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What Values Should Drive Uber’s Fintech Strategy?

Chargebacks911® COO Weighs in for BAI Banking Strategies

Despite making their name with a focus on ridesharing, Uber has a stated goal of expanding into a much broader fintech brand. The company aims to corner the market on transportation payments. But, as Chargebacks911 COO Monica Eaton-Cardone explains, any major fintech expansion demands careful consideration and planning.

As a nonprofit, independent organization, BAI delivers actionable insights into the financial services industry, enabling leaders to make smart business decisions every day. The individuals at BAI are passionate about the trusted information and powerful tools they provide, and about arming leaders with the clarity and confidence necessary to move the industry forward.

As the digital market matures, large brands are finding more and more value in fintech investments. “[Uber’s] leadership recently announced plans for their burgeoning fintech division, including a new office in New York and several dozen hires by the end of this year,” Monica explains. “Clearly, the company has some incredibly ambitious goals. Expanding into their own range of fintech products will make achieving them much easier in the long run.”

Uber stands to save hundreds of millions of dollars each year with this investment. There are other benefits too, though, like helping drivers manage their finances and optimizing their riders’ experiences.

“So, Uber and other companies looking to make similar moves need to live up to users’ standards. The question: Can companies deliver on convenience and customization, without sacrificing consumer security and privacy and exposing users to fraud threats?”