The internet explosion can leave banks in the dust if Whatsapp and Facebook decide to get involved in the finance world - which seems to be truer by the day if reports are to be believed. Suppose these new fintech groups follow a model similar to the tech companies mentioned above.
It's essential to define scalability properly; it's not just growing your business outright, it's about creating a business plan that makes the absolute most of your revenue whilst keeping your costs low. Scaling at a cost isn’t really what we’re on about.
You need to have roughly three different factors in the back of your mind when thinking about scaling up your business.
So it seems that the prospect of fintech scalability is a good thing. But the first factor you need to consider is the importance of trust. Scaling up business results in more of everything, which means it's increasingly challenging to retain that trusting front-facing business ethic that won customers' hearts in the first place.
Thanks to fintech, trust is easier to retain. The technologies developed by Fintech can help businesses scale and maintain trust. Things like chatbot-managed services and the ability to work from anywhere mean firms can still offer a customer-led experience whilst scaling up their businesses in the background.
The quality of your product is the second factor to think about. If your product is poor, then no one will take you seriously. If a fintech start-up has a product that adds value, promoting the product effectively increases adoption rates, enabling businesses to scale. Offering a great product gives you leeway to scale up because you’re given freedom thanks to a great product.
Thirdly, the use and application of intelligent data as a way of approaching risk assessment is now a vital component in scaling. Smart data can precisely determine risks, so you make decisions with all the facts, figures, and consequences in front of you. This means that when you scale, you know it's scaling for the long term. Data-driven scalability also means you can scale your fintech start up the way customers want, simple supply and demand, with data as the backbone to it all.
Product, trust and data are all great guarantors of scalability for your business. Thanks to fintech, these three components are all made easier to achieve. So if you have serious ambitions about growing your business, fintech is the way to go.
