100 new entrants in the past year alone, it’s no wonder organizations are quickly evolving to keep pace with the changing global and local landscape.
As we experience greater innovation within the industry and a constant stream of new startups entering the space, the idea of disrupting the traditional banking and money lending sectors is paving the way for new thinking and ideas.
Unprecedented opportunities for new entrants to make their mark means smaller organizations are becoming key players in this rapid global growth, who now must optimize their internal processes and operations to keep pace with this change.
Rapid growth, combined with aggressive competition as well as heightened scrutiny within the industry, means customer experience is now, more than ever, a top priority for many organizations experiencing such exponential growth. FinTechs both large and small are seeing the value in adopting intelligent internal knowledge management systems to gain a competitive edge in the battle for customer trust and attention. Those that prioritize access to a single source of truth, thereby empowering their employees with timely, relevant, accurate information, are ultimately able to provide a far more streamlined and seamless customer experience.
Centralized cloud-based digital information storage and knowledge management systems also allow organizations to easily and quickly update and author information, ensuring it’s always relevant, timely, accurate, and accessible by all employees, at the click of a button. With accurate communication and information, all teams are able to work from the same page, a single source of truth. Internal knowledge becomes universally accepted and shared across the organization, eliminating confusion that is often experienced when trying to search and source accurate and up-to-date company information through traditional information storage systems and drives.
The new world of banking and finance
As a marker of growth and the sheer volume of investment in the FinTech space, the last five years saw the number of FinTech “unicorns” grow from 165 to 743. Unicorns are defined as “public and private companies valued at $1 billion and those that surpass it.”
In addition to this increased competition and heavy investment, the way we view and use banking has dramatically shifted. Banking in the traditional physical sense, as a weekday only, 9-5pm operation, is no longer relevant. Concepts of batch storing of information and nightly data syncs are a thing of the past. The banking industry needs to adapt and respond to the fast pace of their modern customers’ lives and needs by adding true value in the form of 24/7 easy-to-access support, fast tracked applications, transparency, and a streamlined banking processes.
While the industry is experiencing a time of great innovation and investment, with new entrants and developments in online and mobile banking and money lending, mobile and online payment processing, cryptocurrency, blockchain, and trading, it’s not surprising that it’s also becoming one of the most heavily regulated sectors in the world. Regulation is emerging as one of the major concerns among governments as these FinTech’s continue to take off.
Regulation around security is of high priority particularly as blockchain and cryptocurrencies continue with their momentum, but broader industry regulation is also being called for. From within the growing Australian FinTech landscape, for example, the highly anticipated findings of the Banking Royal Commission in 2019 called for such regulatory change, but even admitted that the “complicating” factor of rapidly changing technological advances in the industry, makes it challenging to apply advice that will still remain relevant in the next five years, as the industry is likely to look very different than it does today.
Another key finding or overall theme of the report that remains true for FinTechs across the board is prioritizing the customer experience, with the need for greater transparency, ethical dealings, improved competition, and overall better customer experiences within the banking and finance industry. Hence, many within the industry are seeing the importance of adopting technology that offers a seamless and accurate experience for consumers.
With constantly changing regulation and industry changes, it’s never been more important for FinTech organizations to provide accuracy and speed of information to their customers and staff to stay ahead of competition, as well as ensuring compliance. To provide the best possible customer solutions and experiences, internal systems need to evolve just as fast as the industry.
Maintaining accurate and timely information that is both efficiently and easily shared among all internal stakeholders, particularly when it comes to the realms of ever-changing, complex policy and regulation, should be a priority for most FinTech organizations.
The power of effective knowledge management
At Upland Panviva we understand that knowledge can be an organization’s most powerful asset. When all employees, whether new or old, have easy access to the same information, employee productivity, collaboration, and overall business functions will see dramatic improvement. In fact, 74% of organizations estimate that effective knowledge management disciplines increase company productivity by 10-40%.
In today’s FinTech landscape the ease of switching providers means organizations should aim to deliver best-in-class, seamless customer experiences at every touchpoint. Teams that are armed with accurate knowledge and access to effective knowledge management systems can help organizations stay one step ahead of competitors. Winning with fast and correct answers to customer questions, protected and secure customer data, contextual and guided knowledge delivered in a simple and easy to digest format and personalized customer advice, all will help provide this best-in-class customer service. Knowledgeable teams become empowered to build better relationships with customers, providing far greater experiences.
In the new world of banking, where customers also need access to the same compliant real time information, 24/7 phone-only channels simply don’t cut it. By implementing a cutting-edge future-proof knowledge solution, organizations are able to service their customers any time of day or night, in their preferred channel: web, chatbot or even voice assistant.
In today’s increasingly tech-savvy world, with the rise of remote workplaces, it’s even more important for team members to share this same single source of truth when it comes to accessing information and shared knowledge.
Innovative knowledge management systems are the solution that will help maintain accurate information, for all staff to be confident and knowledgeable in the information they access and provide their customers. A knowledge management system will ensure that businesses in the finance and banking sectors stay up to speed, competitive, and transparent, providing far greater customer experiences.
Find out how Upland Panviva can help provide tailored knowledge management solutions for your FinTech business.