4 revolutionary ideas to help your Fintech venture succeed!
What comes to mind when you hear "fintech" or "insurtech"? Most likely a very large number:
calculations
paperwork
procedures
permits
not fully understandable terms
ways of calculating costs and so on
It's OK, many of these features are strongly ingrained in this sector, and removing them would be challenging. Many of these procedures may be streamlined using the agile technique. There can be no space for error or unnecessary red tape when customers entrust the firm with their money. The primary goal of FinTech developments is to streamline everything that is too difficult or asks of the consumer too many times.
1. Discourse and electronic media
Reducing the amount of time spent managing and interacting with users is essential. Because of this, everything runs smoothly and consistently. Designing solutions that need teamwork.
New communication technologies and procedures have substantially improved efficiency. Slack and Skype replace email for short queries. Time is preserved. A straightforward, time-saving solution to mailbox overload. Another major issue is digitizing most paper and binder-based operations. Professionalization is needed as pen and paper are no longer reliable.
Storing everything on the cloud is convenient. In Fintech. Anyone may get this information in milliseconds without authorization. You'll save again.
2. In the Financial Technology sector, Minimum Viable Product is essential
Fintech companies' growth is typically constrained by the time and effort required to track down and fix faults and other difficulties.
New, efficient, but sometimes flawed, software solutions are required to keep up with the rapidly expanding banking and insurance sector. Fighting on several fronts at once, including mobile apps, online app, dashboard, and internal tools, calls for a great deal of expertise. Proven programmers like ein-des-ein.com are also desirable.
A good, rapidly expanding business is one that can demonstrate an MVP (Minimum Viable Product) of its service in a short amount of time. Competitors will likely beat the fintech firm to the punch if it doesn't. Using Python and Django, you may have the project's minimum viable product ready to present to the customer in as little as two months.
3. Bring It Back To The Basics
The end result of rapid development is greater service for the user. There are still some nitpicky issues, such as an incomprehensible website and infuriating typos, that are driving people away.
The client's viewpoint and the project's essential functional needs should also be considered.
It's great that the project uses the target industry's latest technologies. The online app won't matter if it repels potential customers. MVP's second advantage is testing customer response to a partly developed but usable service. Python and Django make customizing new functions to match client demands fun and simple.
4. Using flexibility rather than inflexible processes!
The banking and insurance sector was awkward and nasty a decade ago. Every action taken by a user needs a slew of permissions. Reduced complexity increased ease and security.
This transition is mostly due to agile methodology, which no longer uses fixed stages. Focus on project-wide real-time matching. Customers disliked unclear pricing and payment methods. Today, the image is emerging. You've probably also noticed that firms are increasingly receptive to consumer communication.
Before, customers received a useless but innovative service. Nobody listened to the customer and instead pursued their own ideas.
