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How can you identify new opportunities for growth and development in Financial Technology payments?

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Financial Technology, or FinTech, is transforming the way people and businesses make and receive payments. From mobile wallets and peer-to-peer platforms to cryptocurrencies and blockchain, FinTech payments offer faster, cheaper, and more convenient alternatives to traditional methods. But how can you identify new opportunities for growth and development in this dynamic and competitive sector? Here are some tips to help you spot and seize the potential of FinTech payments.

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Kamalika Poddar

Fintech Expert ? Building a financial fitness platform for women ??Award winning FinTech Product Leader ? Author of…
Jas Shah

Fintech Product Consultant | Product & Digital Strategy Leader | fCPO | Advisor | Fintech Nerd
Aditya Tiwari

Business Manager @ ePayLater- BNPL for every retailer | Partnering NBFCs & FMCG Brands | Ex-7i Capital Advisors LLP |…

1 Understand the market needs

The first step to finding new opportunities in FinTech payments is to understand the market needs and pain points of your target customers. Whether you are serving consumers, merchants, banks, or other stakeholders, you need to know what problems they face, what solutions they prefer, and what gaps exist in the current offerings. You can use various methods to gather market insights, such as surveys, interviews, focus groups, online forums, social media, and industry reports.

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Jas Shah

Fintech Product Consultant | Product & Digital Strategy Leader | fCPO | Advisor | Fintech Nerd
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Some great ways to spot new opportunities by understanding market, tech and customer needs are as follows: - Speaking to individuals building at the bleeding edge of fintech and understanding some of their research process and any opportunity spaces they decided not to pursue (potential market opportunity) - Getting a good grasp of the technology that's already out there, the core problems they solve and the problems they do not solve (tech opportunity) - Speaking to different friends and family and getting an understanding of their fintech stack (what they use day to day and why), figure out their general financial habits and identify any areas where fintech is not used and why (customer problem opportunity)

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Kamalika Poddar

Fintech Expert ? Building a financial fitness platform for women ??Award winning FinTech Product Leader ? Author of The FinTech Chronicler ?Global Speaker
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From my past 10 years in Fintech, the best way to get to know customers needs and painpoints, is to juxtapose qualitative feedback you've gathered by walking a mile in your customers' shoes, and use behaviour data you've gathered from your platform. Often you'd identify patterns , and new markets to serve from this. And then build upon existing solutions to deliver a superior experience. This kind of market needs assessment has 2 advantages 1. Deepening the relationship with existing TG 2. Innovating for market expansion

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2 Monitor the trends and innovations

The second step to finding new opportunities in FinTech payments is to monitor the trends and innovations that shape the industry. You need to keep an eye on the technological, regulatory, social, and economic factors that influence the demand and supply of FinTech payments. You also need to watch out for the emerging and disruptive players that challenge the status quo and create new value propositions. You can use various sources to track the trends and innovations, such as blogs, podcasts, newsletters, webinars, events, and publications.

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Kamalika Poddar

Fintech Expert ? Building a financial fitness platform for women ??Award winning FinTech Product Leader ? Author of The FinTech Chronicler ?Global Speaker
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While I agree that keeping an eye out for potential disruptors is a good practice, however, innovation can often be inspired from very mundane processes. Like for example. Regulatory changes ! Remember when RBI asked merchants to stop saving customers card numbers ? (The famous guidelines on Card-on-file) That spurred the giants like Visa and MasterCard to come up with an elegant tokenisation solution, that is now used across the industry. So don't be surprised at your source of innovation. After all necessity is the mother of all innovations

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3 Evaluate your strengths and weaknesses

The third step to finding new opportunities in FinTech payments is to evaluate your strengths and weaknesses as a provider or a professional. You need to assess your core competencies, unique selling points, competitive advantages, and value proposition. You also need to identify your areas of improvement, gaps in knowledge or skills, threats from competitors, and customer feedback. You can use various tools to evaluate your strengths and weaknesses, such as SWOT analysis, benchmarking, customer reviews, and performance metrics.

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4 Experiment and learn

The fourth step to finding new opportunities in FinTech payments is to experiment and learn from your actions and outcomes. You need to test your assumptions, validate your ideas, and measure your results. You also need to learn from your successes and failures, and adapt your strategies and tactics accordingly. You can use various methods to experiment and learn, such as prototyping, MVPs, pilots, A/B testing, user testing, and analytics.

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5 Network and collaborate

The fifth step to finding new opportunities in FinTech payments is to network and collaborate with other players in the ecosystem. You need to build relationships, exchange information, share insights, and seek feedback. You also need to collaborate with partners, mentors, peers, and customers to co-create value, leverage synergies, and access resources. You can use various platforms to network and collaborate, such as social media, online communities, forums, events, and co-working spaces.

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Aditya Tiwari

Business Manager @ ePayLater- BNPL for every retailer | Partnering NBFCs & FMCG Brands | Ex-7i Capital Advisors LLP | Ex-Foodpanda | NIBM
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Fintech innovation will be fueled by the use of alternative data sources, which can be obtained through partnership with other platforms and service providers. This will not only assist fintech players save money on creating and strengthening memory muscle for product usage by customers, but it will also allow fintech companies spend money on testing and innovation.

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6 Explore and seize

The sixth and final step to finding new opportunities in FinTech payments is to explore and seize the ones that match your goals and capabilities. You need to scan the environment, identify the opportunities, and evaluate their feasibility and viability. You also need to seize the opportunities, execute your plans, and deliver your solutions. You can use various frameworks to explore and seize, such as lean startup, design thinking, agile, and scrum.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you identify new opportunities for growth and development in Financial Technology payments?

1

2

3

4

5

6

7

1 Understand the market needs

2 Monitor the trends and innovations

3 Evaluate your strengths and weaknesses

4 Experiment and learn

5 Network and collaborate

6 Explore and seize

7 Here’s what else to consider

Financial Technology

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How can you identify new opportunities for growth and development in Financial Technology payments?

1

2

3

4

5

6

7

1 Understand the market needs

2 Monitor the trends and innovations

3 Evaluate your strengths and weaknesses

4 Experiment and learn

5 Network and collaborate

6 Explore and seize

7 Here’s what else to consider

Financial Technology

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