To Fintech or not to Fintech, that is the question

Great companies approach technology differently. They identify which technologies are in alignment with their mission, vision, and values. They do not adopt a technology trend just because it was the latest and greatest or for fear of missing out (fomo).

In his book Good to Great, Jim Collins stated (and I am paraphrasing here) that when technology is used correctly, it would become an accelerator of momentum, not a creator of it. Collins goes on to say that more than 80% of the great companies he analyzed did not rank technology as one of the top five factors for making a company great.

So, what does that really mean for you and your organization – especially when it comes to fintech and the disruption it is wreaking on every industry?

FinTech should be treated no differently. Any new fintech must be evaluated to determine if it will further advance the vision, mission, and goals of the organization.

Why, you may ask?

Because fintech (and technology in general) cannot replace people! And while many may think that it can, I am of the belief that it cannot - I am nothing if not contrary ??. At least not yet!

So if you think you need a fintech strategy so you can lower your headcount, think again.

Staples says “that was easy” and Quicken Loans states “push button, get mortgage.” Sure, technology, and fintech, can help you do those things.

Of course, fintech (and technology in general) can improve processes; they can streamline workflows; they can automate manual procedures; they can help eliminate bottlenecks; they can eradicate human error and greatly improve loan quality; and they can significantly enhance the customer digital experience.

But they still cannot replace people.

Technology and fintech empower your people, your greatest asset, to help your customers. It also enables your customers to be as self-sufficient as they wish to be.

As CIO, I strive to serve a balanced mix of technology (fintech) and personalization (people). The partners I choose must be agile, innovative, and help our organization meet the stated and unstated needs of our customers. After all, fintech (through these partnerships) delivers the highly desired digital experience but it is people using this fintech who develop the life-long relationship which turns your customers into your advocates and ambassadors.

So in making the case for fintech, don't forget that it is people who fulfill your company's mission, help you realize your long-term vision, and espouse your values by delivering on the promises you make to your customers.