There is a huge need for new financial solutions in the world. Classic banks do not keep up with the changes, and sometimes they put obstacles in the wheels of progress. Today fintech start-ups are taking on this or that existing banking or financial task.
For the successful implementation of the idea, the entrepreneur should pay attention to a few recommendations. They will allow you to set up your business and succeed where your competitors will get off track, having lost all their empty optimism.
Fintech direction for implementation
There are many different directions within Fintech. For each of them a number of conditions must be met. In addition to that, you must at least be interested in a particular direction.
What exactly can you create as a fintech startup:
- A payment system;
- A cryptocurrency exchange or exchanger;
- Investment management;
- P2P lending;
- International transfers;
- Insurance products;
- Your own neobank;
- And much more.
New projects are created both to replace existing banking solutions and to expand horizons. For example, in recent years, automated investment solutions or the selection of customized budgeting recommendations based on human expenses have become increasingly popular. Elements of neural networks and artificial intelligence are actively used.
Decide on a license
Not an obvious point for everyone: there are several types of licenses. You can ask for a full banking license or limit yourself to a license as a cryptocurrency exchanger.
Your choice will determine:
- The price of the license and real estate software;
- The amount of preparatory work;
- The range of services you can provide.
Develop a concept for a fintech startup
Creating another payment system may be interesting, but how will it be different from dozens or even 100s of other projects? What problems will your company solve for the client?
Of course, these questions should be asked before obtaining a license – after all, the concept affects all stages of creating a new company.
Many startups grow out of a desire to solve some personal acute problem and gradually turn into big companies. Or you, as an experienced professional, can immediately close the market’s need for a particular solution in a way that no one has suggested before you.
Assemble an outstanding team
As our colleague, the creator of several payment systems and other fintech startups, says: “Put together a stellar team and let it work.” You couldn’t say it more accurately.
A team with the proper experience under its belt, knowing the intricacies of business and law, allows you to launch almost any project from scratch to unreachable heights.
Not only that almost all licenses imply having in your team people with experience in:
- management areas.
Without having at least a minimum of people, you can’t even start, let alone succeed in an extremely competitive market.
Your job is to give people a goal, create the right conditions for them and give the go-ahead to move forward. A business owner, even one standing at the helm, is a lot like a modern director: He sees the picture as a whole, explains to the technicians and actors what the end result should be, and unites people’s work in a common direction.
The rules, at first glance, are simple. But it takes years and 100s of 1000s of dollars to figure out the nuances. If you are determined and want to get results faster than your competitors, turn to experts who have real experience in fintech software development.