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2020 Fintech Trends amidst a huge digital shift
- 1. Tech Talk - 2020 Fintech trends and evolving customer expectations Sai Sundar 09/28/2020
- 2. Outline Part 1: Post-pandemic customer expectations and software evolution Part 2: Emerging trends in the Fintech space – domestic focus Part 3: Embracing change Q&A
- 3. Part 1: Post-pandemic customer expectations and software evolution
- 4. The three stages of COVID-19 • Stage 1: Shock and disbelief • Tech scramble to secure home sites, new risk points • Remote work force jumped 5-40% overnight in the US • Network effect prevented productivity decline • Stage 2: Phased exit strategy • How do we start going back? • Stage 3: New normal • Economic Impact and timing TBD Image Source: https://www.cbr.com/greg-capullo-social-distancing-batman-slapping-robin-meme/
- 5. Imagining COVID in 2010 • ~670MM 3G mobile users; 10% Mobile penetration • Most popular apps - Angry Birds, Fruit Ninja, Farmville • Gig economy, social media, streaming services are starting to scale • Skype was the only option for collaboration Image Source:https://fanart.tv/fanart/movies/19995/movieposter Data: https://www.bondcap.com/report/it10/
- 6. 10 years later • Mobile Saturation • 5.9bn adults in the world; 5bn have smart phones • Customers expect to do everything online • Platforms enable and accelerate • New business models emerge • COVID – Market leap forwards, reset markets and build new customer behaviors Image Source: https://visualstock.com; Data source: www.ben-evans.com
- 7. Taking software from the enterprise to home: From systems automation, tools, workflows to Tiktok *Image Source: https://uploads-ssl.webflow.com/tiktok_appstore_screenshots.png*Image Source: https://www.techrepublic.com/pictures/photos-looking-back-to-the-birth-of-the-mainframe/ Technology was something that you would only sell to CIO’s and CTO’s in big companies. It transitioned pretty seamless from mainframes to web apps to SaaS apps like salesforce to consumer apps like Tik Tok and whatsapp. Mobile platforms and Moore’s law key enablers.
- 8. When it reached our homes, software took over • With COVID, more people were forced into doing more things online • As tech invades our lives, concerns move from adoption to privacy and regulations Image Source: https://www.visualcapitalist.com/every-minute-internet-2020/
- 9. So how do we summarize this COVID impact ..
- 10. Health Care industry catches the bug • 17% of US GDP; $3.6T; 500MM visits per year • Awash with data but no insights or connectivity • Hampered by regulatory handcuffs and reluctant customers • Overnight everything changed – Telemedicine grew 10x in 15 days Image Source: https://visualstock.com; Data source: https://www.axios.com/mary-meeker-coronavirus-trends-report
- 11. https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/meet-the-next-normal-consumer Digital Shift • The healthcare example is not unique. The trend continues across all industries including banking. • Dramatic increase in use of digital services: How many of these behaviors will stick? • TINA factor – There Is No Alternative. • Customer preferences evolving to a digital-first mindset anchored on seamless, real-time, integrated, and personalized experiences
- 12. Coping with this digital shift is no laughing matter
- 13. Image source: https://tech.foodora.com/tech-stack/ Every company is a technology company • Leveraging digital technology to cope with this Digital shift critical. • Technology has leveled the playing field for everyone • Thanks to AWS and tool proliferation, Barrier to entry – little to none • Leveraging Cloud and AI capabilities critical
- 14. Part 2: Emerging FintechTrends We have established customer behaviors have changed. Technology landscape has changed and Customer expectations have changed We will now look at what is happening in the fintech space to adapt to all this change.
- 15. Image Source: https://www.cbinsights.com/research • Fintechs: Moving from blind spot to pole position • Estimated 5,000+ Americas, 12,000+ globally • These Fintechs have ushered in a revolution by offering amazing customer experiences and transparency.
- 16. Trend 1 –Every company is a financial services company ● Get a significant portion of their revenue through financial services. E.g. Uber and Shopifu ● Make it seamless for their customers to leverage their platforms ● Hard for drivers and Merchants to leave these platform companies that also act as their banks ● Big Tech leading the way Image Source: itunes App Store
- 17. Trend 2 – AWS era for financial services is here ● The blue stack represents number of complex integrations required to start a bank ( ● Startups would blow all their money and time attempting to dozens of these integrations. ● Complexities take away from focusing on the actual problem meant to solve Image Source: https://a16z.com/2020/01/21/every-company-will-be-a-fintech-company/
- 18. PLAID SYNAPSE SYNAPSE COMPLY SENTILINK PLAID Image Source: https://a16z.com/2020/01/21/every-company-will-be-a-fintech-company/ Trend 2 (cont)– AWS era for financial services is here ● As a service, infrastructure is coming to banking ● It’s all about partnerships, integrations and flexibility ● Instead of multiple integrations, startups can leverage services to aggregate data and functionalities.
- 19. Trend 3 – Rise of challenger banks ● 75 challenger banks ● Provides greater transparency ● Neobanks – online only; no longer need to choose a bank closest to them. ● Using the As a service model, challenger banks leverage integrations to attract mainstream customers as well
- 20. Trend 4 - Hyper personalization ● Leverage AI and data for personalized products ● AI is very good at distilling the key points to make decisions—and, in some cases, even making those decisions for us. That’s autonomous finance powered by hyper personalization. ● Autonomous finances: Auto investing; Auto Saving to Automatic finance for debt management Image Source: Https://www.dynatrace.com/news/blog/personalization-impact-on-ecommerce-customer-experience/
- 21. Image Source: https://tearsheet.co/finance-everywhere/with-plaid-partnership-microsoft-excel-is-now-a-fintech-app/ Trend 5 - Building for complex cases ● The next frontier (traditionally legacy banks’ forte) ● Many customers have complex financial lives which are considerably harder to abstract into a tidy user interface ● Not all about the UX. E.g. Plaid + Excel (the humble spreadsheet)
- 23. Execution critical to compete with Fintechs ● Large institutions have established and mature distribution network that needs to be leveraged ● For grown ups institutions this is an opportunity to leverage new tech to enhance operations, CX, and business models to unlock huge opportunities for growth. Image source: https://maeda.pm/2020/07/04/cx-report-2020/
- 24. Key to execution: Build the RIGHT thing ● Empathize - Solve for specific customer pain points ● Deliver incremental value - Take smaller bets and measure outcomes ● Prioritize and hyper focus - Will it make the boat go faster?
- 25. Build the THING right - ● Be adaptable; cannot solve static problems ● Be flexible and integrate (lose the “not invented here” syndrome) ● Create a constant delivery, and test and learn loop and shift left. Image Source: vnmanpower.com
- 26. Recap • Part 1: Post-pandemic customer expectations and software evolution • Digital shift due to Covid. • Part 2: Emerging trends in the Fintech space – domestic focus only • Every company is a fintech company • The AWS era for financial services • The rise of challenger banks • Hyper personalization and automatic finance • Delivering complex use cases • Part 3: Embracing change • Execution always triumphs. - Build the RIGHT thing and the THING right
Editor's Notes
- Lets start with Covid. I break this down into three stages. Stage 1 – Shock and disbelief. There was initial skepticism, significant amounts of denial all over the world. Most of the companies had to react really quickly to safe guard their team members and continue to support customers. According to gartner the US workforce was operating at 5% remote capacity and went to 40% overnight. Everybody that could work from home, was working from home. On the tech side, it introduced huge complexities esp load balancing, security etc. As a bank we relied on perimeter defense and had to move to a nodal model, now every home becomes a risk point, collaborating with other team members, customer data, adding a risk vector that was unimaginable before the pandemic. Team member productivity didn’t suffer much because of network effect. We all know how it goes when 1 person is on the phone and rest in the room. Not so great. But when everyone is home, things seem to work well. Our tech and product teams did a phenomenal job launching emergency limit extensions, changes that ensured more people could get stuff done online and reduce branch visits and contact center wait times. Stage 2 –Phased exit When Stage 1 became BAU, we moved to stage 2 …how do we get out of this? Do we listen to our so called leaders, or do we make our best guess assessments. What do we do and what do we don’t do. The risk of action with issues like law suits, child care issues, school closures basically meant, taking no immediate large scale action was the most compelling solution. We are still in stage 2 and presumably here for a while. Stage 3 – new normal Once this forced experiment, where everyone defaults to digital is over, what does the new world look like. which business would survive and which businesses wont survive. We will only be able to start wrapping our arms around the economic and cultural impact of covid, after we out of stage 2 and well into the 4th quarter of stage 3. In the meantime, most obvious thing to do remains staying safe and helping our customers and teamworks as much as possible.
- But let’s take a quick step back. Image if covid happened in 2010. Three years before that Steve jobs launched the iphone that started the mobile revolution. In 2010, there were just about 10% mobile data penetration in the world.. Data was expensive and had not reached many part of developed and developing countries. Most people didn’t have broadband or 3G mobile phones. There would have been no binge watching, no door dash or uber eats and no zoom. Quarantine lifestyle would have been very different and difficult. But yes, we may have spent a TON of time on angry birds, Taking out all our frustrations on those pigs using slingshots. which honestly, doesn’t sound that bad.
- 10 years later. We have reached mobile saturation. Anybody that would have wanted to get a smartphone, now has one. 85% of the worlds population is now connected. According to World health organization, more people have access to internet than clean water and sanitation. So when EVERYONE IS ONLINE, naturally EVERYTHING BECOMES ONLINE. Customers expect to do everything online from live streaming video games to dating, to shopping, to everything. Platforms like shopify, amazon, google enable and accelerate growth and creativity, and make it really easy for consumers to do just about anything online. Finally, that leads to new business models that emerge like pop up retail stores, subscription based businesses etc. Some of these trends are not directly related to covid, but covid enabled us to leap forward, reset markets and build new customer behaviors. We will come back to this in a little bit, since that is a key point to cut across. COVID has forced us to build new behaviors.
- But the question I keep asking myself what happened that allowed technology to scale this rapidly. From industrial revolution to assembly lines, to railways, airlines, transportation to cars to ships to planes. No other industry in the history of mankind has moved as rapidly as tech. Technology was something that you would only sell to CIO’s and CTO’s in big companies, they were large mainframe systems and people moving disks and tapes around manually. The reason you would go to the office, would be to load your machines. Then you had a super computer that that fits in your pocket, that allows you to browse the net and message friends. And finally technology is now a systemically important part of western civilization. It transitioned pretty seamless from mainframes to web apps to SaaS apps like salesforce to consumer apps like tik tok and whatsapp. A lot of this has to do with Moore's law and the advancement in technology processing, but to really unleash the human ingenuity we needed platform companies. Companies like google, apple etc. have been critical to this transformation.
- Software moved from professional to personal lives and When It reached out homes, software ate the world. Covid has forced more people into going online, than any other event, some reluctantly downloading new apps and trying them out. the numbers here are mindboggling.. By the time im done talking about the slides…. Nearly $240,000 worth of transactions would occur on Venmo; 500 hours of new content would have been uploaded on youtube. It’s now estimated that $1 million is now spent per minute online. Amazon ships an astounding 6,659 packages every minute to keep up with this demand. In a predominantly remote-working environment, tools like Zoom and Microsoft Teams host 208,333 and 52,083 users each minute respectively Taking software from office to home…in every possible sense…gone are the days of the mainframes. Finally, In a near 24X7 ever connected world scientists all over the world are able to collaborate with an unprecented sense of urgency. Global information sharing has allowed rapid mobilization of research papers and brought about scale like we have never seen before in curing covid. IT gives me hope. While technology is the real reason why we have seamlessly transitioned from office to home and succssfull in lockdown, tech can also drive getting us out of stage 2 to stage 3 for exiting covid.
- So how do we summarize this covid impact ..
- Lets take an example of the industry caught in the eye of the storm. Our healthcare delivery in the U.S. hasn’t changed as much as you would think since the Spanish Flu outbreak of 1918… Healthcare represents 17% of US GDP about 3.6T dollars up for grabs. Healthcare may be the worst consumer exp in the united states..We have figured out how to improve customer exp in restaurants, coffee shops and even gyms, but visit to a doctors office hasn’t changed. Bad lighting, bad furniture, stack of old magazines, endless waiting and paperwork to fill out for the 5th time and a general feeling You are lucky they decided to see you.. Repeat this pattern 500MM times a year. Technology and innovation have had little impact on the primary care patient journey. The early days of the Covid crisis involved federal and state healthcare officials exchanging spreadsheets to manually track utilization and capacity at hospitals. Covid has completely upended this industry…overnight regulators changed regulations, customers had no choice but to use telemedicine. The reluctant customers now have developed a new skill. In 15 days telemedicine grew 10X.
- The healthcare example is not unique. The trend continues across all industries including banking. Ecommerce 10 years in 8 weeks, telemedicine we talked about already, zoom scaled 20x in 3 months. Can you imagine the type of tech stack required to make that leap from 10m to 200MM customers in 3 months and delivering new password lock capabilities at the same time. That’s the new benchmark to beat. Remote learning 250 million students went online in 2 weeks and in online entertainment it took Disney plus 5 months what took Netflix 7 years to accomplish. Even in banking, For years we have been messaging our customers to use mobile features such as remote check deposit , but it took a “there is no alternative” or the TINA factor for customers to change their behaviors. So What did covid do ? This forced experimentation, allowed us to leapfrog existing trends and more significantly change some consumer habits. More business are now figuring out what they have to do, to cope with this digital shift.
- Coping with this digital shift is no laughing matter. We have all seen the memes floating around about who led the digital transformation of your company? business process that are most disrupted are the anolog process, cant transact digitally Those business will have to find an all new way to do work, completely change their internal and their external customer experience. The fact of the matter is --- Everyone wants to be a digital company fast That means they have to adapt to new ways of doing things. This is no longer about a snazzy frontend redesign, lipstick on a pig, new apps – been there done that, that talk to your same broken legacy backend. This is now about really thinking hard about your entire customer journey, frontto back, business process end to end in an entirely whole new way. If you are onboarding a new customer and most of the steps are online, but for the last step, you require the customer to walk in the branch, you are going to lose the customer. In a post covid setting, the last mile factor is huge. You have to figure out how to make the end to end process completely digital. For a lot of businesses, Cash flow will be limited and they will have to hyper focus on “What do my customers want and how do I delight them?” Businesses' that will survive and be around for the next generation will have to answer that question thoughtfully and create new business models with a focus on value generation.
- The advantage now is the local coffee shop down the street, to the little merchant producing hand made bags to a large scale industry every one has the same set of tools and platforms available to them. It used to be hard to start a digital or a software company. You needed to buy physical serves, load them in your trucks, put them in the server room, write some code for databases, hundreds of thousands of dollars later, you can finally start bringing market to product. Not anymore, thanks to AWS that started this infrastructure as a service revolution, anyone with a credit card and a laptop anywhere in the world can take their existing business digital or start a new business. The barrier to entry is little to none. With these amazing tools and this new way of being agile and innovative – every company now is a technology company. ……..Pause………. I read this stat abot Dominoes pizza, uses Ai to figure out how to move more pizza raw material in an optimum model. While I normally only order 2 things on my pizza, olives and mushrooms, you cant go wrong with those….There are 34 million pizza combinations and dominoes uses AI to help figure that out. There are tons of similar examples of companies using cloud and AI, to unlock tremendous amounts of productivity that can be harnessed using these technologies. So lets now lock at how does this impact our industry.
- We have established customer behaviors have changed. Technology landscape has changed Customer expectations have changed We will now look at what is happening in the fintech space to adapt to all this change.
- We talked briefly about how every company is now a tech company. That is now extended to this new vector that every company is a financial services company. What that means is that every company is going to need to figure out how to leverage financial services to better retain and serve their customers.. And importantly Get a significant portion of their revenues thru financial services Lets talk about Uber, Uber spends a lot of money to acquire drivers. They try to make up for that cost thru margin on rides. its much easier to make up that cost, if they can make margins on their banking services as well. For drivers, they are more likely to stay with a company that is also providing banking services, and if successful uber and lift will have less driver churn. this is not only a b2c but also a b2b phenomenon... These second image here shows shopify. Shopify makes it super simple for merchants to set up a website and start a business for a flat monthly fee. Post covid the company has skyrocketed as most business are trying to react to this digital shift and are going online. For shopify 50% of their revenue comes thru financial services...which is huge. Like the uber driver, the shopify merchant now has an added reason to stay on the shopify platform. ….its good for the customer, great for business. This is not a new phenomenon big tech lead the way -- amazon, apple, google, facebook all have dived in aggressively in providing financial services products. Apple launching apple card, facebook trying to use whatspp for payments and crypto and amazon is all in on providing lending to merchants on its marketplace. In essence, we’ve seen fintech move from a specialized vertical, like lenders and challenger banks, to a more generalized horizontal… It is now a race between consumer companies trying to build financial services and financial services providers trying to build consumer products.
- The AWS era for financial services is here… To start a new bank is very very complex. The blue stack, shows a extremely simplified version of what you need to start a bank. Think of these as lego blocks. Now If you are a start up, the first thing you will need is a sponsor bank to borrow a license, then you will need to figure out which core platform system to integrate with, then you will need to figure out how to get data from existing institutions, then you will need to integrate with a series of payment systems, you will have to figure out how to solve for fraud, authentication, regulatory requirements, and before you know it, you are integrating with over a dozen systems. It will take you close to two years to do these integrations and there goes all your seed money and you have built absolutely nothing. Earlier we talked about how about technology is now a level playing field and...AWS brought infrastructure as a service, dramatically reducing the cost of complexity. but more importantly what it did, it unleashed 1000's of experiments, founders for almost no cost could launch a product and validate its product market fit. ...
- There is a parallel here ….The As a service infrastructure is coming to banking… Let’s imagine, you have a great idea for a checking account, serving a particular customers segment you are really passionate about. You probably would need a license, you would need to get card issuer, leverage an ATM network, you probably want remote check deposit feature, Now a company like synpase can provides all these capabilities as a service.. You would want to aggregate data from multiple financial institutions, again a service provider like Plaid can get that for you. Large financial institutions spend a significant amount of money on regulations,. Comply advantage now provides that as a service. They provide granular risk controls. Monitoring transactions and help with suspicious activity reporting with a higher success rate than many large companies. .. Sentilink...provides fraud as a service, keeping fraud to a minimal level These services are now allowing founders to focus on what they want to build and if they have a great product idea that meets a customer need they don’t need to worry about payments, banking infrastructure...etc. partnerships, integrations and flexibility allows them to overcome these complexities. Like AWS, This disruption has again levelled the playing field for everyone. It can benefit everyone. For banks - Moving to this service based model will help existing financial institutions replace legacy platforms and spend less on maintenance and more on product dev, potentially launching products faster partnering with these startups. For Startups – it can lower cost and focus on value generation For Non financial services company - they can all now become a financial services provider and provide seamless integrations with their platforms and retain their margins. The person this benefits this most is customers What do our customers want ...they want more choices, options to choose the right choice... better product at better prices. Truly like AWS did for infrastructure, this As a service model has the potential to fundamentally change banking for everyone
- Something happened in 2008. Many Customers lost trust in traditional financial institutions and the governments that regulated them. FinTech innovators armed with modern tech stacks and an aggravated customer segment, yearning for transparency, developed the next generation of digital-first banks that are agile, cheap, and stable. Today, there are more than 75 challenger banks round the world, and many of those are now in a position where they can seriously compete with traditional banks. Customers no longer need to choose a bank closest to them with a brick-and-mortar store, as the majority of banking operations can be carried out online. Using the As a service model we just talked about, challenger banks leverage integrations with payment and insurance providers, making them more attractive to not only tech-savvy customer but mainstream customers as well. With Covid adding fuel to the fire, challenger banks are turning the corner. So that’s our trend 3.
- Hyper personalization… For many years, we have believed to attract customers and keep them loyal we need to offer them services that truly means the most to them. Today, thanks to big data and AI we are able to process, store, and drive insights from data, and provide hyper-personalization at an unprecedented scale. Think about google maps…we all use it. you enter your desired destination, the app knows your current location and maps out the path that is right for you, adjusting for traffic and incidents. What if that same predictive technology existed for our finances? Imagine a future where you could outline your goals as a student—say, graduate, move to your dream city, save for a house, plan for kids—leveraging AI you could execute your optimal financial plan, recalculate and adjusting for “traffic” along the way. Should we refinance our credit card debt, student loans, or mortgages, and which should we prioritize? Could we save more? How should we think about investing? AI is very, very good at distilling the key points we need to make decisions—and, in some cases, even making those decisions for us. That’s autonomous finance powered by hyper personalization. The earliest examples of “autonomous-finance” were robo-advisors like Wealthfront and Betterment….Next came automatic-saving applications, which squirrel away extra cash into a separate account, either by rounding up from purchases—putting away 50 cents after you buy a $1.50 coffee, Today, autonomous-finance companies are moving to the next frontier, credit card debt. Tally, for instance, takes over your credit card payments entirely by linking your bank account and your credit cards. The app consolidates all your credit debt into a single monthly payment at a lower overall rate. That monthly payment not only covers your minimum balances, but also knocks down your principal so you can become debt-free faster. The expansion possibilities are endless, debt management, student loans, insurance etc. are the next use cases. Auto-finance could also help optimize your revenue. Let’s say you are living in a big city, You’d like to earn more money, so you decide to pick up a couple extra shifts.? Are your current 40 to 50 hours maximizing your time? Should you get another part time job at the local retail store or work for one of the gig economy platforms? Imagine a service that knows what you’re currently making, as well as the going rate of all the jobs available to you. Such an app could automatically match you with your best option—maybe even apply for you. All this possible with AI and more. Hyperpersonalization, basically beats the one size fits all philosophy of product management but rather focuses on endless possibilities of data and AI, almost similar to your 34 million pizza topping combinations and offering you the two toppings that you love the most.
- Final trend…..building for complex solutions. The avalanch of Fintechs tackled a lot of complex problems and launched simple solutions. Now they are moving to more complex use cases. Building products for the prime markets. Products that might have segmentation on credit score basis, fee triggers that open up premium features etc. Many customers have complex financial lives which are considerably harder to abstract into a tidy user interface. Many consumers currently use spreadsheets with a high degree of customization to manage their money, which poses a considerable design challenge for startups launching new products. But what if the best user interface for prime users didn’t do away with the spreadsheet, but improved upon it? That is what makes the recently announced Plaid + Excel partnership so interesting. By allowing individuals to use the interface— the humble spreadsheet — and simultaneously supercharging that workflow through data ingestion and projections, it's possible that consumers will now have a fintech "product" tailored to their financial needs. This growing trend of embracing complexity and allowing customers to continue to use their well established mental models is the next frontier for Fintechs. So that wraps up the 5 emerging trends in the fintech space.
- If you are still with me, Thank you and congrats, we are almost done…So lets bring this home with a quick short section on how do we embrace this change?
- Innovation in any industry is hard, innovation in fin services is very hard; hard to roll out products quickly. We spend a significant portion of our capacity on maintaining products, that we already know customers don't like as much. We have an established and mature distribution network, that is the envy of most startups, that can be leveraged by rolling out new products and services. So for grown ups like us, this is opportunity to leverage new tech to enhance our operations, CX, and business models to unlock huge opportunities for growth. Great execution can help us delight our existing customer base.
- Build the right thing ---- focus on solving specific customer pain points. Develop a deep understanding of your customer segment, what the customer is trying to solve for. Think about the journey end to end and ensure you are building with an eye on simplification. Take smaller bets – embracing the agile mindset, break your deliverables into smallest possible increments, your MVP’s and test and learn. Deploy, get your outcomes, validate your hypothesis and repeat the cycle. Finally, a tactic that is immensely helpful in keeping the main thing the main thing – is asking yourself will it make the boat go faster. This is story about the british mens rowing team, which went from finishing 8th at the 96 Olympics to win golden at Sydney at the 2000 Olympic games. Every decision the team made was anchored around, will it make the boat go faster…. When prioritizing projects – during covid, we asked ourselves, will this reduce branch visits and call center calls. Is yes, then proceed, if no, then hold. Focusing on few things and doing them exceedingly well is the only way for us to operate.
- Once you have identified what you are building and trying to solve…..here are some execution tips. Be adaptable; cannot solve for static problems, you need to architect your solutions in ways that allows you to make changes swiftly and not pigeon hole yourself with one particular solution or nuance. In the same lines, we need to be flexible and integrate. Like we talked about, build vs buy gets considerable air time. There are people smarter than me, that make those decisions. However, with technology changes around the world, we can no longer think we have the best solutions but need to figure out a way to select the best in breed and offer those solutions to our customers…lot of startsup go deep in one area say someone like bill.com, they are so good at their value proposition, why would we ever want to rebuild that solution. We have to lose the “not invented here” syndrome. There are plenty such opportunities for us to explore the right level of partnerships and explore how can we leverage our distribution network appropriately. c. finally, we need to develop this test and learn muscle….Be in the mindset that we want to ship software, validate some hypothesis and then course correct if we need to. We get so emotionally committed to our solution, that sometimes it takes us years to realize we are barking up the wrong tree or have our ladder up the wrong wall. So being able to run honest experiments, validating business and tech hypothesis will be essential for us to get better at executing.
- To conclude here is a brief recap. We talked about the digital shift due to covid, The 5 key emerging trends in the fintech space and finally a strong execution focus.