Incat has published a report on the Polish fintech industry. The study was prepared on the basis of responses received from 92 Polish fintechs, which commented, among others, on the challenges faced by startups, difficulties in the licensing process, opportunities arising from cooperation with banks or their business advantages.

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The report shows, among others, that more than half of the surveyed fintechs indicated the implementation of appropriate technological solutions as the biggest difficulty at the start-up (51 percent of responses). Every third respondent pointed to challenges related to running a business, such as obtaining funding or developing an appropriate business model. So it seems that the most difficult thing for Polish fintechs is to face the technology and turn the business idea into a working solution - commented the authors of the study.

And it is in their business idea that most fintechs see their advantage over their competitors. This was declared by 54 percent of the surveyed. Important differentiators are also expected to be the use of innovative solutions and modern technologies. Which ones? Among the technologies used by them, fintechs most often indicated cloud solutions and big data, slightly less often blockchain, microservices and chatbots, as well as machine learning.

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Companies also commented on cooperation with banks. As many as 2/3 of fintechs took such a step. In over half of cases (55 per cent) the cooperation concerns the implementation of modern payment methods, while one in three fintechs (34 per cent) introduced new technologies in a traditional bank.

Cooperation with banks is, by the way, one of the most important sources of financing for fintechs. A quarter of companies declared raising funds from this source. However, funds from various programmes run under the European Union lead the way. More than 58 percent of fintechs used them.

The report also discusses issues related to the licensing process, the KNF's initiatives for fintechs and companies' expectations from the supervisor. The industry's outlook on the international market and opportunities for growth outside Poland are also presented. You can read the entire publication by downloading it from this page.

_{Fot. raisin.co.uk}