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Ubiquity has announced the publication of a whitepaper aimed at helping European fintech scaleups leverage outsourcing to adapt to fast-changing market conditions.
With Europe’s fintech industry experiencing profound transformation over the last few years, the whitepaper covers the specific challenges and opportunities facing fintech scaleups as ongoing economic uncertainty puts budgets under strain.
Although fintech is the U.K.’s biggest scaleup sector, contributing to 41% of the sector’s value as a whole, global fintech investment dropped by 30% in 2022 and continues to fall during 2023. Additionally, the fintech industry is struggling to recruit and retain workers with the right skills to help businesses continue to innovate, meaning companies face even more challenges in attracting and keeping customers.
There is no hard-wired definition of a scaleup. Still, typically, if a firm sees double-digit growth rates of circa 20% in revenues and headcount for two consecutive years, those are strong indicators that a business is transitioning from startup to scaleup. Ubiquity’s whitepaper delves deep into how growth-hungry fintechs can identify and solve pain points that arise when they face more transaction volumes, increasing customer numbers, and more complex operational processes and regulatory demands.
The whitepaper examines whether to buy or build CX in-house. It notes that it may be tempting for businesses, particularly those with limited resources, funding, or staff, to tackle CX in-house. Still, if a fintech can’t scale effectively to handle more customers, they risk damaging the experience and customer perception of their brand and losing customers altogether.
Amid estimates that one in 10 agent interactions will be AI-automated by 2026, the whitepaper explores the potential for AI to enhance other fintech workflows – along with the potential risks that unbridled AI could expose fintechs to if appropriate guardrails are not put in place.
Other topics covered include the importance of enhancing employees’ experience, as fintechs that treat employees well are proven to enjoy lower staff turnover rates and consistent, uninterrupted customer experiences.
Contributing to Ubiquity’s whitepaper are several fintech leaders and commentators, who explain that tapping into outsourcing can help fintechs find the people, processes, and pioneering technology to stay competitive at lower cost, scale effortlessly, and deliver hyper-personalised CX:
- John Goodale, executive director, head of Europe, Ubiquity
- Joanne Dewar, fintech ambassador, The Payments Association
- Roger Bracken, founding partner, the Fintech & Payments Advisory
- Roger Alexander, strategic advisor, Tarci
- Gregor Dobbie, advisor, former CEO of Vocalink
- Ben Jackson, chief operating officer, Innovative Payments Association
John Goodale, executive director, head of Europe, Ubiquity, comments: “Right now, the economic backdrop means European fintechs are struggling with staffing, technology, and customer service challenges. In such a highly regulated sector, Ubiquity recognises that startups and scaleups face similar obstacles, including regulatory touchpoints like risk management, customer data protection and fraud prevention. But as fintechs begin to scale up, the burdens become greater the bigger they get.”
Ubiquity president and chief customer officer Sagar Rajgopal, said, “That’s why this whitepaper stands out. At Ubiquity, we know what it takes to create great CX and process improvements that fuel growth and cost efficiency, at every stage of a fintech’s growth journey. We are fortunate to have the valuable insights of renowned fintech leaders, all of whom have worked with companies across the fintech ecosystem and have been generous enough to give their perspectives on what they see as the biggest pain points that need to be addressed to unlock new growth opportunities.”
Ubiquity’s whitepaper can be downloaded at: https://ubiquity.com/whitepapers/how-outsourcing-can-supercharge-your-fintech-scaleup/.