Businesses are vulnerable to challenges and threats. Business people do SWOT analysis which is incomplete without these two factors. FinTech too has many challenges in its path that needs to be overcome with business tactics and strategies. What challenges are FinTech start-ups facing these days? Let’s have a brief look at these apparent confrontations…
– Confining with the Regulatory Guidelines: Rules cannot be ignored. The failure of companies to strictly adhere to the guidelines laid by the government and regulatory authorities can lead to disastrous consequences like cancellation of license. Hence it is important to have an responsible committee who can well handle the stipulations of the regulatory system.
– Product launch: Launching your product when there is only 1% completion required is a grave mistake. Make sure that the product is not just 99% ready, but is 100%!ready! Especially when your product is a technological product and requires last minute updates and fixes, launching your product when it is fully ready means a whole lot for your business. Set up a clear communication channel with your investors and promptly send them updates regarding the product progress.
– Business Model: Change Management is inevitable. This is why organisations ought to have a flexible business model and plan not to just adjust, but to excel and taking part in ‘survival of the fittest’ game in global market. Don’t narrow what your FinTech company or its products can accomplish. Also, accommodate newer audience and don’t fall for every demand your investors suggest.
– Partnerships: The FinTech requires a strong infrastructure of which other businesses are part of. Finding the right industries to have a symbiotic relationship, thereby benefitting both parties is the perfect tactic to work on. The FinTech products and services that you put up in the market needs allies, not opponents. Take the smart way and try not to be hostile towards your prospective challengers- extract and explore the productive paths together!