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As we wrap up 2023, fintech startups shouldn’t just focus on closing the book on 2023 – they must have an eye toward 2024 growth.
Insights from Blumberg Capital’s Fintech Survey
Blumberg Capital recently released a series of blog posts highlighting consumer adoption and attitudes toward fintech in 2023:
- Why Trust is Foundational In Fintech
- What consumers’ financial outlet means for the fintech industry
- How Slowing Consumer Fintech Adoption is Impacting B2B Solutions
These posts are based on a Blumberg Capital survey of 3,000 U.S. consumers and insights from Blumberg Capital’s CIO Council, a group of advisors consisting of CIOs, CISOs, and IT decision makers. The survey aimed to uncover fintech adoption trends and leverage consumer and executive insights to provide perspective on opportunities for fintech startups.
How Fintech Startups Can Prepare for the Next Year
As we wrap up the series, here is some advice for fintech startups as we head into 2024:
- Focus on Traction to Grow Trust – Just as entrepreneurs need to show investors traction, users need to see it too. It is key to growing trust amongst your user base. When it comes to fintech solutions, users want to see consistency and dependability as a baseline. Figure out what consistency and dependability mean for customers, and regularly showcase the ability to meet those expectations. This grows trust and further enables fintech entrepreneurs to attract partnerships that can lend brand name support in building trust.
- The Financial Terrain is Shifting, Stay Ahead of the Curve – What we know about fintech in 2023 isn’t going to hold up in 2024 and beyond. With interest rates rising and consumers and businesses tightening their budgets, fintech entrepreneurs must know how and why their startups can capitalize on the changing trends and succeed in a competitive market. Developing solutions for a 2022 or 2023 economy won’t cut it.
- Tap into the team’s experience as consumers to create enterprise solutions that show value – As enterprise innovators, we often forget how important the consumer experience is to what we do. At the end of the day, we are all consumers and developing enterprise solutions that provide the ease-of-use and seamless experience consumers have come to expect will help turn innovation into sales.
For more advice on how founders can innovate based on market and customer needs, check out Blumberg Capital’s News & Insights page.