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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.
Founder Must Prioritize Tech Education
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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.
Focus On Tech Security, And Reliable IT Systems
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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.
Founders Must Focus On Personalised Experience
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