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Implementing A Fintech Toolkit For Innovative Startups LoyicaBlog

Startups are the key to keeping any modern industry rolling. It’s important to constantly have new perspectives and capabilities in the market, so as to diversify


Loyica Team
Nov 14 2019
Implementing A Fintech Toolkit For Innovative Startups

Startups are the key to keeping any modern industry rolling. It’s important to constantly have new perspectives and capabilities in the market, so as to diversify the goods and services that can be offered to consumers.

However, small businesses are also constantly struggling to penetrate the market. There are a multitude of difficulties associated with bringing a startup from its conception to a solid period of growth. Effectively scaling up is often a huge leap that many fail to clear. As a result, these businesses miss the opportunity to leave their mark on the industry—and in turn, we as consumers miss the opportunity to see what they have to offer.

Fintech has the potential to overhaul any and all of our experiences with money. This makes it a powerful tool for many young organisations. Sadly, using the right fintech tools to successfully push your startup forward can be a real challenge.

Bringing Your Startup To Scale

The mere idea of taking your small business to the next level is more than enough to motivate just about any entrepreneur. However, a successful scaleup requires comprehensive planning and strategy. As you begin to expand, so will your client base and the costs associated with keeping them satisfied. To prevent overburdening your core team with all this additional work, you will find yourself looking for new hires, new sources of funding, and of course: new technologies to implement.

On this note, there are so many services on the market that are more than willing to help your business grow. It’s a matter of understanding which service would be a better match for your company and your team. While you won’t run out of options to choose from, it is important that you have a criteria when it comes to choosing the right system for you.

Inclusive Tech Integration

While resources and funding will be important considerations when implementing technology, your first step should also include analysing your team culture as well. Understanding the strengths and weaknesses of your team, both as individuals and as a collective, will help you pick out the technologies that will suit you the most.

It may seem like a better choice to just hire new people if you spot any shortcomings in your team—after all, this is a decision that will pay off in the long run, right?

Not really. One common mistake that small businesses make is that they rush to fill in certain job positions. This may be due to the fear that they will “miss out” on such talent. The lack of strategy behind hiring new clients can weigh startups down, which usually manifests through a steady decrease in productivity and employee engagement.

This is why technology, as well as the kinds of technology you use, is an important consideration. It lends structure to your existing team, which can help them tackle and process their tasks in a more efficient manner. This is the key to scaling effectively: building a solid foundation for your team to stand on, so that future employees and clients alike can approach your business and rest assured that it is capable of handling their concerns.

Employee Engagement Is Key

As the people who will be most in touch with whatever tech changes are brought to the company, your team members need to be thoroughly trained on how to use it. You may need to invest some funds into acquiring these technologies, so naturally it’s important that you know how to make the most out of your investment.

Make sure that you remain open to your employees as they are working with new processes so that you are fully aware of how the implementation affects them. Keeping a feedback loop open between you and them will be crucial for the successful integration of any new technologies. Whatever app or device you decide to add to your organisation should not be felt as additional work, but rather a supplement to solving the workload that they already have.

On that note, building your company culture alongside the external growth of your organisation will go a long way in keeping your overall growth sustainable. Remember that you are not the only one working for your organisation, so it follows that you should not be the only person invested in it. Keep close contact with your core team as the tech implementation is being carried out, so that you remain in touch with their situation. As the team grows, you will eventually need to look for ways to reach out to the rest of your employees, so it’s important that you build your foundations with the ones you have while you still have the time. In due time, your core team in turn will build your business alongside you.

Helping Small Businesses By Making Funding Accessible

You can have all the passion in the world for what you do, but one common barrier to turning your ideas into a reality is the lack of funding. As a startup, you will inevitably run into problems with finding the money to power your business onward. Traditionally, there were significant hurdles in applying and getting approved for loans. Modern technology has therefore made it easier for young entrepreneurs to get the assistance that they need.

As a small business owner, you’re bound to encounter situations where you need to reach out for loans—no matter how prepared you are when you first entered the market. This is why it’s important that you scout for authentic and legitimate sources of funding if you ever find yourself in a tight spot. Make sure to check for user reviews as well as their online presence before you contact them. You’ll find that this is an indispensable part of any organisation’s fintech toolkit.

With this, the future is brighter for small to medium businesses in any industry that are planning to leave a mark on the local market. This translates into healthier competition because there is a multitude of different services that can be offered. It also leads to a distribution of power in the market because now the race to innovation is not just for established industry leaders. With the help of fintech, we are consistently working towards better solutions across different industries.

Keeping Your Customers Satisfied

In today’s world, it is growing increasingly difficult to capture the attention of the everyday consumer. This is because day by day, we are all exposed to different types of information in overwhelming degrees. To deal with this, we subconsciously start filtering out the information that does not look like it would matter to us in favor of those that are presented well. That is why it is always in our best interest to turn the leads we have found into returning clients.

But before we can make this happen, we need to make sure that we do not just give them what they want. We also need to make the process of providing it as simple and as efficient as possible. This is where fintech solutions come in, because with the right technology and integration they can change the way you provide for your clients. Once you know how to wield it effectively within your team, the consumers of your product have better access to your company. For example, their concerns are more effectively and pre-emptively addressed with a AI-enriched chatbot that can operate around the clock; or paying for their goods and services is made simpler when you can offer a variety of secure digital payment methods.

Prior to even meeting your clients, fintech can also help with finding them in the first place. Treasure troves of data on your target audience’s spending behaviour and personal preferences used to be available only for established companies as well as industry leaders, who could afford to spend the time, resources, and manpower required to collect it. Today, you can track and monitor your client’s spending habits in real time. Beyond that, you also have the option to be assisted by AI-generated predictions and forecasts so that you have a 360-degree view of your organisation. It will enhance your risk management capabilities internally as well as your customer service skills externally.

Beyond business, fintech is changing the way the world works for individuals as well. The rise of online services now means that as long as someone has access to the internet, they can avail of crucial banking services that they previously missed out on. Banks and other financial institutions no longer need to spend resources in setting up a brick and mortar presence in different locations when they have the opportunity to reach out to those who need their services the most through online means.

Ultimately, small businesses need to take a solid approach towards fintech. These teams need to have a unified effort in making change happen. There is so much more that the fintech industry can offer us, so as early as now it is advised that you find a way to integrate it into your system.

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