Backed by Scottish Enterprise and FinTech Scotland, the independent not-for profit organization, a cluster of ten Scottish startups is ready for Money20/20 Europe. The country, predominantly leading the charge with its fintech ecosystem, is once again garnering attention for its diverse and rapidly growing portfolio of innovative startups.
Ranging from secure digital document distribution company docStribute to banking access app for the underserved community OneBanx, Scotland has some promising fintech startups under its banner.
The CEO of Fintech Scotland Nicola Anderson shared her pride in the booming fintech sector in Scotland and remained hopeful of expanding the cluster network at the startup expo.
Meanwhile Lorraine Anderson, head of Scottish Enterprise’s Global Trade team for fintech also shared similar sentiments. Anderson praised the ambition of the Scottish startups and deemed Money20/20 an ideal platform to display the country’s talent.
The Money20/20 Europe, scheduled to be held between June 3 to June 5 in Amsterdam, Netherlands, will bring about hundreds of fintech startups from the European world. The Scottish cluster will include docStribute, OneBanx, Aveni, Korelabs, Inicio, Encompass, Recast, CreditNature, BigSpark, and Transwap.
As per a recent report by the FinTech Times, digital banks have far greater expectations to meet than before. Consumers, after experiencing agility, accessibility, and one-click banking, now want digital banks to offer integrated systems to cater to their needs.
And the expectations just don’t stop at speed and access; consumers also seek digital banking solutions that uphold the security standards of those of the traditional banks. Multiple Fintech experts and digital banking professionals unanimously agreed in this report that digital banks in the future will need to upscale their offerings if they wish to retain the massive volume of consumers shifting towards them right now.
Digital banking, also known as embedded finance, has an array of challenges to deal with, and experts predict that this is just the tip of the iceberg. Customers, inspired by the likes of Uber, Airbnb, Shopify, and Navan now expect all their online platforms and embedded financial services to offer integration advanced by experiential features.
Digital banks seeking to retain users or expand for that matter need to look beyond features and sleek designs of their applications. Agility, accessibility, integration, and many more buzz words are now a significant part of the real digital banking world.
Burnout is not a myth and nobody more than startup founders can agree with that. As per a recent study, more than half of the startup founders reported experiencing burnout due to their demanding role.
When these numbers become reality, startup founders seek ways to step away. However, in most cases, succession planning seems like a daunting task and prevents many young entrepreneurs from getting a well-deserved and long-awaited break.
But there are practical ways to step down and they work. Recently shared by Ellis Seder, a seasoned entrepreneur, founders can now plan their exit without jeopardizing their startup i.e. their dream venture.
From paid exits, trade sales, mergers, and internal succession, to management buyout, Seder noted that founders have numerous answers to their call. The need is to properly plan the exit, evaluate the best course of action, and then confidently bring in a successor with the right skillset and experiences.
Great startups do not have the best offerings, at least not always. Instead, according to PR specialist Angela Yore, the most successful startups have great (and often specialized) PR and marketing tactics under their belt.
From Netflix to Airbnb and Klarna, one common factor among the billion-dollar startups is that their idea – no matter how unique – was only validated through rigorous PR campaigns. The need for their idea may not have existed before but through specialized and skilled PR specialists, the successful startups made a mark on their existing and potential customers.
As per experts, fintech startups seeking to strengthen their foothold in the highly saturated and competitive markets must stand out with their PR strategy. Deep industry knowledge, story-led messaging, and capability to address multiple audiences quickly and simultaneously, are the key elements of a specialized PR strategy, shared Yore.
So, gone are the days of boring and generic ads that served nobody but conventional businesses. Today’s fast-paced world with its dynamic variety of fintech companies requires each startup to up their game with specialized, personalized, and highly thought-through PR campaigns.
In this week’s Monily weekly scoop we just didn’t share news with you; we aimed to bring you insights from some of the top minds of the Fintech startup world. Every week, we cover topics that interest you, relate to you, and ultimately benefit you.
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