What Makes a Great Fintech Company?

What do successful fintech companies have in common? It seems like every day we are hearing about a new fintech company on the news. The fintech sector is growing so quickly that many experts think it will have surpassed the banking industry in size within five years.

To celebrate the launch of our Fintech Competition we examine what it takes. https://www.events.great.gov.uk/website/4821/home/

This is certainly an exciting time to be involved in fintech. However, this rapid growth has led many people to the question: what makes a great fintech company?

Successful Fintech Companies Share 3 Traits

There are many aspects that contribute to making a great fintech company, but there is one element that stands out among the rest. That factor is customer experience. Companies that focus on providing a better customer experience are more likely to be successful in today's competitive environment.

Here are three traits that successful fintech companies share:

1. Great Customer Experience

The most important thing for any financial institution is their relationship with their customers. Customers can establish long-term relationships with the bank if they are given a great customer experience. 

The best fintech companies are able to successfully combine technology with human interaction to provide their customers a better experience. For example, mobile apps like Venmo and Square make it easy for customers to complete transactions on the go. The fact that fintech companies spend so much time making sure their user experiences are top-notch is a major factor in their success.

2. Great Marketing Skills

Marketing is critical for any business, especially ones that thrive on word of mouth or viral growth to get new customers. This is especially true for fintech companies because they often rely on younger consumers who are more tech-savvy and less traditional. 

In order to relate to this audience, successful fintech companies have to be creative with their marketing efforts. They need to figure out what will differentiate them from other similar companies and how they can use that element in their marketing campaigns.

3. Customer-Centricity

Successful fintech companies understand that customer-centricity is one of the most important elements of business, not only for fintech but for every industry. When a company focuses on the customer first, everything else tends to fall into place nicely. 

Successful fintech companies always consider the customer first, and this can be seen through their marketing and infrastructure.

For example, they make sure that their customers are happy and that they provide them with exceptional service. This is a major factor for success for fintech companies. 

Top Fintech Companies

Which fintech company is the best? These are some of its many important attributes:

TransferWise: TransferWise is one of the most successful fintech companies in the world. It has been named to nearly every notable list of "the best companies" in business, as well as on Forbes' list of "the most innovative companies.  

Since its launch in 2011, TransferWise allows customers to pay foreign currency fees with an online platform service. It is a perfect example of how fintech companies can get rid of the middleman in international money transfers.

In May 2014, the company launched their app and was able to cut $1 million dollars off its costs for every 60 seconds they were able to operate. The company has been named one of "the best companies" by Forbes, Wired, Inc., and others.

In addition to being successful at helping customers make international transfers more easily, TransferWise also utilizes a credit card fraud system that stops over 50% of attempted frauds at all times. 

TransferWise's goal is to replace the traditional banking system in part or whole, and they are on their way to doing so. The company was valued at $1 billion dollars in 2015, and it continues to grow significantly year after year.

Virtusa: Virtusa is a fintech company that is specifically focused on helping financial institutions improve their technology and infrastructure. This company provides IT consulting services for many of the world's top banks, and they also offer software solutions along with physical infrastructure design. 

One of the most notable aspects of this company is its focus on cloud services. Virtusa has a specific department that works with companies to help transition them from their current hardware solutions to cloud-based ones. 

Virtusa has been named to the Deloitte Technology Fast 500 EMEA list for the last three years in a row, and they have also received multiple other awards. If you are a customer of Virtusa, you can expect your business to grow and improve.

Monzo: Monzo is a new but innovative fintech company that focuses specifically on digital banking. The company is very customer-centric and has recently gained a lot of attention from customers wanting to try their debit card service. 

The greatest thing about Monzo is their easy-to-use mobile app that allows customers to manage money in real time and see exactly how much they are spending at any given moment.

In addition to the mobile app, Monzo is also one of the few fintech companies to offer a prepaid debit card. You can view your balance on the screen and transfer money instantly through the app. 

Monzo has been able to raise ￡2 million in funding from many of the top fintech VCs in Europe, which is an extremely impressive feat for a two year-old company. It has also been named one of "the best companies" by Forbes, Wired, and others.

Square: Square is another one of those innovative fintech companies that allows customers to use their devices (such as a smart phone) for completing transactions like mobile payments. 

They allow customers to accept cards, make transfers, and track their financial accounts from a variety of devices. They have been so successful that they have even been named one of "the most innovative companies."

This company has also been named to the Deloitte Technology Fast 500 list for 2016 and 2017 in both "Europe" and "North America." This is an impressive achievement for a two year-old company. 

Alpesh Patel