Now encapsulating a focus on societal impact and the environment, the term ‘fintech for good’ has evolved from its initial meaning of charity. But it doesn’t stop there. This July, we are on the hunt to find out how the fintech industry is doing ‘good’ for local communities and the world, revealing current and future plans to make change.
We’ve spoken about net zero, ESG initiatives, and accessibility so far during our ‘fintech for good’ theme. As the month reaches its end, we turn our attention to the final topic: impact platforms. To understand what these fintechs that are successfully making a difference are doing, we hear from industry experts.
Being proactive with regulators
Julie Cunningham, founder, Portend
Regulators can be the biggest thorn in a company’s side if they are not compliant. Julie Cunningham, founder and CEO Portend, the due diligence platform, explains how firms prioritising compliance completely avoid issues and are in turn, able to direct resources towards making change.
“Successful platforms prioritise proactive compliance measures and user education. They invest in advanced cybersecurity protocols to safeguard sensitive information and employ AI-driven algorithms for continuous monitoring and risk mitigation.
“Moreover, they actively engage with regulatory bodies to stay ahead of evolving compliance requirements.”
Clear communication for consumers
Sundip Patel, co-founder and CEO of Avana Companies
Sundip Patel, co-founder and CEO of Avana Companies highlights the importance of good communication with customers, ensuring everything is transparent.
“Successful fintech impact platforms provide visibility and background information about the services they offer. They follow strict ethical guidelines that are made available to users.
“Successful fintech platforms are very visual and user-friendly nowadays. They have live dashboards so users can track information in real time and most of them include what-if scenario tools.”
Integrating innovative solutions through tech and partnerships
Robin Yan, CEO and co-founder of Fana
Success cannot be achieved alone. The most successful fintechs have strong partners and according to Robin Yan, CEO and co-founder, Fana, the card that gives back, this is the case for impact platforms too.
“Successful fintech impact platforms excel by integrating strategic innovation, customer-centric approaches, and robust technological advancements, thriving amid the evolving financial landscape.
“Firstly, leveraging data analytics and AI, these platforms offer personalised financial services tailored to individual customer needs, enhancing experience, retention, and satisfaction. Sophisticated algorithms predict customer behavior, providing tailored advice crucial in today’s competitive market.
“Strategic partnerships are pivotal, enabling fintech companies to collaborate with traditional financial institutions, accessing broader customer bases and integrating seamlessly into the financial ecosystem. This cooperation drives innovation and facilitates smoother transitions for customers adopting new technologies.
“Maintaining high standards of security and privacy is another critical aspect. Handling sensitive financial data, successful platforms invest heavily in cybersecurity measures to protect against breaches, building trust with users.
“Lastly, continuous innovation and adaptability to market and regulatory changes are key. Successful platforms embrace new technologies and business models, improving services to meet evolving consumer and regulatory demands, staying ahead in a fast-paced industry.
“These strategies set new benchmarks for success in fintech, driving the financial industry’s evolution forward.”
Don’t create problems to solve
Nick Chandi, CEO and co-founder of Forwardly
Coming up with a solution to an issue always looks impressive, but this is only really the case when issues consumers are facing are dealt with explains Nick Chandi, CEO and co-founder of Forwardly, the B2B payments platform.
“Successful fintech impact platforms excel by addressing genuine issues rather than creating new problems to solve. For instance, Forwardly was specifically developed because of a well-known problem: most small businesses struggle with cash flow because they fail to collect payments in a timely manner.
“By streamlining the business payment process we improve cash flow for small businesses, tackling the inefficiencies and high costs associated with traditional payment methods that can take days to process. This is a problem that causes genuine headaches and stress for business owners and accountants alike.
“Successful fintech impact platforms differentiate themselves by understanding and directly addressing the pain points of their target users and offering solutions that genuinely improve financial management and efficiency. This customer-centric approach drives adoption and establishes trust and credibility, and it’s a reason why successful fintechs take the world by storm. Word of mouth is a powerful thing.”
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