This column is authored by Swati Saxena, Editor, MySipOnline
Have you ever wondered how these top companies reached this level of success? They must have adopted some of the best strategies combined with innovations, right? Entering the world of entrepreneurship is easy, but staying there for long while achieving success is quite difficult & challenging. The reason being is that our clients always expect something new from us. They want advanced products, latest technology, and innovations which may help them simplify their lives. The global competition and weak economy have made growth even more challenging, and to sustain strong, every business needs to adopt the best and the most effective plans.
These days, the financial sector is at its boom, and with the awareness of mutual fund investments across the globe, it has become even more attractive. The online solutions in almost all the sectors have drawn the attention of the customers towards the finance industry as well. Financial Technology which is popularly known as FinTech has been brought into existence which is gaining huge presence in the global market and attracting more customers’ attention. This means, if you are preparing to establish a FinTech venture, then you are probably taking the most advantageous though challenging decision. FinTech startups are gaining ground in the market due to the online and technically advanced services which they provide to clients either for the purpose of funding or for making online investments. Do you want to achieve success in your business to form a reputed position in the FinTech industry? If yes, then the following strategies can be helpful to you.
1. Invest in the Latest Technologies
The world is getting advance day-by-day, and it has become quite important to stay updated with new techniques. If you wish your FinTech business to reach heights of success, then you must invest your money in adopting latest technology which can yield advance features to your customers to help them enjoy the best services. We know that technology is built to meet a problem or an opportunity and using the same to extend the abilities and serve the customers in the right manner may lead your business towards prosperity.
2. Develop Innovative & New Products or Services
Innovation is the key to success. During the initial stage of business, it is important to bring in innovation and latest technology so that the clients find something new and attractive in your venture. FinTech is the sector which requires extra inputs as the industry is quite active in all the spheres and works on the real-time basis. The products or services have to be unique in nature along with being accurate so that the solutions delivered by them remain impressive and acceptable.
3. Encourage Financial Inclusion
The primary objective of the FinTech venture is to improve the financial health of the neglected consumer segments. Financial Inclusion stands for delivery of such financial services or solutions which are available to be used by the vulnerable or low-income groups in the society at affordable rates. The FinTech business that you are focusing on whether for investments or banking must provide services to the weaker section of the society as well. This will help your business spread widely and gain superiority in the market.
4. Adopt the Safest Data Sharing Modes
FinTech business deals with the data finances of the individual. It may include the banking details, investment details, or any other personal information which they provide you for processing. However, the customers expose liability by giving third parties unfettered access to their records. You must adopt strong privacy and data security measures so that the clients don’t find it risky to get along with you.
5. Don’t Forget Social Media
In the present era, everyone is active on social networking sites which include Twitter, WhatsApp, Facebook, or Google+. Accordingly, it would be highly beneficial for your FinTech venture to get popularised in the community through the social media marketing. You must use interactive and engaging social media posts and be in touch with the followers to let them know about your existence and the benefits that you serve.
6. Be Transparent & Never Let Your Customer Doubt on You
“When it comes to money, everyone is of the same religion.” The FinTech business deals in transactions related to money matters like investments, and thus gaining the trust of the clients is vitally important. One will trust you only if you disclose every required information and detail of your business to him/her. Suppose you are a distribution house and provide investment solutions to the investors through the online portal, then you must disclose the commissions or brokerage that you receive from the issuer of the securities to the investors so that they can come to know that you don’t make any hidden profit.
The world is focused on enhancing digitalisation, and if you set up in the market with your FinTech venture, you can definitely lead the industry in a prompt manner. By providing new technology solutions to the clients who are mainly the investors, the business can achieve success in just a few years. You need to stay focused and adopt the best strategies and business models to bring expansion and innovation. A famous writer has explained the entire model of business in his few words that say, “There are no secrets to success. It is the result of preparation, hard work, and learning from failure.” You too must focus on the same and step forward to build an active FinTech venture to create happy customers.