9 June 2023

Finding the right fintech

Kat Jackson
Head of Client Services

Another week, another slew of tech stories for the capital.

Another week, another slew of tech stories for the capital.

While a high profile fintech investor has departed London for LA, it is officially (still) the tech capital of the world. And across the boroughs, Dun & Bradstreet data has also found business confidence increasing again, driven in some part by integration and adoption of tech solutions and specifically fintech
It is this integration which will keep London – and the whole UK – ahead of the pack when it comes to tech startup support, but is it sustainable? London as leader – and indeed London as a brand in its own right – remains incredibly powerful – but is it enough to sustain fintech as a sector in the mid- to long term?
It looks like another of the capital’s biggest industries is instrumental in keeping things ticking over at the moment – in fact, according to a survey of over 750 global banking leaders, 56% of them are looking to integrated networks of fintechs to overcome operational problems, rather than investing in in-house capabilities.
Makes sense, right? Many of these businesses are deliberately external to traditional and longstanding banking operational structures, but have been set up to specifically address particular issues or hurdles within these established processes. They’re already ahead of what could be internally developed, they’re keen and hungry.
So – the banks want to know about them. The government is backing them as one of the key growth industries in the UK at present. But there are also multitudes of businesses, from total startup to established scale up. How do the banks that need them, and the other fintechs that will need to integrate their processes with them like beads on a necklace, manage to find the right partners?
We’ve talked previously about why businesses need to take charge of their own narratives to standout and differentiate. That tactic still holds true – especially when so many fintech businesses are very focused on providing a specific single-point solution to overcome issues in the much larger and more complicated banking mechanisms. That only solves one side of the equation – making your business distinctive. You also have to make sure that the right partners also know you’re there.
Broadly speaking, most businesses approach building new business relationships like this in two distinct ways – there’s hunting, and there’s gathering. Making sure your own profile is well fed, distinctive and clear is sowing the seeds for some good gathering.
Going out and networking, meeting people, or even paying someone else to open doors for you (as many do) – falls under the more proactive hunting category. There is, however, a sweet spot between the two, which can be especially important for those busy business owners who want to focus on getting their business solutions sorted, and make that fintech fly.
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