Finance has changed. More and more consumers are abandoning the old ways for mobile-friendly, digital alternatives. Times are tough for banks, but they’re no pushovers either. With creativity and a little disruption, they can compete with these upstarts in new ways that work to their advantage.
In this post, we will talk about how FinTech is finding new opportunities while also highlighting the importance of disruption in FinTech today–and it’s not just on the side of the startups!
Seeking A Better Way
The first thing to point out is that the existing players are not suddenly powerless. They are powerful and well-established, but they can also be seen as disruptive because they offer new value propositions and paradigm-shifting technology to carry forward their mission.
For centuries, it has been seen across industries: think about how railroads disrupted horse-drawn carts and mail routes or how digital photography disrupted analog film cameras. Nowadays, we’ll never see the film again—it’s a one-way road from the start. Similarly, financial services have been seeing disruptions over the past decade, with new technologies arriving nearly every month.
Raising African Customers’ Experience
One of the most recent FinTech disruptors is Philip Belamant, currently building a fintech company in Africa. They’re trying to create change by creating opportunities rather than being a disruptor.
Coordinated Relationships with Regulators
To fill a space and build a truly holistic product, Philip Belamant also works hard to form cooperative relationships with regulators and bodies supporting the fintech industry. It is something that many startup founders often find rebuffed when they are starting.
Concentrate on the Customer’s Best Interests
Many tech startups don’t focus on the customer’s best interests, but Philip Belamant is looking at the future and the potential of Africa. They’ve worked hard to build a large part of their startup on the notion that having a strong African team is key to their success.