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Innovative Strategies to Scale up your Fintech Business
- 21 April 2023
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Our experience has led us to five strategic delivery questions that have to be answered to help scale up a Fintech business.
Over the next five years, Fintechs have a huge opportunity to grow and expand in what industry expert, Chris Skinner*, calls the Fintech Integration Era. This is a period when Fintech services get fully integrated into the financial system through Open Banking and open API’s.
Data will have to move easily between established Fintech organisations at a time when banks are resistant to being open, and Fintech’s lack the maturity to operate under the pressure of complex partnerships. Indeed, many Fintechs are only in early development collaboration with banks, rather than leveraging them more fully and using them as their know your customer and Regulatory “front doors.”
Fintech Delivery Challenges
To succeed at scaling into this environment, Fintechs have to answer how they address five key strategic questions. These can be summarised as:
- Do all employees connect with the business model? Are they able to connect the mission to product development? For example, Agile development of individual software apps may not be coordinated enough when part of a multi-aspect marketplace.
- Will there be the courage to evolve the organisation and govern differently? Will they enable smaller teams to contain all the skills needed to continually and quickly reimage, reinvent, and roll out new products and services?
- How do they keep customer delight and user experience at the front of every conversation when operating in an open banking partnership model?
- How do Fintechs broaden ideation through an open-innovation process across an ecosystem?
- How do they find the right balance of “trust, but verify” with agile, increasingly autonomous, and fast-moving teams operating within an expanding ecosystem of partners?
Build New Capabilities
Here at MI-GSO | PCUBED, our experience tells us Fintechs need to rapidly build new capabilities to answer these questions. We can help your business reach these capabilities to aspire to 10-fold growth, not just 10% EBIT
- Employee Connection – Repeatable, employee led design sprints to test employee alignment with your business model using industry ideas and platform design tenets.
- Organising for Agility – Designing and evolving a modular operating model – refine agile processes, tools, skills, and behaviours to flatten the organisation and better synchronise software development with the wider organisational pulse.
- Customer Led – Improved customer-discovery and product management to ensure all efforts are connected to customers who are actually prepared to pay.
- Innovation & Ideation – A decentralised innovation culture and process to increase the flow of ideas into products and services.
- Ecosystem Value Creation – Partnering is not easy: it’s essential to be able to co-create within technology partnerships.
With these capabilities, employees learn how to build a culture that continuously transforms from the inside out; they work towards customer led outcomes that better align with the organisation’s business model, faster and cheaper delivery of software via a modular operating system and better ideation across an active ecosystem.
Combining these capabilities has the potential to deliver a 10 fold performance increase across an organisation.
* Chris Skinner, The Finanser CEO Doing Digital, Lessons from leaders
This article was written by John Sheffield – managing consultant, with over 40 years business and technology delivery experience, most recently with a C-level transformation role within a major blockchain engineering company
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