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The current environment seems ideal for fintech


According to the KPMG Pulse of Fintech report, the amount of funding for fintech companies has come to about $122 billion during the past three years. There have also been a spate of M&A transactions. Then again, the current environment seems ideal for fintech as consumers use their smartphones for a wide-array of activities. What’s more, there are core technologies that allow for better financial transactions and systems, such as AI (Artificial Intelligence), Big Data, cloud computing and blockchain systems.

So then, if you are an entrepreneur looking at the fintech market, what are some things to consider? Well, here’s a look:

Easy to Understand

Matt Cohen is the CEO of GRAND, which has a prized-linked savings app:

“The best apps can be described by almost anyone in under 10 seconds. Dealing with money is stressful for most and intimidating for many. Forcing simplicity in a product and stripping out extraneous bells and whistles (at least at outset) can go a long way. When things are easy to understand they also often feel more trustworthy – very important especially if the app is asking users for personal information or bank account information.”

Automate Wisely

Michael Finkelstein is the CEO of The Credit Junction, a data-driven asset lending platform:

Noble Purpose That Activates The Passion Of Employees

Steve Barha is the CEO of Instant Financial, which is a financial wellness platform:

“The great fintech companies I’ve been involved with have all had incredibly passionate employees. I think that activating this passion comes down to having a noble purpose. If you’re just selling another app, it’s hard to recruit and retain top talent. The best people want to work for companies that stand for something bigger than the bottom line, and that applies doubly in the context of fintech. We’re on a mission to change how hundreds of millions of people around the world get paid. The people attracted to Instant get that, and it’s reflected in our culture and performance.”

Optimize For Time-To-Success As Well

Steve Zheng is the technical cofounder of Alpha Vantage, which is a provider of financial API services:

“Creating valuable products for your customers does not necessarily translate to customer satisfaction and red-hot growth. Another key dimension is how easy it is for your customers to find the value. On the Alpha Vantage website, for example, it takes only two clicks for a new visitor to issue their first successful API call. Now imagine another service that offers the exact same set of features as Alpha Vantage – except that their website design is so complicated that the users simply get lost navigating between the web pages. For fintech entrepreneurs, optimizing for customer’s time to success means building your web and mobile user experiences with as little friction as possible for your users to see the value. My mentor, Chip Hazard at FlyBridge Capital, has used the term ‘rapid time to value’ to describe this concept and I find it extremely relevant for fintech entrepreneurs.”

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Oliver Smith


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