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.”
To succeed at scaling into this environment, Fintechs have to answer how they address five key strategic questions. These can be summarised as:
Here at MIGSO-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
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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