The year 2017 will play an important role in the growth of Fintech. Some of the resolutions which will drive growth in this area are:
Address security concerns & strengthen backend infrastructure – both in the transaction as well as the platform. Businesses involving online transfers of money such as e-payments, online money transfers and crowdfunding carry the most risk.
Scale to compete with incumbents – scale will lead to economies which will further drive competitiveness.
Adhere to new regulation – with the rise of Fintech, regulators are becoming active in order to stay ahead of the curve. Fintech startups must find the right balance between providing a value-added service and adhering to regulation.
Build a profitable business model – building a Profitable Business is a necessity as it is not possible to forceful tactics to drive incumbents out of the market.
Enhance customer experience by ensuring promises are delivered – to get a foot into this space, a very high standard of service is required.
Enhanced usage of the blockchain – the advantages of a distributed ledger must be utilized as a tool to deliver enhanced value and build differentiation.