Driving Agility in Fintech: How IDaaS Can Help Firms Innovate their Way to Success

Introduction

The UK’s Fintech sector is booming. Despite Brexit-related concerns, it remains Europe’s main hub for financial technology start-ups, providing 60,000 jobs and contributing around $7 billion annually to the economy. In fact, it managed to attract $564m (£433m) of venture capital funding in the first six months of 2017 alone, a 37% increase from the same period in 2016. This puts the UK third in the Fintech stakes behind the US and China.

Investors have ploughed more than $25 billion in over 4000 UK-based Fintech companies since 2010 keen to capitalise on their relentless push to innovate, disrupt and democratise away from old, entrenched ways of doing business. From blockchain to AI, crypto-currency to peer-to-peer lending, the sheer range of new ideas permeating a once staid landscape is exhilarating—but the stakes are high.

To succeed in an already highly competitive market, Fintech players must be agile, collaborative and scalable. They’re also competing against traditional financial services giants, which themselves have finally grasped the importance of business agility to make quick, flexible decisions to empower their customers.

In this landscape of mobile, cloud-driven innovation and rapid software development lifecycles, cybersecurity is often not given the attention it deserves. Yet Fintech companies hold highly sensitive and regulated customer data and IP that must be protected. Identity and access management (IAM) therefore becomes a key area for success. Getting this right will lay the foundations for a thriving business. But it’