Why do positive corporate cultures matter in FinTech?

Why do positive corporate cultures matter in FinTech?

Curated by: Sergio A. Martínez

No doubt that the FinTech space is becoming one of the most exciting industries in the software sector thanks to their innovative approaches to banking, lending, investments, and other financial services. In the recent past, banking, and financial services were slow and inflexible, but thanks to emerging technologies like blockchain and AI, FinTech is changing how we interact with money in a more convenient, fast, and secure way.


Whether it be making payments by using facial recognition or a tap of your finger, or quickly accessing loans virtually while avoiding the painstaking process of paperwork, FinTech solutions are ensuring more transparency in financial management as well as much-needed security measures to protect our valuable data. All these advances have created more opportunities for everyone to access faster and more efficient ways of managing their finances with confidence.

So, although FinTech has become a household name in the past several years, the reason behind its success isn’t so mysterious: it provides solutions and tools that are much more accessible and convenient than traditional financial services. The lower costs, quicker turnaround times, and focus on user experience make Fintech an appealing option for both individuals and businesses alike. When taking into consideration the increasing numbers of mobile users and the rise of cloud computing technology, it’s easy to see why Fintech is on such a meteoric climb.

However, the secret to achieving true success in this competitive space is an entirely different matter. A strong corporate culture is essential, focused on employee engagement, collaboration, and loyalty, fostering innovation, and encouraging communication between teams; without open lines of communication and an ethos of continuous improvement, it can be difficult for a FinTech company to keep up with ever-changing technology and customer expectations. Additionally, having a strong corporate culture helps to attract top talent and inspire loyalty from existing employees. So, by creating an organization that values integrity, transparency, and creativity, any fintech company will have the resources needed to succeed.

Success comes from everyone

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While a lot of focus goes toward the innovation behind the process, one important factor that should not be overlooked is how these organizations are run. Fintech companies that have experienced success understand the importance of having a positive corporate culture at the center of their operations. This approach helps increase morale among employees and drives them to become even more efficient and productive while also thinking creatively and innovatively. They offer great flexibility and freedom when it comes to working styles and encourage collaboration throughout teams, allowing ideas to take form quickly. 

In other words, as technology continues to advance, more and more organizations are utilizing Fintech to provide innovative services, a strong corporate culture creates comfort in knowing where you stand within an organization, improving communication between teams and ensuring everyone is focused on things that matter most: meeting customer needs successfully with quality services.

For a Fintech organization to reach success, a positive corporate culture must be present”, says Rod Aburto, Partner and Service Delivery Manager at Scio. “A positive corporate culture is essential because it further develops strong team performance and encourages an environment of trust and integrity that sustainably builds the reputation of the organization. An experienced executive team can help cultivate such an atmosphere by recognizing employee achievements, involving employees in decision-making, and ensuring expectations are met without overworking employees.

 Similarly, positively influencing employee support systems ensures loyalty from employees which can then be translated into customer loyalty. Ultimately, all these qualities are needed for any FinTech organization to have long-lasting success within its domain. And with that in mind, we want to take a look into a company that effectively uses a strong corporate culture to bring innovation in a very complex area of finance that has become more democratized day by day.

Investing with M1

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The Key Takeaways

  • FinTech is becoming more important every day, and the success of this space relies on an element that Scio knows very well.
  • Among the companies that put an employee-first mindset, M1, an investment superapp that effectively democratizes this area of finance, deserves highlighting.
  • That’s because efforts like workplace flexibility and offering employee enrichment helps the innovation that FinTech needs so much, by attracting top talent and bringing the innovation that only can come from diversity.

Scio is a Nearshore software development company based in Mexico where we believe that everyone deserves everyone should have the opportunity to work in an environment where they feel like a part of something. A place to excel and unlock their full potential which is the best approach to create a better world. We have been collaborating with US-based clients since 2003, solving challenging programming puzzles, and in the process showcasing the skills of Latin American Engineers. Want to be part of Scio? Get in contact today!. Get in contact today!

Scio Watch: Best FinTech Companies in 2022

Scio Watch: Best FinTech Companies in 2022

Curated by: Sergio A. Martínez

FinTech is a rapidly growing industry that is upending the traditional financial sector by harnessing the power of digital technologies. This way, FinTech companies can provide new services and products that are more accessible and affordable than ever before, effectively democratizing access to finance to everyday people. From mobile banking and investing apps to technologies like blockchain-based currencies, FinTech is reshaping the way we think about money.


It’s no wonder, then, that the FinTech industry has seen explosive growth in recent years, and there are no signs of it slowing down thanks to the increasing availability of data, the rise of mobile commerce, and the growing demand for innovative financial products. With more and more consumers turning to FinTech solutions for their financial needs, bringing very specific financial challenges to an area where economic stability is not guaranteed often, it’s clear that this industry is poised for continued success in the years to come. 

However, what distinguishes the merely good FinTech companies from the best ones? 

There are many vital components to a great FinTech company, from a strong customer focus to innovations in technology, to a deep understanding of the financial industry, A great Fintech company, above all, is always looking for ways to improve its accessibility and the range of options the average consumer has in terms of financial choices, giving people a kind of freedom with their money that they probably didn’t have before. A great FinTech company, in other words, makes our lives easier and more convenient. 

That’s why we want to close out our year here at Scio by spotlighting those companies that pushed the envelope in FinTech, distinguished by their innovation, approach, and the solutions they brought to a market growing in importance each day, naming the 5 FinTech Companies to Watch coming 2023 and beyond.



Describing Paya as a mere payment processing provider would be missing what makes these companies one of the leading FinTech operations today, exemplifying everything great about this tech field. What Paya offers, after all, is “integrated payment and frictionless commerce solutions that help customers accept and make payments, expedite receipt of money, and increase operating efficiencies”, effectively easing the barriers in the transactions between business and customers, with an emphasis on the Front-End experience that makes using the services offered by Paya a seamless experience.

As a result, you can find the technology of Paya in a wide range of industries, from Healthcare, Education, and E-Commerce, to the Public and Non-profit sectors, thanks to a digital infrastructure that offers security, speed, and convenience no matter what kind of solutions an organization is looking for. For these reasons, we believe we will hear more from Paya in the future while they continue to offer the best solution in frictionless payment.



International money transfers can be a real pain. You have to contend with different exchange rates, and you may also need to open a bank account in the country you’re moving to, which can be a time-consuming process. And that’s without getting into the fees associated with transferring money between countries, which can eat into the amount you need to move, and it can take a while for the money to reach its destination, meaning you may have to wait a while before you can access your funds. All these factors can make moving money between countries a bit of a hassle, if not impractical.

Thankfully, there are a few ways to minimize the hassle of international money transfers, and there’s no better option than Wise, which makes living a global lifestyle easier than ever before. The main core service that Wise offer is a platform that takes care of the hassle of sending money overseas with very low fees, enabling the transfer of money between countries more practical than ever before, and ensuring your money is where you need it when you need it, be it sending money back to home, or having access to it while you travel and live abroad. 



Many people believe that investing is something that only wealthy people can do, and for the average person, getting into this area of finance can seem like a daunting task. That’s because when most people think of investing, they probably envision stock portfolios and real estate ventures that require a significant amount of capital to get started, and while these are certainly valid options, they’re not the only opportunities out there. In reality, there’s a whole world of investing beyond stocks and property to grow your money if you’re willing to take on a little bit of risk. 

That’s why one of the most exciting applications of FinTech platforms is the potential to democratize investing, and there are now several companies that are working on ways to make investing accessible to everyone, which is where Stash comes in. Stash is a platform that makes investing “easy and affordable for millions of Americans”, to create more financial freedom for its users, making this area of finance more democratic and accessible all around. As one of the biggest promises of FinTech, what Stash brings to the table is the power of the average person to take better control of their financial future. That’s why it is exciting to see what will await Stash in the future, undoubtedly changing the way we look at investing.

Sequence Shift

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While it’s convenient to pay bills over the phone, the idea of doing so nowadays seems antiquated, if not downright risky. After all, if you give your credit card information over the phone, there’s no way to know what will happen with that data down the line, it’s easy to impersonate a legitimate business, or if they’re just going to use your information to make fraudulent charges. And even if the company is legit, there’s always the chance that your information could be stolen in a data breach. 

All in all, paying over the phone seems like a relic from another era when our sense of information security and practicality were different, which is why the technology of Sequence Shift seems so promising and exciting at a time when having a wide range of options to pay for stuff is more desirable than ever. Simply put, what Sequence Shift, an Advance Technology Partner of Amazon Web Services, offers is the security infrastructure necessary to make safe payments over the phone when interacting with AWS environments, reducing the risk of using this method, and bringing a better customer experience by making phone payment viable again. With that, Sequence Shift demonstrates that sometimes innovation is bringing back methods and practices that, on paper, seem a thing of the past, but only because no one has thought of a way to improve on them and bring them in line with the expectations of the modern user. And as a partner of Amazon, we can expect Sequence Shift to reshape how we see online payments in the not-too-distant future.



When people need to borrow money, they usually have a few options. They can take out a loan from a bank or other financial institution, borrow from friends or family, or use a credit card. And for many people, taking out a loan from an acquaintance is the best option. One reason for this is that friends are usually more willing to give favorable terms, such as lower interest rates or longer repayment periods. Another reason is that borrowing from friends can be less expensive in the long run, since there are no fees or other costs associated with the loan. Finally, people often feel more comfortable borrowing from friends than from businesses, because they know that their relationships will not be adversely affected if they can’t repay the loan.

However, when so much of our financial activity occurs online, this option may seem out of reach for many people, and considering that loans are often done with a degree of urgency, a solution for this specific challenge would be more than welcome in the FinTech landscape. And Prosper more than delivers on that front. In short, what Prosper offers is a personal lending concept where a group of lenders (or more accurately, investors) can let anyone borrow money through a P2P system, which keeps interests as low as possible, through a direct deposit that will arrive at you in no time at all. With a monthly repayment method that lets you choose your payment rate, it’s no wonder that Prosper is positioning itself as a leader in the emerging field of e-lending, so worth keeping an eye on.

Final thoughts

No one can predict the future, but with more and more people using their smartphones as their primary way to bank, the growth of FinTech as an industry is only going to grow. This means that we can expect to see more investment in these technologies, like the widespread adoption of mobile-friendly features like touch ID and facial recognition, and we can expect to see more FinTech startups focused on developing countries, where there is a great need for financial services but a lack of infrastructure. 

And for now, these companies illustrate why this field remains so exciting and worth investing and participating in. FinTech, as a space, holds the promise of a future where finance is integrated seamlessly into our everyday lives, and the innovations put forth by these companies demonstrate why. And who knows what the future will bring? But one thing is for sure: it’s going to be fascinating to watch!

Scio is an established Nearshore software development company based in Mexico that specializes in providing high-quality, cost-effective technologies for pioneering tech companies. We have been building and mentoring teams of engineers since 2003 and our experience gives us access not only to the knowledge but also the expertise needed when tackling any project. Get started today by contacting us about your project needs – We have teams available to help you achieve your business goals. Get in contact today!

FinTech 2023: Some trends and innovations to expect in the coming year

FinTech 2023: Some trends and innovations to expect in the coming year

Curated by: Sergio A. Martínez

The financial sector has always been hesitant to change, but the next few years will prove a challenge to the status quo. The FinTech sector is increasingly offering innovative new solutions that are quickly gaining ground, and one of the key reasons for their success is that they’re not bound by the same approach as traditional financial institutions. This allows them to be more agile and experiment with new ideas, leading most FinTech companies to develop cutting-edge technologies like P2P lending and the blockchain to make it easier than ever for people to access financial services, whether it’s through mobile apps or online platforms. With the global economy becoming increasingly digitized, it’s clear that FinTech is here to stay and well-positioned to thrive in the years to come.


But what awaits this sector in 2023? From mobile payments to digital investing, FinTech is making it easier for people to manage their finances in a way that suits their needs. And as the sector continues to grow, it is only going to become more prevalent in the lives of the average person as the global economy becomes increasingly digitized. This is creating a need for efficient and secure digital financial solutions in all regions, especially in developing countries that are continuing to grow in wealth. Access to technology means these countries are starting to turn to FinTech companies for financial services and infrastructure. 

In more local markets, as more baby boomers reach retirement age, there is going to be a growing demand for financial products that can help them manage their money in a way that meets their unique needs. Combined, these factors are all helping to drive the growth of the FinTech sector, resulting in some interesting, and maybe unexpected developments to keep in mind when 2023 arrives here, so let’s look at some of the trends that await this sector in the coming year.

#1: The rise of alternative finance

In the past, if you wanted to borrow money, your options were pretty limited: taking a loan from a bank, perhaps a friend or relative, or even dubious “payday” businesses with sky-high interest rates. But thanks to the rise of alternative finance, there are now many more options available, so it’s now possible to apply for a loan online, or even use options like cryptocurrencies as collateral. This has made borrowing money easier than ever before, giving people more choices in how they obtain funding. As a result, this “alternative finance” has made it possible for everyone to access the money they need, regardless of their financial situation.

After all, just a few years ago, the financial sector was dominated by a handful of major banks, but that is no longer the case. Driven by the FinTech sector, alternative finance has opened options outside of traditional banking systems, which can include peer-to-peer lending, crowdfunding, and even cryptocurrency. And for many people, these alternative finance models offer a modern and convenient way to access the financial services they need. However, it also comes with its fair share of risks; with less regulation than traditional banks, for example, alternative finance providers are not always held to the same standards, so doing the research before using any type of alternative financial service is still advised, although the industry seems to be having some advancements in this regard. But despite the risks, the rise of alternative finance will change the financial landscape in a big way next year.

#2: The decline of the “unicorn”

In recent years, the term “unicorn” has been used to describe privately held startups valued at over $1 billion. These companies have become the stuff of legend, and their founders are often treated like celebrities ready to disrupt entire industries and traditional business models with innovative approaches or technology never thought of before. However, there are signs that the unicorn craze is beginning to fade, and as more and more companies reach the $1 billion mark, the achievement is starting to lose its luster. In addition, many “unicorns” have failed to live up to the hype, with several high-profile flameouts in recent years, like the financial incidents of Theranos and FTX. As a result, it’s becoming increasingly clear that the days of the mythical unicorn company are numbered.

Once the poster children of the startup world, their high valuations were often based on unrealistic growth projections, with their business models dependent on low-cost labor and regulatory arbitrage. As a result, “unicorn companies” are not sustainable in the long term, and cracks have started to show; next year we will probably be leaving behind this experiment in favor of more responsible, considered investments, especially when it comes to a sector that bears so much responsibility such as FinTech. So, for investments in 2023, the shift in power between startups and established brands and models is going to be massive.

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#3: An explosion in passive income

In a world where nearly everything is moving online, it’s no surprise that FinTech is experiencing a boom. From simple apps that help you track your spending to complex investment platforms, there are now more ways than ever to manage your money. However, as the industry continues to grow, one of the most significant trends will be the rise of passive income opportunities. With so many people working remotely or facing unemployment, earning money without active effort will become increasingly appealing. 

There are already several ways to build passive income through FinTech platforms, from investing in digital currencies to lending money through peer-to-peer applications. And as the industry continues to evolve, we can expect even more options to emerge. After all, there’s no denying that we’re in the midst of a financial revolution, and technology has allowed us to access a world of financial opportunities that were once out of reach. So, as our options continue to grow, so does the need for ways to make our money work harder for us, which is where the popularization of passive income comes in; by investing in things like real estate or index funds, we can earn money without having to actively work for it. And as the world of FinTech continues to evolve, there will be more and more opportunities for us to build these kinds of income streams, which will be a growing sector as the recession ebbs and flows through the next year.

A year of change

Only time will tell if 2023 will be the “Year of FinTech.” For one thing, the industry is becoming increasingly mainstream, with more and more people using FinTech products and services daily. In addition, the industry is attracting an increasing amount of investment, indicating that there is significant interest in its potential. So, as the industry is continuing to evolve and innovate, with new ideas and products, such as contactless payments to AI-powered financial advice, being developed all the time, and after the pandemic accelerated the shift to digital channels, there’s no turning back. It’s time to embrace the future of finance.

The Key Takeaways

  • 2023 is going to be a very interesting year for FinTech, with plenty of technologies and innovations finally exploding into the mainstream.
  • Several factors go into these trends, such as how the bar of accessibility is lowering, and how certain demographics will need solutions outside of traditional finance.
  • This will result in some trends that the sector needs to watch closely, such as the rise of alternative finance, the death of the “unicorn” companies, and the popularization of passive income.
  • With FinTech finally entering the mainstream, 2023 will see this industry establishing itself as a normal part of our daily lives.

Scio is an established Nearshore software development company based in Mexico that specializes in providing high-quality, cost-effective technologies for pioneering tech companies. We have been building and mentoring teams of engineers since 2003 and our experience gives us access not only to the knowledge but also the expertise needed when tackling any project. Get started today by contacting us about your project needs – We have teams available to help you achieve your business goals. Get in contact today!

Is FinTech delivering on its promise of easier access to financial solutions?

Is FinTech delivering on its promise of easier access to financial solutions?

Curated by: Shaggy

What exactly is the purpose of financial technology? Although the history of this industry can be traced back more than a hundred years ago, when a device known as “pantelegraph” in 1860 was designed to transmit signatures across telegraphic lines (very useful to verify transactions across some banks back in the day), the goal of FinTech has always seemed to be the democratization of financial services, giving easier access to people, from all sorts of backgrounds, not only to their money but to a wide variety of options to use it, from simple payments to downright developing investment portfolios.


And, since the FinTech boom that resulted from the economic recession of 2008, which gave us concepts like cryptocurrency and further popularized P2P payment systems, allowed smaller players, start-ups, and individual investors to look for alternatives to traditional banking, which was seen by many as one of the critical elements of the aforementioned crisis. In short, many people stopped blindly trusting traditional financial systems, and our technological level was ready to offer the solutions, innovations, and disruptions that characterize FinTech.

As a result, the FinTech industry has been growing rapidly in recent years, and it shows no signs of slowing down. And on the surface, it seems like FinTech is making it easier than ever for people to access financial alternatives, but are these companies delivering on the promise of a more democratized access to finances? It’s hard to say. On the one hand, FinTech companies have created several innovative products that make it easier than ever to send and receive payments, borrow money, and invest in new ventures. On the other hand, many of these products are only available to people who already have a good deal of financial resources, so for the average person on the street, FinTech products may not be any more accessible than traditional financial products.

This has sparked some debate about whether or not this industry is actually helping people. Some critics argue that FinTech companies are mostly concerned with making money and that they are not doing enough to help people who are struggling financially. Others argue that FinTech is providing valuable services to help people improve their financial situation. And the truth probably lies somewhere in between.

More than just growth

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The case is not implausible”, opines the article “Can Fintech Really Save Us?”. “The application of modern technology to parts of the financial sector has yielded some profound advances that are largely underappreciated. The two Irish brothers who founded Stripe in their 20s created something almost comically simple: seven lines of code that can be inserted into any business website or app and allow the business to accept digital payments.

Cases like this exemplify the potential of FinTech systems to open up access to financial areas that would otherwise be closed to the small businesses that could benefit the most from it. The same article points out the growth of Stripe as a popular payment alternative, processing almost $640 billion in transactions in 2021, and the number of competing alternatives has only grown in the ten years since the launch of this platform. And this is not to mention other areas of finance, like investment, that have also benefited from the growth of the FinTech space, from newcomers like eToro to more established institutions like J.P. Morgan, opening up new ways to accumulate and grow wealth.

So, while this might show that there is a genuine interest in trying to open access to financial alternatives, and the growth of the FinTech industry seems to show that there’s a market hungry for these products, it also begs the question: Is the growth of the FinTech space bringing more access to people traditionally left out of banking?

The FinTech industry has been growing rapidly in recent years, and this has led to more financial options for everyday people. Now, many apps and websites offer alternatives to traditional banking products, giving people more choices when it comes to their money. This is a good thing, as it means that people can find the financial solution that works best for them”, says Rod Aburto, Service Delivery Manager, and Partner, at Scio. “However, it is important to remember that not all of these alternatives are necessarily better than the traditional options. Some of them may have higher fees, less security, or necessitate specific devices with internet access (like smartphones, tablets, or computers) to be able to access them in the first place. The bottom line is that the growth of the FinTech industry is providing more choice for consumers, but which consumers we are talking about is an important question for anyone looking to revolutionize this space.

The accessibility challenge of FinTech

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With the number of startups and companies that are springing up all over the world, as well as the increasing investment from both private and public institutions, there’s no question about the future of FinTech. However, an observation that could be made about the industry is that many of the platforms and products being developed are only accessible to those who have a certain level of financial and technological literacy, likely leaving many people behind when it comes to innovation in this sector. 

In developed countries, people with low incomes or poor credit histories may find it difficult to access FinTech products, and lack of infrastructure and awareness can be major barriers to entry, which can sometimes go beyond the scope of a specific application. What this means is that, as the industry continues to grow, it’s important to ensure that everyone has an equal opportunity to benefit from its innovations. Otherwise, this industry runs the risk of exacerbating existing inequality.

This is where the idea of “interdependence” might become useful, referring to how no user or system exists in isolation, and it is in the best interests of the FinTech sector to look at the whole financial landscape holistically and promote solutions that solve problems without creating additional ones. Let’s illustrate it with an example: according to Forbes, the number of senior citizens “with any type of debt increased from 38% in 1989 to 61% in 2016. The amount owed jumped from about $7,500 to more than $31,000 (2016 dollars)”, and this problem has only become bigger since the outset of the pandemic in 2020. Demand for credit cards among this demographic cratered around that period.

This could be, then, an interesting challenge to where FinTech can find a plausible solution. From debt-managing applications to personalized AI-driven financial advisors that could design plans for older people, a hypothetical app could be created for this specific demographic, but the interdependent of this problem (which can range from possible technological illiteracy to the fact that 27% of 60+ citizens in the US live alone, and can’t rely on younger people for help) always risk leaving potential users out, especially from lower social backgrounds, which are the people that need it the most. If that’s the case, was an actual solution offered by this hypothetical app? Is FinTech delivering on its promise of easier access and democratization of finance?

In FinTech, there’s no shortage of new ideas. Every day, it seems like there’s a new start-up promising to revolutionize the way we handle our finances. But turning these ideas into viable products is far from easy”, continues Rod Aburto. “The financial sector is complex and constantly changing, making it hard to build products that can keep up with the latest trends. Also, FinTech products are often built on top of legacy systems, which can make integration difficult, and customers can be reluctant to adopt new technologies that seem too far away from the traditional banking systems they are used to. Or to adopt the technology at all if they don’t have much financial literacy in the first place. We need a very human-focused approach to make sure FinTech can live up to its promise and make finance an open concept where everyone can participate.” 

In other words, the growth of the FinTech industry is a complete net positive, as long as the industry doesn’t lose a democratizing approach. The more accessible we can make these platforms and products, the more backgrounds we consider before embarking on development, and the more risks the industry is willing to run to offer an alternative to the traditional financial systems we currently have in place, the more likely is that a true revolution in the way we use money can begin.

The Key Takeaways

  • The big promise of the FinTech sector is to promote greater access to financial systems and services for the average person through technological platforms and applications.
  • For the most part, this industry has been successful in its growth, but the question remains open about accessibility to these solutions.
  • FinTech should help democratize access to finance, but without a look into interdependent systems and a people-first approach, the industry runs the risk of widening an inequality gap.
  • The lesson is that FinTech doesn’t exist in isolation and these holistic solutions are what separate it from the traditional banking systems of today.

Scio is an established Nearshore software development company based in Mexico that specializes in providing high-quality, cost-effective technologies for pioneering tech companies. We have been building and mentoring teams of engineers since 2003 and our experience gives us access not only to the knowledge but also the expertise needed when tackling any project. Get started today by contacting us about your project needs – We have teams available to help you achieve your business goals. Get in contact today!

Futureproofing FinTech: Walking the fine line between innovation and responsibility

Futureproofing FinTech: Walking the fine line between innovation and responsibility

Curated by: Sergio A. Martínez

Using cutting-edge technology to make financial services more accessible and efficient is how the FinTech industry has revolutionized the way we view and access our money. However, as a famous philosopher once said, “with great power comes great responsibility”, and this sector has to ensure that its products and services are secure and reliable, upholding the highest ethical standards because, by the very nature of the financial industry, even a small mistake can have lasting consequences.


So, as financial technology continues to evolve, there is an ongoing debate about the appropriate balance these platforms must have between responsibility and innovation. After all, the FinTech industry has the potential to cause the same type of economic impact as banks and should therefore be subject to similar oversight, but it can also be argued that traditional financial institutions are risk-averse and slow to adopt new technologies, which ultimately hurts the people who need these services the most. There’s no easy way to answer this question, but it is clear that both responsibility and innovation are important considerations in the world of FinTech. 

So how to thread this line, ensuring a FinTech product can offer new solutions for the market while keeping responsibility as part of its design? Futureproofing these technologies might be the answer. In the words of the financial blog Finance Derivative:

As the years pass, it is becoming far more difficult to determine what the next decade will entail concerning technology innovation, due to the speed of digital transformation. This means it is important for organizations to futureproof their processes in the best ways possible. Network management and innovation is key to this, particularly for the FinTech industry due to the ever-rising data traffic in that sector.

Solving the problems of today (and tomorrow)

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The FinTech industry is one of the world’s most innovative and fastest-growing sectors. However, it is also an industry that is constantly evolving, and companies need to be future-proof to stay ahead of the curve. Considering the complexity involved in financial work, innovation requires a careful balance between four key areas that not only demand solutions today but also keep an eye on the future, overcoming challenges as the financial landscape changes. These areas are Regulatory, Data, Security, and Market, and each present their own unique angle to correctly futureproof a FinTech platform:

  • Compliance: From mobile payments to peer-to-peer lending, FinTech companies are upending centuries-old business models and introducing new ways for people to interact with money, but to do so, they must navigate a complex regulatory landscape to stay compliant with the law. With new laws and regulations being introduced regularly, FinTech firms need to ensure that their products and services are compliant now but can adapt if a sudden regulatory change upends their service or business model.
  • Data: FinTech companies need to deal with increasingly large volumes of data, and the ability to process and analyze it quickly and efficiently to make decisions about their products and services can make or break a FinTech platform. There are several ways that companies in this sector can deal with this challenge (including using cloud-based solutions and hiring data scientists), but the most important thing is to have a clear understanding of what data is needed and to design systems that can withstand an increasing amount of information every day.
  • Security: As the world increasingly goes online, FinTech companies are under constant threat of cyber-attacks, thanks to financial information’s place as some of the most valuable data that hackers can obtain. FinTech companies must invest heavily in cybersecurity to protect their customers’ data, against criminals who are constantly finding new ways to bypass security measures, making security a challenge that FinTech companies must face daily. To stay ahead of the curve, FinTech companies must always be on the lookout for new threats and be quick to adapt their security measures, anticipating any exploit that might endanger their business and their customers.
  • Market: In the world of FinTech, competition is fierce. Every day, new startups are vying for attention, and established companies are working hard to maintain their market share. This ultra-competitive environment can make it challenging for companies to survive, and to succeed. Companies not only need to have a strong value proposition and a clear plan, but also a way to stand out from the crowd and be able to appeal to a wide range of customers in the long run. How will your product fare when (not “if”) the financial landscape suddenly changes? Is your niche stable enough? Are there growth pathways your product can take to ensure long-term viability? 

As such, while the challenges facing FinTech firms are significant, there are also huge opportunities for those who can future-proof their businesses. By staying nimble and keeping up with the latest trends, FinTech firms can position themselves for long-term success in an industry that is only going to continue growing in importance.

Staying ahead of the curve

In an increasingly digital world, the financial sector is under growing pressure to keep up with the times. FinTech startups have been at the forefront of this change, offering innovative solutions that are shaking up the status quo. However, as the industry continues to evolve, it is important for FinTech companies to futureproof their products to keep ahead”, says Rod Aburto, Service Delivery Manager and Senior Partner at Scio. “This means identifying emerging trends and developing products that meet the needs of tomorrow’s consumers, observing regulatory changes, and ensuring that compliance doesn’t stifle innovation. With the right approach, FinTech companies can ensure that they remain at the cutting edge of an industry that is only going to become more important in the years to come.

Of course, creating a product or service that will still be relevant and in demand five, ten, or even twenty years from now is easier said than done. Predicting the future is never an exact science, and we know here at Scio how futureproofing presents unique challenges that can test any expertise in the field. However, by being smart about the market, listening to any warning signs, keeping up informed on the competition, and cultivating positive relationships with both consumers and overseers, FinTech firms can give themselves a better chance of still being around – and thriving – for years to come.

The Key Takeaways

  • FinTech exists in a space where demand is high, but volatility is very likely, so developing useful products is always a challenge.
  • The main issue is keeping a balance between innovation and responsibility, which is hard to accomplish in financial products.
  • Futureproofing a FinTech product in four key areas (Compliance, Data, Security, and Market) is crucial to ensure success.
  • Developing FinTech applications requires smart analysis, expertise, and the ability to extrapolate information to ensure a product thrives in the long run.

Scio is an established Nearshore software development company based in Mexico that specializes in providing high-quality, cost-effective technologies for pioneering tech companies. We have been building and mentoring teams of engineers since 2003 and our experience gives us access not only to the knowledge but also the expertise needed when tackling any project. Get started today by contacting us about your project needs – We have teams available to help you achieve your business goals. Get in contact today!

Customer support in FinTech: Is AI the best answer for it?

Customer support in FinTech: Is AI the best answer for it?

Curated by: Sergio A. Martínez

The impact FinTech is having on the way we live and manage our finances cannot be overstated: from mobile apps helping us with our budget to platforms that revolutionized how we make and receive payments; the way we interact with our money has changed, to the point that is pretty much unthinkable to not have access to these financial services anytime we need them, with customer support that matches it.


The critical role of Customer Support

Now we can bank, invest, and make payments 24/7 from the comfort of our own homes, and with a few clicks of a button, transfer funds overseas without having to pay high fees or wait for days for the transaction to clear. Moreover, many banks have started offering free or low-cost mobile banking services to compete, giving us more choice than ever when it comes to finding the best financial services.

However, this rapid change in how our personal finances work has brought a challenge; the customer support in these FinTech applications needs to be top-notch, making the user feel secure and welcome, ensuring they have everything they need, and enabling them to take full advantage of what these platforms have to offer.

After all, good customer support is important in any industry, but it’s especially critical in the world of FinTech, a relatively new field still growing and evolving, which means that there’s still some uncertainty around it, and customers rely on companies to provide a clear and helpful service. In addition, FinTech products are often seen as complex and confusing, so a good customer support flow can help to build trust and confidence and can help to differentiate one company from another. In a crowded and competitive market, good customer support can be a key advantage. But what is the best approach to it?

A task made for AI?


As businesses increasingly adopt AI technology, the question of whether or not to use it for customer support is becoming more relevant. There are some clear advantages to using AI for customer support, such as around-the-clock availability and the ability to handle large volumes of inquiries, which are uniquely important when it comes to FinTech applications. With AI-powered chatbots and virtual assistants, they can provide 24/7 support without the need for human employees, and these automated systems can often handle simple inquiries more quickly and efficiently than a human agent. In addition, AI can be used to analyze customer data and identify patterns that may help these platforms to improve their services.

“Customer support is one area where AI can play a significant role, helping automate support tasks like answering FAQs or processing customer requests”, says Rod Aburto. “In the future, AI may even be used to proactively detect and resolve potential customer issues before they cause problems and analyze customer behavior and preferences to provide personalized recommendations or advice. So, where we stand now, the possibilities of AI are promising, likely making customer support more efficient and effective.

However, AI also has important drawbacks. Chatbots and virtual assistants are often unable to handle more complex questions or requests, which can frustrate customers and lead them to seek out human assistance anyway, defeating the purpose of these solutions, and AI systems may not be able to replicate the empathy and personal touch that humans can provide, increasing the potential for miscommunication, running the risk of alienating users.  

Consequently, as businesses weigh the pros and cons of using AI in customer support, they will need to decide whether the benefits outweigh the risks, and ultimately, the decision of whether or not to use these technologies for customer support comes down to what is most important for the business. If speed and efficiency are the primary priorities, then AI may be the best option, but if the human connection is key, then a traditional customer support approach may be preferable. With that in mind, what are the expectations of the user base about customer support that you should integrate into the overall service? What is the image of “good customer support” people have in their minds when they think of FinTech?

  • A sense of control:

    According to Zendesk, “People want to feel a sense of control about their money and financial transactions. The same could be said about their customer support experience. Data shows that 69 percent of people prefer to resolve as many issues as possible on their own before contacting support”, and the proper help and support, having all the information they will need in a single place, is how you empower your users and make them feel in control of their money.

  • Consistency of the service.

    This encompasses everything from a consistent message in every channel (avoiding conflicting information that might frustrate a user), fast and agile response times with little variation, safeguards in case of server problems, and clear communication and transparency with every issue that might become present. What you want here is a specific experience that the user can expect when having any questions or issues.

  • Clear navigation paths.

    Be it automated chatbots, FAQs, hotlines, tutorials, or even a simple account activation, the customer journey should be planned upfront, and every platform should offer clear labeling with as few steps as possible to ask or troubleshoot something, open to user feedback, that has available all the information expected from them. “If your user has to go to outside sources to solve an issue, your customer support has already lost”, explains Rod Aburto about the critical importance of this point.

  • The option of human interaction.

    Although most of these points can be supported by good design and virtual assistants, having the option to talk directly to a person is something still valued by most users, especially if they have ongoing questions and concerns about the service. Having someone on the other end capable of answering and explaining the finer points of an inquiry is still unmatched in customer support.

Keeping the best of both worlds

Customer support in FinTech Is AI the best answer for it 2

There’s no question that AI is reshaping the customer support landscape; by automating simple tasks and providing access to vast amounts of data, AI can help businesses deliver faster, more efficient customer support, but that still leaves some things that only humans can do, as our last point shows. Traditional customer support teams bring a deep understanding of the customer experience, alongside the ability to build personal relationships with customers, which are invaluable in the delicate work FinTech applications often do. So a mix of both approaches, as the Helpware blog notes, might be the best course: 

For AI in clients’ support, you will not substitute people but leverage AI to expand the services. The sporting chance for customer support companies is to combine AI and the workforce. Merging autonomous programs, speaker recognition, and online with people-based client support leads to customer retention. Therefore, AI in clients’ support needs to work together with rather conventional domains.

As we have discussed elsewhere in our blog, AI is a tool that, while capable of automating many daily tasks, shines when paired with an expert that can utilize its benefits to their maximum advantage. And when these two approaches are combined, businesses can create a truly world-class customer support operation, where AI can handle simple tasks quickly and efficiently, freeing up human agents to focus on more complex issues, and also providing the personal touch that automated systems can’t match.

It’s not uncommon to receive automated customer support when calling a company these days, but it can be frustrating when you need to talk to a real person, which is why this provides the best of both worlds: the speed and efficiency of automation, with the human touch of a real person, allowing companies to offer a more personalized service, with AI gathering data about customers that can then be used by support representatives, so they can offer unique insights into the needs of customers. Overall, this is a win-win situation for both businesses and customers.

After all, what good customer support should offer, in both FinTech and elsewhere, is the ability for the users to feel a certain degree of protection, with the tools and processes necessary to make the whole experience as smooth as possible. And with the rapid growth of FinTech platforms and the increased accessibility that comes with it, these kinds of services are more critical than ever; a lot of the users will be accessing financial services for the first time, so questions, issues, and challenges are to be expected. Because FinTech is doing more than revolutionizing how we think about our money; it’s safeguarding our finances, and the responsibility that comes with it cannot be understated. And sometimes, all that is needed is a friendly voice willing to help on the other side of an app.

The Key Takeaways

  • The revolution of FinTech is changing how we think about finances, making services more affordable and accessible than ever before.
  • However, this popularity of FinTech solutions also has challenges, especially for the users accessing these kinds of products for the first time, with customer support being one of the most critical.
  • AI can be a great tool to deal with customer support, offering availability and quick responses in almost any area, but it probably be not enough at this point; human-based customer support will still be important.
  • That’s why a mixed approach might be the best choice, empowering human agents to help customers better and faster, with all the details handled by an AI assistant.

Scio is an established Nearshore software development company based in Mexico that specializes in providing high-quality, cost-effective technologies for pioneering tech companies. We have been building and mentoring teams of engineers since 2003 and our experience gives us access not only to the knowledge but also the expertise needed when tackling any project. Get started today by contacting us about your project needs – We have teams available to help you achieve your business goals. Get in contact today!