The past years have been difficult for all business sectors, including payment systems. At the same time, the difficulties highlighted the most urgent problems and challenges. Valeria Vahorovska, CEO of Fondy, tells what the fintech sector is dealing with now.
The main challenges and their reasons
The first challenge noted by Valeria Vahorovska is the management of uncertainty in making strategic decisions. Predicting user behavior is becoming increasingly difficult.
Customer preferences change so quickly that you have to keep abreast 24/7. If you lose sight of at least one trend, you risk falling out of the race. We should know the client’s interests and preferences in life, not only in the business sphere. It helps to understand people’s problems and how we can help them with.
The second challenge is regulatory norms. A fintech company should not only know laws but also monitor the smallest changes in them. For example, Fondy works with more than 150 currencies. “This means that we need to understand how these currencies work in different countries, whether there are any prohibitions or restrictions,” says Valeria Vahorovska. Dealing with various regulatory bodies is a constant routine.
The third challenge is related to intellectual property and technology. New technologies appear every day. The challenge is to identify potential leaders, obtain rights for the use, and quickly implement the technology. “We should predict which technology will be useful for our client,” says Valeria Vahorovska. “It isn’t enough to be technological, you need to solve the problems of the client’s business.” For this, as already mentioned, you need to follow the trends and preferences of users.
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Why is Fondy useful for local and international businesses?
The primary idea of Fondy is to provide high-quality, convenient, and inexpensive financial services to representatives of small and medium-sized businesses. “When I worked in the banking sector, I realized that banks are focused on big business. All other entrepreneurs found it inconvenient or unprofitable to use their services,” says Valeria Vahorovska. Fondy now works with all businesses, thanks to the convenience offered by the platform.
The platform is perfectly configured for conducting business in both local and international markets. Platform users can receive and send payments in one of more than 300 ways. At the same time, payments are made and accepted in any currency — this is a unique feature of Fondy, which is not found in its competitors.
Payment systems change the rules of the game: now, payments require less effort, time, and fees. “The situation in fintech is getting better and more interesting every year,” says Valeria Vahorovska. More information can be found at the source.