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Home Fintech January Highlights in FinTech: A Year Unfolding

January Highlights in FinTech: A Year Unfolding

Fahad Khan by Fahad Khan
January 6, 2025
in Fintech
Reading Time: 1 min read
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January Highlights in FinTech: A Year Unfolding
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After a thrilling period of rapid expansion, 2023 has been widely acknowledged as the year of adjustment for the fintech sector, as the industry matures and numerous players continue their digital transformation initiatives.

According to McKinsey & Company, fintech is currently entering a new chapter of value creation, where companies are competing to achieve sustainable and profitable growth.

So, what strategies can businesses employ to maintain and enhance their impact on customers, the broader financial ecosystem, and the global economy?

Drawing from its analysis, McKinsey has identified several key themes that will shape the future of this sector.

Cost Management is Crucial for Fintechs

McKinsey’s research indicates that during the previously mentioned period of rapid growth, fintech companies prioritized swift expansion over cost management, when they had greater access to capital and more frequent funding opportunities.

Now, finding the right balance between cutting costs, maintaining customer satisfaction, and continuing growth has become a top priority. Leaders are exploring various strategies to reduce expenses and drive profitability.

The research shows that 50% of publicly traded fintechs were profitable in 2022, with effective cost management being the key factor distinguishing successful firms from those struggling to achieve profitability, as opposed to just focusing on revenue growth.

“Achieving success through cost management is vital for fintechs as they enter this next phase of development,” state the authors. “While fintechs sharpen their focus on expenses, they should also rethink their operational strategies to create more agile and adaptable organizations capable of navigating the current landscape.”

In fact, four out of five fintech firms surveyed by McKinsey reported making adjustments to their operating models, with two-thirds highlighting a focus on profitability and sustainable cost structures as a critical element in their plans for the future.

Tags: FinTechJanuaryRound-up
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