I entered the workforce in 2007, only a few months before the sub-prime mortgage bubble brought about the global financial market crisis. Over the last 18 years, I managed to work my way around the InComm organization learning as much as I could about fintech, payments, wealth management, financial education and the like. My current role involves providing toolsets, frameworks and support for the international business development pipeline and the associated downstream staff. This includes oversight of project management, operational support, market delivery, change leadership and various other responsibilities including automation, technical product ownership and development.
Enhancing Market Intelligence and Business Development Strategies
Ensuring agility and responsiveness to shifting market conditions and the international environment means expressly connecting upstream sales support with downstream execution. In addition, both teams will need to work very closely with the product, operations and IT teams so internal feedback and developments can be integrated quickly. This would mean establishing clear feedback loops throughout the organization so the exchange of information is well-structured, well-documented and freely flowing between all participants. In the simplest form, such interactions may look like daily or weekly standups where all teams involved have opportunity to speak to updates, challenges, shifting priorities, customer feedback and the like. Moreover, speaking specifically to agility and responsiveness, as complexity increases so too can the format and formality of the feedback loop structures.
“The Fintech space is dynamic and everchanging and success comes from embracing change and adapting quickly”
Additionally, investing in real-time analytics can provide visibility into market changes, customer sentiment and opportunity for competitor analysis. This could include CRM systems, sales enablement platforms and business intelligence toolsets. Such an ecosystem ensures not only sales support and execution teams are in lockstep but also all stakeholders and contributors. And lastly, accounting for the international element can be quite challenging. Best practice dictates establishing trusted local champions in the various regions so strategies and directives can be localized and adapted to different cultures, languages and customs.
Wealth management firms can enhance real-time market intelligence by leveraging technologies like machine learning, artificial intelligence (AI) and robotic process automation. These tools can be trained on proprietary data and perform functions such as news scraping, financial data analysis and task management more efficiently than traditional employees. Market intelligence might include trends, geopolitical events, economic factors and other variables. This data can be stored in a central repository for human review and decision-making, and even integrated into the CRM system to notify sales support and other downstream functions of the latest developments. Another option is dedicating resources to market intelligence activities, where a role works closely with sales support and other teams to provide unique insights that could go unnoticed. This function could also contribute during daily or weekly standups and provide a steady flow of detailed information. Lastly, decision-making tools can be implemented to assist staff in making better, faster decisions.
Client-Centric Strategies for Sustainable Growth
The most critical factor in any enhancement initiative is ensuring all parties fully understand the goals. Inefficiency often stems from confusion or human error regarding the objectives. Aligning stakeholders on the mission, schedule, KPIs, challenges and responsibilities is paramount. This alignment fosters shared ownership and commitment, making regular updates and communication essential. Once alignment is achieved, it must be maintained throughout the process. Prioritizing the effort’s goals is also key, as understanding what truly matters helps address challenges effectively. In large initiatives, competing priorities are common, especially when resources are spread across multiple opportunities. A formalized change management protocol is crucial for handling challenges and changes. Lastly, frequent communication is necessary, with a balance between formal and informal communication to avoid resource drain. Project leaders must carefully manage this balance between communication and execution to ensure efficiency.
Perhaps the easiest and most overlooked method is to just listen to the customer. If you listen, the customer will tell you exactly what they need. Such feedback is invaluable in delivering successful support strategies. In fact, its paramount to the enterprise. This means incorporating tech-driven protocols and processes to ensure time is regularly spent with the customers. As trusting relationships are built, customer needs can be heard, documented, and implemented. Naturally, anticipation of needs will develop and customers will eventually begin receiving features even before they realize they need them. The entire framework can be built into toolsets like the CRM, for instance.
Likewise, a personalized approach should also be used where customer interactions are tailored to account for individual behaviors and preferences. This leads to more thoughtful and proactive outreach. And, with voice of the customer being integrated into the CRM, all teams have access including operations and other downstream groups. This is powerful because the entire organization can now rally around changing customer needs and/or market impacts to deliver exceptional support strategies.
Navigating Fintech’s Dynamic Landscape
The Fintech space is dynamic and ever-changing, and success comes from embracing change and adapting quickly. Innovation, emerging tech and global trends dominate the industry, making education, flexibility and experience essential. Having a broad knowledge base is key—it’s important to understand how everyone in your organization contributes, enabling better collaboration and informed decision-making.
A holistic view improves leadership and change management skills, making it possible to mentor and influence at any level. Networking is also crucial for success, as the Fintech industry thrives on connections. Professionals should attend conferences, engage with thought leaders, and contribute to publications. Continuous learning is vital, staying up-to-date on regulatory changes, technological advancements and market trends. The more knowledge you have, the more likely you are to grow and succeed in the fastpaced Fintech world.
