In my blog, I'll highlight the leading benefits of engaging a consultant and then explore the specific value they bring to different Fintech verticals.
According to a McKinsey report consisting of over 120 global Fintechs, 60% reported that their firms are significantly managing costs. In the current economic climate, consultants can often be the key to minimize costs. They provide targeted expertise without the ongoing expenses of a full-time employee. Meaning, companies are granted the flexibility to scale their workforce up or down based on their immediate needs.
Consultants bring specialized expertise to fill talent gaps in companies. For instance, if a company is launching a new payment platform, they might hire a consultant with compliance knowledge. The consultant would ensure the platform follows legal guidelines, helping the company avoid fines and legal issues while speeding up the launch process.
Consultants offer immediate access to expert knowledge and specialized skills from day one. Unlike full-time employees, they don't need extensive onboarding or training. In Fintech, where regulations and technology evolve rapidly, speed is critically important. Consultants quickly dive into projects and deliver results, saving companies both time and money.
Consultants offer specialized skills across different fintech market segments. To get the most value, it's important to engage those with niche expertise. Here’s a look at where their expertise can be especially beneficial.
Global Payments |
Boost transaction speed and ensure compliance with global standards. |
Digital/Open Banking |
Set up API integrations to seamlessly link banks with third-party apps. |
Lending/Buy Now Pay Later (BNPL) |
Offer advice on credit scoring and compliance to improve lending processes and BNPL options. |
Blockchain |
Share insights on smart contracts and blockchain security to strengthen technology. |
WealthTech/Trading |
Apply advanced trading algorithms and compliance strategies to optimize performance. |
Fintech Infrastructure |
Streamline cloud systems and data management to make Fintech platforms stronger. |
Embedded Fintech |
Assist in adding payment options to e-commerce platforms, making transactions smoother. |
Banking-as-a-Service (BaaS) |
Build flexible BaaS structures that support banking operations while staying compliant. |
Cryptocurrency |
Help navigate cryptocurrency rules and secure digital wallets for safe transactions. |
Digital Asset Management |
Oversee tokenized assets and compliance to protect digital portfolios. |
PropTech |
Advise on blending financial tools with real estate platforms for improved functionality. |
InsurTech |
Guide the development of AI-driven systems for faster claims processing. |
RegTech | Simplify Anti-Money Laundering (AML) compliance by automating transaction monitoring. |
The Fintech industry moves fast. That’s why consultants are key for sustained growth. They help companies navigate rapid tech advancements, shifting regulations, and evolving customer demands. With targeted insights and agile solutions, consultants adapt swiftly to market changes, keeping your company ahead of the curve.