The FinTech Market
The FinTech market generally comprises of financial organizations, operating in regulated industries with complex technological requirements, including banks and insurance companies. Typical FinTech solutions include management of data from multiple systems, partners and users, while maintaining a high level of security and user-friendliness. IDC projects in the FinTech market within Trifork’s core geographies are expected to grow at a CAGR of 8% from 2020 to 2024.
The financial industry in Europe has historically relied on legacy technology, such as ageing core systems, while being conservative in their digital ambitions. For the financial industry, however, modernization of legacy IT systems has in recent years become a key priority, which in turn is expected to drive growth for new and innovative solutions going forward. The current ambition in the industry is to drive efficiency, enhance customer experience, and reshape business models to cope with a declining interest rate environment.
In the banking industry, the entrance of new and innovative vendors has changed the playing field and enhanced customers’ expectations with respect to digital and user-friendly solutions. Consumer banks now need to provide online and mobile solutions not just for core banking transactions, but also for person-to-person transfers, private banking and mobile payments. Similarly for insurance companies, digital transformation is becoming increasingly relevant as companies seek to implement systems that enhance customer experiences and enable a greater degree of self-service.
Our FinTech Business
We empower FinTech customers in their digital transformation journeys by building FinTech ecosystems, developing advance mobile payments to challenge established organizations, digitalizing transaction processes and bringing existing applications into the cloud. We strive to make FinTech companies ready for the next generation of technologies. With 15+ years of dedicated industry experience, Trifork has assisted various bank and non-bank customers in building novel solutions. Selected key customers include MobilePay and Klarna in the Nordics and VocaLink/Mastercard internationally.
Within the FinTech business area, we specifically focus on single-purpose solutions, financial institutions and cross-sector solutions. Single-purpose solutions are tailored in scope and seek to empower end-users with the latest innovations, for example, by leveraging existing data to simplify the user experience. Financial institution solutions focus on building digital eco-systems and platforms to reduce operating costs through automation and the use of machine learning and artificial intelligence. Lastly, cross-sector solutions focus on delivering scalable platforms for private to public initiatives, mitigating the increasing regulatory compliance burden on organizations operating within the FinTech business area.
- Expanding vertically through investment in resources and new capabilities
- Focusing on partnerships and ecosystems
- Leveraging cross-selling and competencies with Nine
- Increasing productization of services and acquiring specialist products