Written by Sashreka Pillay
I have to admit: I am much older than I’d like to give myself credit for. This was made strikingly clear to me when, on my first day back at work after a restful festive reprieve, the term “Twenty GREAT-Teen” wafted out of the radio and caught my attention. It had to be repeated twice before I got it right– and that’s not just because of my failing hearing.
The term sounds almost desperately positive but got my mind stewing over what, exactly, would make 2018 “Twenty GREAT-Teen”. Don’t worry I’m not launching into a list of my top ten goals/trends. I’m quite to the collar with those and trust you are too. I would rather throw out a challenge:
Could we find ways to accelerate the actual implementation and roll out of fintech solutions to the end customers this year? I ask this not without recognising the already incredible strides we’ve achieved in fintech as an industry.
In this week, I shared the Theory of Diffusion of Innovation with an audience interested in understanding cutting edge knowledge from someone on the fintech frontline. The theory was developed in 1962. They looked disappointed. For those unfamiliar: The model attempts to explain how new technologies or changes are adopted by a social system. It segmenting the population into innovators, early adopters, early majority, late adopters and the unfortunate laggards. (Please see link below to learn more about the model.)
How does this relate to fintech? Well, sometimes I wonder if we will ever really complete the adoption cycle with fintech. We have the luxury problem of better technology being developed at a speed we’ve never seen before leading to more choice than ever before on avenues for action – which really means that there is no standard 5 step template for success. It means you need to create a strategy moulded for your specific objectives and creates almost infinite possible futures, depending on the steps you take.
Yes. Analysis paralysis at its finest.
For me, the answer really is to roll up our sleeves and dare to make a decision for action. Let’s fail fast, test first, learn from each action and listen to the regulators. In my role at Matchi, I commit to finding ways to meet this challenge and make 2018” for as many of my fellow fintech colleagues as I can.
Notes and links:
- Explanation of the Theory of Diffusion of Innovation: https://www.investopedia.com/terms/r/rate-of-adoption.asp
- Matchi’s offering to fintech firms: https://matchi.biz/solution-providers.html
- Matchi’s offering to financial institutions: https://matchi.biz/financial-institutions.html