Banks often look up to fintech players for innovation. Yesterday I had the pleasure of attending the inaugural European Analyst Day at Stripe, one of the largest “fintech unicorns” in payments. And I believe that banks and technology vendors alike can learn a number of important lessons from Stripe.
Stripe is perhaps best known for providing a slick payments acceptance experience for many leading digital firms, from Lyft and Instacart, to Facebook and Indiegogo. However, casual followers might be surprised to learn that Stripe is rapidly moving beyond simple payments acceptance, with a set of business products designed to help businesses that have more complex payments needs, such as managing subscriptions or payments on platforms and marketplaces. Other products such as Radar for fraud prevention and Sigma for business analytics further enhance the core offerings. Stripe also offers Atlas, a set of business services that can help entrepreneurs establish internet business in the U.S. And, Stripe is also making strides in the enterprise client segment, with a number of flagship brands including John Lewis and Tesco working with the company to support their own digital transformation efforts.