The Technology Foundation Giving Fintechs a Competitive Edge

Josie Scotchmer, Marketing Manager

November 16, 2022

The pandemic fuelled record-breaking investment in the financial technology industry: Last year, fintech funding represented about 20% of all capital invested, according to KPMG.

After its multi-quarter frenzy, fintech funding is back to pre-pandemic levels as of Q3 2022, according to But there’s still money on the table: Even now, fintech is the second most-funded industry globally, with over $13 billion going to startups last quarter.    

In this investment landscape, both fintech startups and established companies are looking to build products that not only provide for their customers but also deliver profitability. The industry is clearly fast evolving, so these organizations must harness metrics on both product performance and customers to continuously improve their offerings. Yet many fintechs find it challenging to effectively analyse their vast data.

Here, we’ll discuss how fintech leaders can efficiently gather more accurate data and use it to inform their strategies in a highly competitive industry.

Challenges for the Fintech Industry

Securing funding: The fintech market is fiercely competitive. And with investors now pulling back, business leaders must prove their companies have profit potential when pitching. Attracting investors requires easy access to KPIs, especially those that illustrate financial performance.

Acquiring and retaining customers: Fintechs need data to identify profitable markets as they work to engage customers, but few have adequate data to inform customer acquisition and retention efforts.

Complying with changing regulations: As fintech becomes more mainstream, governments are increasing their regulatory oversight. To meet audit requirements and stay in compliance, fintechs must establish rigorous compliance assessment systems that allow them to map regulations in various countries, particularly when expanding into new markets.

Focusing on the big picture: Fintech companies need sound portfolio management in order to reduce risk, improve decision making, optimise resources, and access real-time metrics. That way, they can focus on executing business goals, boosting productivity, and delivering greater profitability and ROI.

Securing the ability to innovate: To maintain a competitive edge, fintech execs need to accurately identify which of their company’s innovations are not only popular but also profitable. This requires easy access to company-wide performance metrics. 

Hiring and retaining talent: Many fintech companies struggle to hire and retain employees with the skills they need. They can likely increase their chances of attracting and keeping employees by using a business management system that is as advanced, automated, and insightful as the products they provide. 

A Technology Foundation for Fintechs

The world’s leading fintech organizations are partnering with NetSuite to future-proof their companies. They use the system to:

Gain visibility into profitable products: Take advantage of out-of-the-box reporting and analytics dashboards that provide full visibility into the profitability of products, product lines, and portfolios using NetSuite Financial Management(opens in new tab). Then, nurture products that are especially profitable.

Develop and deliver products cost-effectively: Oversee the product lifecycle, track costs, manage pricing, and handle product development in a single system – with insights every step of the way – via NetSuite Inventory Management(opens in new tab) and NetSuite Order Management(opens in new tab).

Expand globally: Move into new international markets and adjust operations for local currency, taxation, and regulatory differences with the cloud-based NetSuite OneWorld(opens in new tab) system. Also provide executives with regional and global financial reporting in real time.

Manage revenues: Simplify the complexities of constantly evolving revenue recognition mandates with revenue intelligence and actionable data in an “always-on” compliance solution like NetSuite Revenue Management(opens in new tab).

Lower IT costs: Avoid the high upfront costs of on-premises software by employing the NetSuite SuiteCloud platform(opens in new tab), a globally accessible, always-available, secure cloud environment.

Handle governance, risk and compliance: Navigate increasingly complex regulatory, operational, and compliance challenges with powerful customization, automation, and reporting capabilities. NetSuite’s Governance, Risk, and Compliance(opens in new tab) solution minimizes risk exposure and ensures the accuracy of financial statements.

Scale technology adoption: Quickly prove the power of an ERP system with NetSuite SuiteSuccess(opens in new tab), a phased implementation approach designed to deliver unmatched value from day one. Use the system’s pre-configured KPIs, workflows, reports, and dashboards for daily and strategic needs, then add more capabilities as needed.

Download the business guide(opens in new tab) to learn more about how fintechs are using NetSuite to gain a competitive edge.

NetSuite has packaged the experience gained from tens of thousands of worldwide deployments over two decades into a set of leading practices that pave a clear path to success and are proven to deliver rapid business value. With NetSuite, you go live in a predictable timeframe — smart, stepped implementations begin with sales and span the entire customer lifecycle, so there's continuity from sales to services to support.

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