FinTech hashtagNeat hashtagPlanto hashtagConvoy I had a very fruitful discussion with 2 great FinTech start-ups, Neat and Planto, today in Convoy FinTech Forum. The topic was how to stay ahead of competitions from hundreds of FinTech start-ups, financial services institutions, tech giants stepping into this game, etc.
That’s my key takeaways.
1. Be focus
2. Find the real pain and solve it better
3. Collaborate with the right FIs based on risk appetite, legacy, systems complexity, FI’s regional coverage (it helps u scale easier)
4. Leverage on their brands and reputation
5. Find key sponsors and engage well
6. Find a way to get around the legacy, compliance and procurement rigidity through trust building and your sponsors
7. FI’s FinTech and Innovation need help as they may not be in a very favorable position in their organizations. They may be unstable and you need to have contingency plan.
My last question to them was how to sustain your competitive advantage and the response was “Customer Focus”. It is in fact very true.