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The world in the new reality will never be the same as before the pandemic. The Fintech market was also affected by the crisis, with many companies that managed to adjust in time and respond to changes advantageously. We found this phenomenon interesting enough to dive deeply into the reasons why some companies were struck harder while the others even accelerated their growth, given that all of them have been forced to operate remotely. Is there a chance that remote work helps to grow the Fintech business?

What the web says

The first step in our research was to search through the Internet. We found that many companies that survived the pandemic not only switched to remote themselves but supported their partners and clients in comfortably continuing their businesses.

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Robert Sofia, CEO at Snappy Kraken, published an open letter to financial advisors in which he outlined the changes his company implemented to serve the needs of advisors. For instance, they are waiving all setup fees for financial advisors willing to join in quarantine times as well as lower prices on marketing because traditional marketing events like seminars and networking events are of no use today.

H.-Adam-Holt

Meanwhile, the adoption of digital services will be accelerated, although it cannot be the reason for a regress in client adoption and servicing. To help colleagues figure out how to deliver advice remotely, H. Adam Holt, CEO at Asset-Map, announced an emergency spin-up webinar on best practices. Sharing knowledge at difficult times is also a way to preserve customer loyalty.

Corey-Westphal

Fostering integrations, partnerships, and mutual collaboration is one of the keys to accelerating financial services transformation.

Collaboration among Fintech firms is one of the attributes I’m most proud of in this industry. Partnerships that are mutually beneficial, with no expectation of revenue share, only focused on improving the advisor experience, is a trend we continue to see and actively participate in.” —Corey Westphal, Founder & CEO at Mobile Assistant

What experts say

The next step in our research was to ask experts what they think makes companies stronger when working remotely. The answer was largely anticipated, though the devil is in the details.

Adrian-Johnstone

Most important for us was ensuring our team felt fully supported in a move to 100% remote working. This included ensuring everyone had ergonomic work environments, social gatherings, and increased support through HR where needed. We dedicated a team member to speak with everyone on the team at least weekly to make sure they had everything they needed during the first 12 weeks. —Adrian Johnstone, CCO at PractiFi

Along with HR processes covered in details in our HR management guide, the role of simplicity and understandability of company’s processes rises greatly.

Our business has been highly resilient to the changes arising from the pandemic. Given our global team structure, we were prepared for remote working and have been able to really focus on supporting our clients. Our embedded collaboration features have been exceptionally beneficial as our clients shift to having a remote workforce. —Adrian Johnstone, CCO at PractiFi

The structured process is what makes a Fintech company resilient to any lockdown. According to Mark Nahlovsky from ActiFi, even inefficient meetings and calls can ruin the company’s or the project’s effectiveness. However, if one follows a structured process, there won’t be such problems.

Mark-Nahlovsky

[The development process] is typically delayed by not having the right people on the initial phone calls to discuss the business purpose AND the business process. In some cases, the business process is not being defined to a detailed enough level, thus forcing more meetings and leaving the software engineers frustrated that their time was wasted. —Mark Nahlovsky, CTO at ActiFi

What to do to ensure your remote processes don’t let your startup down?

Handling SDLC and product delivery in a structured way is a basement for a Fintech company that wants to be resilient. Because Fintech is especially sensitive to security policies and regulations, structured delivery becomes important to an extreme.

How to Establish an Efficient SDLC for a Fintech Company

 

Below you can find the checklist of processes that should be formalized and followed in a company to have the basement survive any storm, including the global pandemic. Use them if you have either a software development vendor or in-house distributed (for now) teams.

 

  • Product Requirements Design process for a separate project
  • UI/UX Design Phase Workflow
  • The Initial Product Development process
  • Account Starter and Consultant Onboarding Process
  • Product Knowledge Base Design
  • Product Knowledge Base Onboarding Training
  • Procurement of hardware and software for the project team
  • Dedicated Team Software Development Process
  • Service Delivery Communication Process
  • Account Risk Management Process
  • Project Knowledge and Expertise Formalization Process
  • Client Satisfaction Survey and News Sharing Process
  • Process of Consultant Project Assignment Completion
  • Process of Consultant Assignment to other Project
  • Project Team Termination Process

Instead of Afterword

Remote work is not a reason to stop growing and thriving. If you follow simple rules, partner with others, and have your processes structured, your business will emerge from crises a winner. Fortunately, there is a positive market tendency that says companies start to understand these rules and apply them to practice:

The most apparent change has been an increase in firms looking to increase the quality of their tools, which is good for us. That is somewhat countered by firms struggling with decision-making processes and being fearful of making large scale change while their teams are remote. Overall, were seeing firms adjust more fully to a new normal.” —Adrian Johnstone, CCO at PractiFi

About INSART

INSART is a Fintech engineering partner with outstanding knowledge and experience in developing Fintech solutions, assembling dedicated teams for Fintech projects, and managing them in a long-term perspective. We teach our developers financial concepts and foster a culture of financial literacy and well-being across the company. Our expertise saves you at least 25% time comparing to teams inexperienced in the business domain area. Contact Vasyl Soloshchuk to learn details. Visit site. INSART is a leading partner of WealthTech Club.

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