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  There are three technology priorities FinTech founders must quickly consider if they want to experience long-term growth. Technology is a complex topic, and founders must design their FinTechs to focus on key issues that are driving or detrimental to their growth.
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Thriving in a competitive FinTech ecosystem like Nigeria’s requires all the grit and courage founders can muster, plus doing the required homework. Since technology is at the heart of the FinTech operation, founders will face technology-related issues more often and more. For example, there is the problem of cybersecurity, web bugs and spyware, etc. In addition to these issues, founders will face other challenges, such as choosing the right tool for the job building software and finding the right developer talent to ensure the scalability and reliability of their systems. In this article, I discuss three priorities that business leaders need to consider to thrive this year and beyond.

  1. Founder Must Prioritize Tech Education

FinTech founders may not have all the necessary coding skills; however, this time is not the time to ignore basic tech language and simple functionality. Therefore, founders must pay special attention to technology education throughout the company and how technology works for FinTech.
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Knowing a lot about how the underlying technology behind FinTech works and even fundamental terminologies will help founders communicate ideas, suggestions, and complaints with tech colleagues and developers effectively. Knowing fundamental and even complex tech terminologies has helped category kings like Paystack and Flutterwave disrupt the FinTech ecosystem in Nigeria and beyond. The rallying cry for the adoption of blockchain, machine learning (ML), and artificial intelligence (AI) in FinTech tools to enable businesses to combat fraud, understand customer behavior, create personalized experiences, and mitigate risk is reason enough to prioritize technology education among founders and their teams.

  1. Focus On Tech Security, And Reliable IT Systems

Currently, there is an epidemic of cyber fraud in the FinTech ecosystem. Ensuring the financial security of their consumers, a reliable IT system should be the optimal focus of FinTech founders.
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Trust is at the heart of the FinTech operation, and customers’ money must be protected at all costs otherwise the risk of de-marketing and a decline in adoption. Experts have warned that laxity in cybersecurity would be fatal; therefore, founders must invest in tools that prevent a fatality. Finally, the future of cybersecurity looks bleak as cases of hacking and fraud will continue to rise.

  1. Founders Must Focus On Personalised Experience

The human side of technology will determine the success and failure of FinTech for years to come. Following the rapid digitization of financial services, founders must make the human touch of technology a critical consideration. In a post-pandemic world, consumer behaviors have changed dramatically, with many interested in speed, efficiency, and convenience. Therefore, the founders must study and implement strategies that improve personalization in their FinTech services. Additionally, various tools can enhance the human aspect of the technology, including AI personalization, blockchain-powered digital onboarding, or other sophisticated technological tools. Therefore, founders should focus on these tools that improve personalization and continue to improve the customer experience. Featured Image Source: TechNext
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This article was first published on 14th July 2022

nnaemeka-emmanuel

Nnaemeka is an academic scholar with a degree in History and International Studies from the University of Nigeria, Nsukka. He is also a creative writer, content creator, storyteller, and social analyst.

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