5 Things You Need To Succeed In The Modern World Of Finance & Fintech

Stay successful

In today’s ever-changing climate it’s important to stay ahead of the game, but success goes beyond the workplace, with that in mind here are our five tips you need to succeed and stay successful in finance and fintech. 

1. A solid product offering with continuous innovation 

In an industry where innovation is constant, your product is key. It’s what helps your brand stand out in a saturated market. Innovation doesn’t just end at the technology that solves your customer’s problem though. The fintech realm is filled with rapid change, new legislation, and cloud developments, so no product can remain the same for too long. Staying on the pulse of the ever-changing landscape will help you better your tech and keep up with your customer’s changing needs.

At Medius, what began with Accounts Payable software has grown into an AP Automation platform with integrated payment automation, procurement, supplier management with a supplier portal, analytics, and more. We’re making this all autonomous using intelligent technologies like artificial intelligence and machine learning — reimagining the accounts payable workflow. Creating an end-to-end product suite that serves our customers by using automation to improve accounts payable efficiency. Making Medius an entire solution, rather than a one-problem fix.

2. Keeping customers central to everything you do

A major factor that makes fintech businesses succeed today - your customers. A customer-centric approach should be in absolutely everything you do. There really is no such thing as B2B. Every vendor, every supplier, and every user is a consumer who filters through every process. Making the user experience (UX) of dashboards, web pages, and apps user-friendly is just one-way fintech platforms can keep up with consumer needs.

Making customers feel important is key, and comes in many forms. First, ensure that you have great customer support at every necessary touch-point. You’ll be able to use the collective data of the customer community as performance benchmarks.

We have $180 billion of spending that flows through the Medius platform, which we use as an excellent measurement tool for businesses who want to improve their invoice-to-pay process. And as a result, they can regain control of spend and minimize risk. Leveraging this collective data set, allows you to improve performance for many, not just a few.

Second, is making sure your customers are getting value from your offering, and fast. Time to value is crucial in today’s business climate; customers need to get live fast and deliver results.

3. Creating a strong leadership team

Having a good reputation is King to a business that wants to be successful in the finance sector. You want customers to trust you with their finances, and a big part of that comes with having a strong leadership team.

Having leaders actively involved with running the day-to-day will mean your customers trust you, and will give the business room to grow, evolve and innovate while being supported in the process.

4. Funding for growth and everything in between 

The hustle should never stop. Funding not only means increased resources and spending for operations, but it also fuels innovation and R&D, which is central to keeping up in finance. There will always come a time during rapid scaling and growth when you must stabilize and look for more than a financial investment.

Medius for example secured Advent International as a minority shareholder in addition to our current private equity firm Marlin Equity along with a massive drive for partnerships. And, in March 2022, acquired OnPay Solutions to integrate its payment processing — AP automation’s ‘last mile’ — directly into our AP Automation platform.

The results show for themselves with our customers experiencing enhanced and improved operational efficiency, with Medius strengthening its anomaly, fraud, and risk detection capabilities.

This kind of quick pivot and innovation can only really happen with strategic partners with established technology.

5. The company you keep 

We mentioned having a strong leadership team, but it’s also important to look at those around you. Always surround yourself with great people — people you can turn to in good times and in bad. When people feel they are valued and respected in the workplace that is when they deliver exceptional results — together.

The evolving world of fintech and finance constantly innovates technologies that make the sector exciting. Share that excitement and enthusiasm with a group of people that will continue to keep you motivated and energized.