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    If you are just starting a FinTech company, the key to your growth and success lies with much data. And this is not just random data, but quality data that helps you to maximize your startup and get more people on board.
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In this article, I discuss how FinTechs can get the right data that can guarantee growth and success. 

  • Think Global 

As a product developer, one of the best ways to get the right data is to look at global leading FinTechs like Stripes, Robinhood, and even PayPal. This data will help you construct the right frameworks that possess international standards. Furthermore, Nigerian founders can also study the strategies and policy frameworks adopted by leading FinTech startups. Finally, global data helps with the right international AML/KYC procedures standards.
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Looking at their UX and UX experience frameworks can also give you the necessary guidelines to design your product.

  •  Think Local 

The second means of getting the right data is to think local. While you think global, it is important to understand your local demography and pick the indicators and peculiarities to design your product to suit their specific needs. For instance, there are differences in financial literacy, which differ from geography to geography. Building your startup around the geographical idea of finance, spending, savings, and financial management is pivotal to the success and growth of your startup.

  • Learn From Competitors In The Market

The third pathway to getting the right data for your FinTech’s growth and success is learning from your competitors.
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There are several ways to learn from your competitors such as visiting their website, learning from competitors’ users’ experiences to understand their strengths and weaknesses, amplifying your product, and simply doing a fact-finding study can be a great way to derive data.  

  • Look To Industry Experts

Finally, learning from industry experts and thought leaders is another way to get data, which can prove useful to the development of the startup. There are several working papers and research done by industry experts within and outside the country that can be instrumental in designing your product. Through industry-based data, you can monitor trends, learn industry ethics and look at projections. Through this, you can design the right in-house policy framework that has the best international standards. Featured Image Source: Andrii Bruiaka-Medium
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This article was first published on 5th August 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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