The global coronavirus pandemic has significantly changed the world, as well as the way business is done. Outdated systems of interaction with clients gradually became a thing of the past, mainly due to the restrictions imposed on people. At the same time, the online services industry has developed rapidly, and huge investments have been made in fintech over the past two years.

To keep up with the times, the most prominent companies worldwide prefer to urgently re-equip their platforms to conduct business in today’s realities successfully. For these purposes, significant investments are required. For them to work effectively, no owner of a large enterprise can do without fintech consulting services, which are outsourced by highly qualified professionals, allowing you to develop the infrastructure of companies quickly, pay off, and profit.

Negative consequences of the renovation of companies through fintech services

Many companies that are trying to compete with minimal financial losses by equipping computer-aided business management systems almost always face the following difficulties:

·         Most fintech services are innovative and have little-studied solutions. In this regard, there is a significant shortage of professionals on the market to provide consulting services in this area. Thus, major film manias that introduce new developments suffer from a lack or lack of technical support.

·         Most fintech companies that provide business process improvement services rarely conduct an in-depth analysis of the enterprise. This leads to the fact that the measures taken rarely bring 100% expected results since the implementation of new schemes does not consider the needs of the business.

·         The main disadvantage of fintech services today is their high cost since this type of activity still remains exclusive, and the lack of competition rarely leads to a quick return on investment and profit.

Thus, before ordering fintech consulting services, the business owner must choose the most successful company in the field, which has many positive reviews from satisfied customers, as well as assess the actual needs for the development and renovation of management systems.

How to succeed when applying for fintech services?

Of course, the shortcomings listed above do not mean that contacting a fintech company is a mistake. On the contrary, subject to specific vital rules, this service will bring the expected success:

·         Carrying out a mandatory examination of the current detail of the enterprise with an analysis of financial performance and identification of expected results.

·         Making only non-standard decisions with the obligatory brainstorming before the start of the provision of fintech services.

·         Recourse only to independent professionals for an accurate assessment of the company’s current affairs since internal specialists can adapt to most shortcomings, especially if they have been working for a long time.

One of the most important rules for the successful implementation of new high-tech solutions is going beyond when fintech services are not limited to a plan and schedule. Instead, a specialist always strives to find a way out of the current situation with the involvement of various external resources, as well as analysis of the activities of related structures to improve the business management system.

Basic requirements of fintech business at the level of technical equipment and training

For a successful reorganization of a business platform, when applying for fintech services to highly qualified professionals, the following essential requirements must be met:

·         The coincidence of formats and languages ​​during the modernization of digital and software eliminates further costs for staff retraining.

·         Full adaptation of the developers of new system solutions to the qualifications, experience, and specialization of persons interested in modernization.

·         Conducting periodic remote or face-to-face seminars, conferences, and brainstorming sessions with all business participants. In the process of such briefings, new ideas are born, and any errors can be completely eradicated at the earliest stages. Moreover, in the process of rendering fintech services, as a rule, almost any opinion from the outside is taken into account, as it can contain valuable information and practical ideas.

·         Flexibility in building the architecture of IT platforms – UX frameworks should be flexible, scalable, and upgradeable as the client’s business evolves.

·         It is essential to develop such an interface using only a programming language familiar to users and business participants, ensuring the integration of new IT solutions to old platforms and allowing you not to lose already established relationships with partners and contractors. This feature is critical in the financial sector, where institutions must constantly contact each other.

A reliable company is providing fintech consulting services, at the same time developing new innovative platforms, as well as giving a complete in-depth analysis of old software and adapting the business management system to the current realities as much as possible.

How to choose the right company to provide fintech services?

So that a client, a business owner, does not make a mistake when choosing a reliable partner for the provision of fintech consulting services, he should take into account some nuances and rules, such as:

·         Acquaintance with the staff and the future team that will deal with fintech services for the client, assessing the experience and level of education of leading specialists.

·         Tracking and agreeing on the work schedule, strategies for introducing new products into the business management system, identifying amendments, errors, and inaccuracies at an early stage, and the flexibility of the development team’s approach to the needs of the customer.

·         Analysis of the company’s portfolio before signing the contract, checking the experience in developing similar software and providing fintech services for specific enterprises.

·         Checking the hierarchy system in the company, the presence of brainstorming sessions, taking into account the ideas and opinions of each specialist, and the presence of a horizontal management system for this specific business.

In addition to the mandatory criteria listed above, it is also recommended to analyze products in advance and the services provided for similar companies to collect positive and negative feedback on working with fintech companies. This is due to the fact that the project can be implemented for several months with full interaction between the customer and the contractor, and for such purposes, it is necessary to know all the positive and negative aspects of the future partner precisely.