The M&C challenge—and a solution
Building such fintech solutions in-house vs. licensing from existing fintech companies or traditional FIs can be a better route to take than waiting for the fintech, banks and other FIs to offer them. In some cases, banks are so tied to revenues from legacy solutions, that they will not offer fintech solutions that might cannibalize the old way of doing business. This creates an important opportunity and strategic obligation for M&Cs to own their own fintech, particularly payment and regulated lending strategies.
Further, payments and lending solutions once offered exclusively by traditional financial institutions are now readily available, and often at much more affordable prices, from fintechs and other non-financial institutions. While these firms can introduce risks of their own, they are often the most advanced and innovative providers of solutions. Standing up a payments team within a merchant or corporate may be seen as a luxury many feel they cannot justify. Many may believe that only M&Cs of massive size and market capitalization (e.g., Amazon with Amazon Pay) can afford to build teams of internal fintech experts or afford to use expensive consulting resources.
If your company fits into this category, we can help. By investing in your project, we partner to achieve fintech results, generating tangible outcomes. This reduces owners’ out of pocket costs and risks and aligns interests in project returns, not consulting fees. And if your unique situation, size, strategy, existing capabilities, etc. ultimately make a third-party solution a better fit, we will tell you so. We provide concrete, actionable recommendations and implementation roadmaps for initiatives such as selecting a new processor or integrating third-party solutions.
