Management consulting is a practice of helping businesses to improve their performance and growth by solving complex problems and finding new and better ways of doing things. Management consulting firms offer services across all areas of business – from operations and marketing, to IT and finance. Each successful consulting firm must have a deep knowledge of the field and expertise which is sector-specific. PSP Lab as a leading FinTech consulting firm is a perfect solution specifically for these reasons. We have assisted numerous clients in various aspects of the startup and venture companies. We approach each client with due care and help them to improve the performance and growth of their business.
PSP Lab offers a wide variety of services in terms of management consulting for FinTech companies. We can advise you on the business strategy, competitive analysis, organisational performance, legal and regulatory compliance, human resources, technological development, and operational processes. We can help you to develop a new strategic plan to, for instance, realise more growth, advise on innovation, or cost reduction strategies. In cases where the company is struggling or does not know how to realise a particular project, it is always advisable to seek qualified advice and that is what PSP Lab can provide you with.
What are the benefits of employing a management consulting firm?
With a value of EUR 70 billion, operations form the biggest segment within the management consulting sector, while HR consulting and strategy consulting are more or less the same in size with a value of just over EUR 30 billion. In total, the consulting sector is worth more than EUR 130 billion worldwide. The reason for such a big market capitalisation for this type of service lies in the fact that management consulting brings substantial benefits in terms of both business growth and improvement of operations at a relatively low cost.
The management consultant will often be filling in for a skills gap a particular business has. It can be much cheaper to source external help than hiring new individuals or even a team to manage a project or task. Furthermore, independent management consultants are not distracted by day-to-day operations and therefore can devote all of their resources to a specific project or task. PSP Lab as a firm specialised in FinTech payment consulting can bring to the table much-required expertise which will help to exponentially grow your business.
What management consulting services PSP Lab is offering?
What PSP Lab does for our clients is always focused on key business levers that make a difference. Each FinTech company has its own twists and turns which we account for. We look at each case from an unbiased point of view and it allows us to provide unrivalled consulting service for your FinTech business.
- Business strategy
- Supporting business growth to build or maintain a competitive edge
- Improvement of operations
- Expansion of relationship with banks and other payment service providers
- Better align people, process and technology initiatives
- Managing cost
- Market and regulatory risk assessment
- Improvement of internal policies and procedures
- Technological development
- Negotiations with investors and prospective partners
We are helping FinTech companies in keeping lean operations, and before hiring an e-banker to undertake a new project such as becoming participants of SWIFT or SEPA, you may want to ask PSP Lab how it’s done, and then delegate the execution to one of your existing employees thus saving time and money.
Did not find the exact type of project that you wish to undertake with our help? No worries, reach out to PSP Lab in order to learn whether we can assist you. Our expertise in the financial sector allows us to provide you with the development of a tailor-made plan for whichever project that you have in mind.
How does a specific project look like?
- Defining the goal– What goal we are trying to achieve?
- Deciding on the approach – How are we going to achieve this goal?
- Data gathering – Find out everything that is relevant for the achievement of the goal.
- Data Analysis – What does our data show?
- Advice – What is the best solution according to our data and expertise?
- Agreement – Building a consensus and commitment around the solution.
- Implementation – Enact positive change based on the recommendations.
- Facilitating client learning—that is, teaching clients how to resolve similar problems in the future.
- Permanently improving organisational effectiveness.
As can be seen from above, PSP Lab not simply strive to provide one-off advice. We aim to enter into discussion and teach our clients while bringing a permanent improvement. We do not consider implementation solely as the client’s responsibility since recommendations that are not implemented (or are implemented badly) are a waste of time and money.
How PSP Lab is different from other management consulting firms?
FinTech management consulting service providers are sometimes criticised for the overuse of buzzwords, reliance on and propagation of management fads, and a failure to develop plans that are executable by the client. Management consulting is an unregulated profession so anyone or any company can style themselves as management consultants. A number of critical books about management consulting argue that the mismatch between management consulting advice and the ability of executives to actually create the change suggested results in substantial damages to existing businesses.
Fortunately, you are in the right place. PSP Lab strictly follows with the requirements of each client and has realistic projections. Thanks to many years of experience and inside knowledge obtained from holding senior positions in a variety of firms engaged in the financial sector, our partners know in practice, not in theory how the business works and must be managed. We undertake a careful evaluation of whichever project where we engage in to offer you an unrivalled solution. Most consultants will present you with the projections which are unrealistic, however appealing. Indeed, a frequent dilemma for experienced management consultants is whether they should recommend what they know is right or what they know will be accepted. PSP Lab sticks to reality and offers solutions that truly work regardless of how they will look from the first sight.
To help us understand your needs and ascertain that we are the right FinTech Management Consulting firm for you, we offer an initial 15-minute consultation free of charge. Reach out to us in order to ascertain how we can assist you in establishing and growing your business.