Advances in technology and business are creating new needs and providing resources for the invention of novel solutions in finances and banking. More and more, economic operations are going cashless and streamlining bureaucracy, at least for FinTech end users, so, digital transformation strategy for banks becomes vital. Digital transformation in finance and accounting is proving to have immense potential for startups and innovations that can change the traditional view of both global banking and the management of people’s personal finances. If you want to navigate this fast-growing and ever-changing realm, reading Digital Transformation in Banking and Finance: The How and Why is a great first step!
Here we share our best practices, technical solutions, management tips, and every useful insight we’ve got while working on our projects
Embracing the new age
The reasonable way to profit from any industry is to understand the forces that drive it, and one of the most significant forces is demographics. Fintech startups have a better chance of success when they deliver products that their audience actually wants or needs. Digital management of finances, for example, reflects the desire of the younger generation to conduct their banking operations quickly and with minimal red tape. Even if it is the digital transformation for insurance you plan, these are the decision-making factors for your future product. The new FinTech products can be adjusted to meet the needs of the different revenue models, such as contracting and freelancing instead of regular nine-to-five jobs.
The transformation of the financial sector is inevitable – so the sooner companies embrace it, the better the chance they will profit.
Even for those who don’t have a startup idea, FinTech opens a broad field of investment opportunity. As well as technical advancement, investment accelerates the digital transformation of the financial industry, and the relevance of the funded products leads to their success. Although the sphere is new, there are already 48 unicorns out there.
Another important area of digital finance is online banking, which is the most understandable to regular users. That’s why it never loses its relevance and only increases its potential.
Go in prepared
If you recognize FinTech’s potential and want to take advantage of it, just jumping into the game isn’t the way to go. Planning a digital transformation for the CEO is crucial. Before introducing a new solution – one that will be genuinely useful and profitable – you need to ask a few questions:
- What are the needs of your target country? It’s important to identify growth opportunities and limitations.
- What team do you need to develop your product? You need to think about human resources from a long-term perspective in terms of the number of people on your team and their motivation.
- How will customer profit from your product? You need to be familiar with your customer’s needs, habits, and insights to stay relevant.
- How will you prioritize development and marketing? You will need to find the right balance in these areas to create a great product and let people know how great it is. Marketing and development are both vital.
- What technology should you use in the project? You need to find the best possible technology that will allow you to launch your MVP and improve it later.
Evidently, the answers will be different in digital transformation for retail banking and digital transformation strategy in healthcare. Nonetheless, all of the questions above are important to answer for anyone hoping to make a solid start in FinTech. Each answer will play a role in the project’s eventual success. The details of each are available in the ebook.
A financial solution development plan
Even if you have a financial solution that you’re sure will simplify the users’ life, you’ll still have a lot of research, development, iteration, testing, changes, and brainstorming to do.
These checkpoints are closely related to one another. Each has a specific impact on the future of the product.
Perhaps the most valuable part of Digital Transformation in Banking and Finance: The How and Why is its detailed checklist for the development stage of a FinTech solution, which looks much like the list above. Along with this step-by-step checklist, the ebook helps you understand how to tailor it to your unique ideas, goals, and capacities. Each step is reasoned and explained using real-life examples of those who have successfully followed these steps.