Fintech has been changing the face of payments all over the world by building on the fallbacks of traditional banking to make payment seamless for everyone. Yes, Fintech is on a mission to eradicate payment challenges, but Fintech as an industry is not without its own challenges.
I am convinced that this piece will prepare you for how to navigate similar issues with your business and what you can expect of your payment partners. It will also open your eyes to how you can protect your business from fraudsters.
Policies and regulations -fintech’s core products are built for a seamless payment experience and flexibility of the financial process for customers. Now, this looks like the exact opposite of what regulation aims to achieve by definition. Navigating through policies to bring customers the best experience and remaining within legal bounds to bring customers more services is not an easy job. Especially as it can be legal today and illegal tomorrow.
Data security -Fintechs collect and store the private information of customers because of the level of verification they are required by the law to carry out on customers. They also do this as a safety measure against fraud. Fintechs are always looking for better ways to protect customers' data because fraudsters get smarter every day. They must continue to be up-to-date on security to protect their customers.
Innovation -there is a healthy amount of competition in the fintech space. And that means every company is always working on something to get better. This, in turn, has created a good amount of growth and change in process, design and functions. But here is the other side, it is quite demanding to keep up with emerging technology and fast-changing industry practices.
User experience and interface -while payment now appears very easy, there is a lot of work that goes on in the backend. Every Fintech faces the challenge of how to further simplify this process for customers - the terms, requirements, and platform design for an improved experience.
Other challenges include:
- Customer acquisition and retention
- Losses to fraud attacks
- System malfunction
- Cost of operation
Conclusion
I can confidently say that every Fintech company gets their share of these issues. For us at Redbiller, our priority is creating an enabling infrastructure to ensure our customers run their businesses smoothly. We have industry-standard security measures in place to not only protect us but also protect our customers from fraud, and we are compliant with all policies and operate within legal bounds. We will never get involved in anything that can jeopardise our customers’ business.
We are proactive. We are up to date on technologies and are constantly on the lookout for how to serve you better. In the meantime, thank you for choosing Redbiller.
