How does the growth of Chinese fintech companies affect our markets here in the US? Even if US consumers aren’t using Chinese fintech providers, our fintechs can learn a lot from their global competitors. One major difference between China and the US is the focus on specialization.
Fintechs in the US find a niche with a challenge and focus on solving that. Venmo focuses on P2P payments, Simple focuses on providing digital banking, and Acorns is all about investment. In China, fintechs traditionally reach across many applications, adding functionality to cover new niches whenever they identify a new challenge facing their users.
For western fintechs, there is much to be learned from their Chinese counterparts. While mastering a niche and expanding your user group in that space works, as the fintech sector becomes increasingly saturated, the need to diversify could be the next step for many established companies. With the size of the Chinese market, the data and knowledge that you can gain from such a large test group show that change may be on the horizon. Building a team with experts in navigating industry partnerships and expanding payment platforms is critical, and many companies will be searching for AI, Strategic Partnerships, and Platform leaders in the coming year.
If you’re looking to add the best fintech talent to your team and capitalize on 2020’s biggest trends, Martin Executive Recruiting has the expertise and network to connect you with your ideal hire. Get in touch today and learn what we can do for you.