To model the Fintech enterprise, its better use a method rather than make things up on the go. A method guarantees results and increases the productivity, predictability, repeatability and reliability of the business modelling and transformation. What would be part of this method though? It is good to have. Most of the FinTech companies wins on the principal of “The ability to relate to people, to inspire and motivate them is what you must ever work on as a leader”.
Abstract – A few years back, I had a fascinating discussion about Fintech. Today every 3rd if not 4th profile on LinkedIn is about FinTech Expert. Few days ago someone asked me a million dollar question “What is FinTech?” I was intrigued with such a small, simple question but found it difficult to answer this to a person who is not from those 4 people from linkedin. My simple briefing note to answer this question was, “Fintech is a technical tool to support financial services”, making it simple for everyone on this planet earth along with promoting idea of “Financial Services as a basic right for every human being”. Financial technology, also known as fintech, is an economic industry composed of companies that use technology to make financial services more efficient. Why it is so inherently difficult to define the concept of Fintech, is because definitions change over time. Alternatively, traditional banking organizations are hindered by legacy operating systems, capacity to innovate, agility and technology expertise.
Despite the proclamations of some visionary Fintech founders, banks aren’t disappearing anytime soon. The engine under the hood of big banks — the compliance and money-transfer systems — are simply too difficult for any start-up to replace, which is why tech plays like Apple Pay are still built on top of existing bank systems and payment rails. To maintain the dominance they’ve enjoyed up to this point, however, banks need a radical redesign of their customer-facing assets. If banks fail to overhaul
Social Good – I want to make a disclaimer at beginning of this post that, I am not judging or rating anyone neither my intentions are to compare anything/anyone here. This article is neither a conclusion nor a claim by any means this is just my own Intuitive writeup […]
Most of the companies coming into the mobile payments space are actually coming in with little or no experience of the sector and often fail to provide a soulful touch and product to customers. Segmenting customers based on a few simple parameters (like age, potential earnings and spending habits) will therefore ensure that business models are drawn properly and will serve relevant customers.