The fintech industry has been growing at a rapid pace over the past few years. As we enter an era of consolidation, we take a look at the top 10 fintech consultants that have been helping fledgling startups develop clear strategies for growth and sound visions for the future.
US research and consulting firm Gartner offers a range of services to established players and up-and-coming fintechs. Known for delivering key insights, the firm this year launched a decision guide for Making Strategic Fintech Partnerships, offering key insights to established financial services firms – categorising whether a fintech is best seen as a buy, a buy-and-customise, or a partnership opportunity. Such actionable, objective insight helps Gartner’s clients make smarter financial decisions to accelerate growth, pick the right tools and providers, and create partnership networks.
Dublin-based professional services firm Accenture is helping to bring newly-launched fintechs to market. While its Fintech Innovation Lab is technically an accelerator to help get fintechs off the ground, it does offer consulting services to banks, helping connect them with the most promising fintechs and up-and-coming technologies. The firm believes now is the time for banks to ‘challenge everything’, and supports them in their digital transformation journeys. As neobanks and challengers chip away at the value chain, Accenture supports incumbents as they look to level the technological playing field.
Headquartered in Dublin, Experian is a multinational data analytics and consumer credit reporting company. The company has a dedicated division charged with delivering fintech solutions to startups needing to grow and scale at speed. A service-driven and technology-led partner, Experian helps connect fintechs with the right solutions, fueling capacity and enabling quick scaling, all while helping to deliver exceptional customer experiences and speed-to-market advantages.
One of the big four global accounting organisations, KPMG offers consulting services to fintech clients. These include traditional financial institutions as well as startups looking to innovate in the sector. In particular, KPMG’s payments consulting division supports businesses by offering a range of services and solutions to help them keep pace with an ever-evolving regulatory landscape, increased competition, new technologies and shifting customer expectations. KPMG helps its clients to think strategically, in an era of mass digitalisation.
Another of the big four consulting firms, EY has an aim to ‘bring the best of EY to fintech firms and the best of fintech to the wider financial services market’. The firm supports fintechs across the growth chain, offering advice and connections to early-stage startups, as well as solutions and alliances to scaleups looking to accelerate innovation and reduce risks. The accounting firm also facilitates connections between investors, fintechs, regtechs and established financial services firms to build partner ecosystems across the industry.
US-based Boston Consulting Group is one of the big three management consulting firms globally. The organisation gives its clients access to its Fintech Control Power product suite, featuring insights solutions, as well as research and advisory capabilities. Its insights suite provides tools to help clients identify and compare industry players, and trace funding deals and connections among companies, while its research and advisory arm provides clients with a variety of customised research and advisory services aimed at accelerating their innovation and growth strategies.
PwC is yet another of the big four accounting firms, which is helping to drive digital ecosystems forward with partnerships between fintechs, incumbents and others. As put by PwC’s Head of Corporate Finance, Steve Cater: “The right partnerships between the right players have the power to transform financial services and deliver meaningful social and economic impact, by bringing together the capabilities of the fintechs and techfins with the strengths of incumbent players. Technology is making it easier for organisations to work together – partnerships will be key to embracing this change.” PwC is helping to deliver this change and driving technology forward in financial services.
The oldest and largest of the big three management consultancies, McKinsey & Co has well and truly found a place for itself when it comes to supporting fintechs. Its Panorama Fintech product suite helps executives effectively navigate and operate in digital banking ecosystems. Supporting clients with insights and intelligence on more than 6,000 innovations across robo-advisory, digital SME lending, payments infrastructure and 35 different areas of disruption, McKinsey’s team of advisors helps deliver change for financial institutions and fintechs alike. The consultancy continues to deliver expert insights and analysis on its fintech insights page, too.
Another of the big four consulting firms and an instantly recognisable name, Deloitte offers a range of services in support of fintechs, from startups through to established players. For startups, Deloitte not only supports company formation, but also helps them establish and prepare for shareholder investment as well as offering advice on international expansion and restructuring. It also submits licence applications to supervisory authorities for its clients. What’s more, its services extend to legal consultations, including daily advice on matters vital for business risk management. Further legal services are given for regulatory compliance and due diligence, and it consults on legal aspects of implementing blockchain technology in business operations. Furthermore, Deloitte helps support its clients with data protection and cybersecurity services and offers consultations for taxing obligations and financial advisory services.
Consulting leader Capgemini is at the summit of our list of the top 10 fintech consultants. The firm offers a comprehensive suite of services tailored to empower fintech companies across diverse sectors. In particular, Capgemini’s Technology Advisory provides fintechs and other financial services companies with leading counsel on technology architecture and innovation alignment with a business’ objectives. Renowned for its digital transformation capabilities, Capgemini guides fintechs to adopt the latest technologies, helping them elevate the customer experiences they offer. Additional services include solutions for regulatory compliance and robust cybersecurity offerings to help fortify fintech platforms and allow them to protect sensitive data. Capgemini's prowess extends to data analytics, cloud services optimisation, blockchain and DLT integration. With a collaborative approach in dedicated Innovation Labs, Capgemini actively supports fintechs in ideation, prototyping and testing groundbreaking solutions.
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