Nowadays, people no longer flock to go to banks to apply for loans. The word “fintech” became very popular among the people and made entrepreneurs or business starters more tempted to deal with fintech than banks. Moreover, fintech is believed to help business people to be able to make money from their businesses quickly. This condition makes banks or other traditional financial institutions must be able to adapt to technological progress. As a result, this development has made many business people or entrepreneurs competing to create fintech startups.
However, establishing fintech is not as easy as we imagine. This requires careful planning and careful thinking. Well, here are 7 guidelines that Career Advice colleagues can use to be considered before launching fintech startups .
1. Understand Rules clearly.
Surely everything really requires the rules listed very clearly. Moreover, this is related to finance , of course everyone must know the rules as clearly as possible. The regulations used in the fintech that we established need to be protected by a legitimate financial system. The goal is that we avoid abuse or abuse consumer confidence.
Indeed, this is not easy, but building startups related to fintech not only opens up many new business opportunities, but can also help the country’s financial system become better and innovate. So if your Career Advice colleagues create a fintech startup, your fellow readers will also indirectly contribute to the economic progress in your country.
2. Prepare to Compete with Other Financial Institutions.
Although many people have turned away from banks and chose startups related to fintech, it does not mean that fintech has non-fierce competition. Precisely because of this technological development has made many people competing to make a startup fintech.
Therefore, if your fellow readers really want to establish a fintech startup, your fellow readers must prepare themselves to be able to compete with them and grab the attention of consumers as much as possible.
3. Make Sure We Maintain the Trust of Customers.
In all matters relating to “money”, we need to safeguard all data and confidentiality of our fintech customers or users. Customer trust is the main key in the financial industry. Data shows that only 8% of people who use financial institutions trust the financial institutions they choose.
Data breaches and cyber attacks pose a huge threat to every startup engaged in fintech. So, make sure fellow readers create a trusted security system in maintaining the trust of customers.
4. Choose Strong Team Members.
When we decide to establish a fintech startup, we will need strong team members like other businesses. We will need financial experts, technology experts and business experts to be able to help each other in developing the fintech we founded.
Fintech is not a business that can be managed by people who carelessly. Everything is related to money and important data from customers. That’s why before we decide to make a fintech startup, we need to think through all the planning carefully and choose people who are experts in their fields.
That way our fintech security will be maintained properly and the users will feel more comfortable in using our fintech startup.
5. Provide Unique and Useful Features for Customers.
In fact, enough people have started their fintech startup. This makes competition more stringent and difficult. Every fintech seeks to attract the attention of potential customers to choose to use their fintech. This requires us to make fintech with unique and beneficial features for our customers, so that their interest in our fintechs increases.
Moreover, all fintech startups have almost the same services as managing personal finance, insurance, payment, budgeting, loans, and business investment. It is not impossible if the fintech startup that we founded sinks among other fintechs that have emerged on the “surface” and are seen by consumers.
6. Choosing the Right Technology.
The selection of the right technology is also very important for the fintech startup that we will be establishing. This makes it possible for the fintech that we established to be right on target with our target customers and can provide the best service.
7. Must Have Enough Capital.
In fact, setting up a fintech startup needs to have a lot of capital. Our team members need to be drawn from experts, technology maintenance, and so on, requiring a lot of capital and careful planning. So, prepare a lot of capital and prepare well before building our fintech startup .
Even though the 7 guidelines above are already owned by us, we need to repeatedly understand that fintech is not a business that can be established by everyone. This business really requires expertise, creativity, capital and a strong mentality in mengarunginya. What’s more, fintech is closely related to technology, and technology always offers changes that we never expected before. The demand to be able to adapt to new technology is always there every time.