Introducing Fintech Consultancy: Do You Need It?

What Is the Fintech Market Today?

We are witnessing the process when financial technology has been undergoing a massive shift in the modern digital world. So, let us see what reasons you may have to turn expert consulting services in fintech into a vital necessity.

According to Statista, the rate of consumer fintech adoption for global money transfers and payments reached 75% in 2021, while the rate of adoption in banking and payment systems achieved 56%.

According to McKinsey, in the first three quarters of 2021, fintech raised $90 billion, which is almost twice the size of the corresponding figure back in 2020. And there is a widespread opinion that more companies, no matter what industry they represent, will have to transform into legitimate fintech players in the nearest future.

Meanwhile, over recent years, multiple variations of fintech have been implemented to improve specific functions, especially in the financial services industry. At the same time, it becomes more challenging to stay informed about all the trends and choose the most fitting innovations for your financial company's strategic direction.

That is when fintech consulting services become extremely useful. Their providers deliver professional expertise research for the most efficient performance empowered with innovative technologies such as artificial intelligence, machine learning, blockchain, and many others.

What Are the Fintech Consulting Pros?

There is also one more piece of evidence that indicates that various businesses rely on consulting services. For example, according to Grand View Research, the global market size of consulting software projects is expected to grow at a CAGR of 12% during the 2021–2028 period.

Moreover, the researchers marked the increasing demand from businesses for integrating advanced payment systems, implementation of upgraded security solutions, cloud migration, and other methods to deliver better services at lower costs.

Emerging technologies and fierce competition in capital markets will undeniably remain the triggers for the growing interest in fintech innovation consulting in the future.

So, let us have a look at some successful practical examples in fintech consulting.

Niche Expert Research

One of the essential features of fintech businesses is their focus on the dynamic technological world. That means that it is not a rare situation when you launch a unique fintech product, integrate a novel set of frameworks and systems, reach a new market, or, in other words, step out of your comfort zone.

Such circumstances are crucial for further development. However, on the other hand, they are sensitive to possible mistakes and misunderstandings. That is why the importance of fintech consulting companies can not be overestimated. Fintech consultants have specific skills and expertise to provide professional research of the current markets, create a clear roadmap for implementing the improvements, and minimize risks when reaching necessary results.

Moreover, the delegation of fintech niche expertise research to a consulting firm helps close any possible talent gaps quickly and efficiently. You will not have to search and hire specialists with relevant expert skills.

Unbiased Perspective

It is not uncommon when a company is so focused on delivering the best services to its clients that it becomes challenging to stay calm and to consider a matter in all its bearings. It is especially true for small startups and SMEs where the emotional engagement in all business processes can be all-devouring, and it is hard to stay unbiased.

A professional fintech company provides a cold eyes review of your business strategy. It defines the problems that jeopardize your growth and discloses the tactics that do not work.

Strategic Development

A fintech consultant helps to clarify the directions of strategic development. For example, when you decide to build fintech web and mobile applications, a consulting firm will implement its best working strategies for market analysis, consumer research, choosing the optimal tech stack, security, and UI/UX design for your project.

Furthermore, professional consulting services will advise on how to set the stage for future scaling and development. They guide on which critical changes you should focus on. It can be phased integration of new features, load balancing, regulatory compliance, cloud migration, and advanced financial technologies such as artificial intelligence technology, machine learning, blockchain, etc.

Talent Pool Access

When the first stages of research and planning are complete, it is time to gather a team of professionals to turn the ideas into reality.

One of the possible options is to build an in-house team of developers, engineers, designers, testers, and other specialists to introduce fintech solutions into your business. It is an especially common case when your team is busy with the current workflow and have no necessary competencies to cover all the tasks. It requires a lot of time, facilities, and massive additional funding.

Fintech companies provide fast access to a global talent pool of dedicated teams with rich experience in the fintech industry. For example, Qulix Systems has delivered top-notch banking and financial software development projects to more than 20 banks in Europe and Asia.

Another essential advantage of fintech companies is smooth project deployment and efficient performance within specified time limits and rates. That can be guaranteed by the effective project management and established processes of dedicated teams.

Competitive Business Availability

Today, new technological solutions are launched on the markets regularly. Does your business need all of them at once? Definitely, not. So, how to choose the most suitable for your future development and invest your funds and efforts with long-term prospects?

To achieve that, you should get actionable technological advice from an innovative fintech company. Their employees are tuned in the recent developments of fintech and capital markets and take a proactive approach to upgrade your business. They help turn your efforts to the emerging trends for your progress.

For example, technological solutions of SparkBeyond help establish customized marketing campaigns empowered by AI-driven insights. The partners’ list of the company includes Microsoft, Hitachi, and other famous companies.

How to Choose a Fintech Consultancy Partner

So, professional consulting services in financial technology will bring considerable value to your projects and the company. We have handpicked five essential tips on how to select a reliable consulting firm.

• Look for relevant experience. Reference lists and case studies should be the priority when you review offers of fintech companies. Review the background experience of your potential partners and how successful their projects are.
• Provide a comprehensive brief. The brief should include not just your bright side but also the current state of your business, existing challenges, your goals and objectives, timeframes, and expected results.
• Discuss the price. Budget requirements and expectations are essential matters for choosing a fintech consultant. That is why decide at the start whether your potential partner will be able to create a clear roadmap to reach your goals within the budget guidelines.
• Make the result your priority. The deliverables are more essential than man-hours or timeframes. So, concentrate on the results and delegate responsibility for the outcome within budget and time limits to the consulting company.
• Start with a trial. A long-time agreement with a fintech business consulting firm may not be a great idea from the get-go. For this reason, you should start with a small task and thoroughly analyze the results before you make a final choice.

In a Nutshell

We believe that the involvement into the financial services industry is the inescapable reality for practically all types of businesses. The global digitalization processes will continue transforming our life. Despite significant improvements, it brings numerous challenges as this transformation requires specialized expertise.

Why not start your fintech transformation right now? Contact our specialists for more details about our fintech solutions.