This week we look at the results from our industry survey. We asked you which companies you thought would emerge strongest from the crisis in one year and why. TransferWise was the winner in terms of votes…let’s dig deeper in the results.
Here are the main takeaways:
- Digital offering is the key growth driver
Both for what you classified as well-known and lesser-known companies, the industry believes having a strong digital offering is a key competitive advantage over rivals – hard to disagree with that. In our recent Forbes column, we looked at how both incumbents and new players are rising in the digital game. But as the pandemic recedes, how much of the boost to digital will remain?
- Incumbents take advantage of cash
Having cash in a crisis is always important. Incumbents can use it to take advantage of market opportunities, such as Western Union reportedly looking to buy MoneyGram (our analysis of that potential deal here). For the leading digital focused players, a war chest can help withstand the increased cash burn if certain revenue streams dry up.
- Differentiated products to support growth
The results showed a mix of customer and product focus, be it B2B or B2C, a new or alternative payment method or a rich platform product. Currencycloud and Payoneer, both pushing their platform plays, were highly rated by their peers. The industry also clearly knew something about iBanFirst who just announced closing their Series C round today.
Many other interesting companies came up in the research, particularly on the “lesser known side”. We’ll be tracking those to see if the industry was right.