What it takes to create a consumer-centric solution
It starts with the customer. What are their needs, wants and desires? What challenges are they facing? What would make their life easier?
These are standard questions to answer when deciding on a new product or service. But it takes more than consumer insight to drive the development of the next big thing.
So where do wonderful solutions come from?
Companies that have done it right have many attributes in common. They know who they are and why they exist. What tension they are really trying to solve.
They also know exactly who they are really for — who their core audience is. They share the same beliefs, vision and values.
They are actively not ‘everything to everyone’. Trying to be will simply dilute your offering. The number of people who take their technology, and simply present it to every sector is astounding — those are the people who create tech, but often never take it to market.
If you think your audience is Tier 1 & Tier 2 banks, Wealth Managers, Hedge funds, Private Equity firms, Asset managers and so on, what real value can you give to all of them?
It is time to focus. It is time to think like a consumer product, not just a FinTech player. Focus on price, product, demand and market trends.
Everything you do should revolve around a central pain point. Interrogate this particular challenge, hone in on it with rigor, ruthless focus and deliver against it with flair.
It is time to embrace structures around the way FinTech businesses are developed. The businesses ‘going slow to go fast’ and answering these questions will be the ones who actually leverage the Fintech movement in the right way. They will not be all talk when it comes to what’s possible, they will make change happen.
Editors Notes: This entry has been submitted to the FINTECH Book, the world’s 1st globally crowd-sourced book on FINTECH.