The terrain of the financial services industry is advancing quickly, and for FinTechs in Nigeria to overcome, the need to diversify is crucial. Four key principles can stimulate FinTechs to attain a profitable and sustainable transformation. This can only be achieved by having a clear-cut pathway, a set of clearly understood prerogatives, an idea that is disseminated and a decisive leader. In this article, I discuss extensively the four principles that can bring about successful banking transformation for FinTech startups.
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Complex Modifications Needs A Clear Plan
The first law of transformational shift in the FinTech industry is to discern what areas of your startup are going to be impacted as well as the successive prospective effect on your operations. For instance, if you are intending to revamp the mortgage industry you need to first comprehend the implications of your plan. Will the modifications affect your go-to-market strategy, your distribution and fulfilment technique or the borrowing experience itself? By answering these questions, you will know how to drive execution in a manner that guarantees the delivered results.
Execute Organizational Readiness
After discerning what needs to be changed, the next is making organisational readiness a priority. Of course, planning is important, but it is not enough. Therefore, the second direction is to ensure the organization understand its capability gaps and if there are sufficient functional and specialized devices to move the business on the right path.
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The velocity in technology adoption and the surge in customer-centricity have steered several companies to launch digital transformation projects, to enhance customer experience. This, in turn, has resulted in many FinTechs ignoring one vital component of this transformation – modifying back-end networks – and rather concentrating entirely on the front end.
To achieve authentic triumph in banking transformation, your transformation must traverse both front and back-end systems. Therefore, FinTechs must consider the bigger picture and bridge this transformational divide.
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Enable Your Team To Drive Change
FinTechs are performing in the “people” profession. Not only are they helping customers access streamlined financial services, but they must also consider the human capital of their company. One of the foundations of transformation success is to ensure that the organization’s culture and the mindset of its employees are aligned. This strategy not only pertains to delivering the right support to your current workforce and assisting them to develop in the right direction but also attracting the right talent needed for the organization to grow.
In conclusion, working with the right technology partner is important. A partner that incorporates advanced technology and sophisticated banking capabilities with the experience and vision you need to succeed.
If you’re looking for a partner with the necessary reach and depth of expertise, and one that can provide a frictionless, 360-degree view data solution to aid intelligent, farsighted decision-making, please get in touch.
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This article was first published on 15th November 2022
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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