Wealth managers: "Hey FinTech, that’s my customer!"

What has been used as a tool for regulated financial firms, Fintech has now become the competition. Fintechs that were once payment-focussed, are aggressively expanding their terrain into securities, wealth-management, as well as investment services. This leads to you, a regulated financial firm, being cut from the equation.

The shift- Fintech becoming Full-service Financial Providers

Companies that were once simple payment solutions are now expanding into core financial services:

Block, Inc (Square): From payment processing to stock and Bitcoin trading via Cash App.

PayPal: Now offers crypto trading and is exploring stock trading. 

Revolut: Expanded from digital banking to stocks, ETF’s, Crypto and wealth management. 

Robinhood: Started with zero-fee trading, now offers crypto and retirement accounts. 

Stripe: Moving beyond payments into financial services like treasury management, with investment services likely to follow. 

Wise (TransferWise): From cross-border payments to multi-currency accounts and potential investment offerings. 

SoFi: Began with student loan refinancing, now covers stock, EFT, crypto trading, and automated investing. 

Klarna: Known for buy-now-pay-later, now exploring savings accounts and investment products. 

The Risk

FinTech firms have combined smooth digital experiences and low-cost services, alongside clever marketing to attract customers… your customers. Every new feature they add to their repertoire, they strengthen their position and attract clients away from traditional asset managers and financial firms. Unbeknown to you, your fintech partner for digital services, becomes your competition and you have handed it straight to them.

Aerapass to the rescue

Instead of losing out to a third-party FinTech, Aerapass will ensure you are back in control by owning your own digital experience and expanding your service offerings to your customers. Customer accounts stay in your own ecosystem and brand, digital expansion is undertaken under one roof, your roof, without giving up control. 

Retain Your Clients

By keeping customer accounts within your own domain, you are securing that your customers will stay engaged with your brand, resulting in better retention. 

Stay in charge of the ever evolving landscape of FinTech, by utilising Aerapass to secure your position. Contact us to find out more: www.aerapass.io