Success in FinTech: Are Most Getting it Wrong?

FinTech Leaders Know What They Should Be Doing, But They Rarely Do It.
As a FinTech, you want to be disruptive. All of your focus will most likely go into the big idea, the business model and the product user experience. But you’d be wrong. 

Our research shows there’s more to it than that. The key enabler to success in FinTech is far simpler, and yet so few pay attention to it. It’s not about disruption for the sake of disruption, but about relevant disruption. 

Disruption that actually makes a substantial change to customer’s lives, by making things easier, faster and more meaningful. It’s not about the tech or the widget, the app or the interface, but about how it addresses a real and important customer need in a new and improved way.

Key Findings 

  • In FinTech, no amount of innovation can act as a substitute for customer obsession
  • Yet FinTech leaders themselves say their current behaviour doesn’t reflect the customer priority
  • Pragmatic execution is key to success
  • Relevant FinTechs beat the odds of success
When we asked senior executives from across the FinTech world, everyone agreed that customer obsession was critical. But what is a surprise, is that despite this, they still aren’t investing enough in the customer. Simply put, only a handful actually put their money where their mouth is. FinTech leaders do know what they should be doing, but rarely do it.
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About Prophet

Prophet is a consultancy that helps clients find better ways to grow by focusing on three important areas: creating relevant brand and customer experiences, driving accelerated growth strategies and leveraging digital as a transformative force in their business. We operate differently than other consultancies, blending insight, strategy and creativity with an optimistic yet pragmatic approach. We have partnered with some of the world’s most successful companies, including Electrolux, T-Mobile, UBS, Gatorade and GE. With ten global offices and more than 350 experts in marketing, innovation, digital and design, we are able to bring together the right people with the right experience to solve our clients’ business challenges.

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