5 simple ways to build a successful fintech product

5 simple ways to build a successful fintech product

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Building a fintech startup is technically different from other type of technical products. Apart from the fact that its technical details are loop upon loop, the jargons which most IT specialists don’t understand is another pain in the ass.

Setting up a successful fintech startup even as a non-techy founder, the following tips on how to build a fintech product that can stand its competitions and provide quality services.

Get understanding of how it works

Financial technology services (fintech) is not just a website to be played around with by a programming guru, but the financial aspect of it should be well understood.

Understanding the technical details is key. How does money move in and out with code? How will customer’s money run through a secured gateway? What is the meaning of all these jargons in real sense? These are some of the questions a fintech startup founder must well grounded.

Set up a team that understand fintech

If you are building a payment gateway that powers other businesses to accept payment, you must have a strong technical team. Even if you as the founder is not full technical, you must have a strong technical co-founder.

As a fintech company, many people hard-earned money will be revolving in your domain hence, security is key. Your team must be security strong and always on the look for the bad guys.

Apart from the technical team, financial gurus must not be joked with in the team. It is what the financial team have on paper that the technical team will translate to code.

Leverage on tech giants

Imagine every fintech companies build all their infrastructures from scratch, their products may not hit the market in one year.

Building payment gateway or processor that powers many fintech products to process payment is a big work. That is why many fintech companies stand on the shoulder of other giant tech companies.

Suggested Read: 7 powerful fintech companies that leverage on Paystack

You don’t need to implement your own payment gateway, there are many companies you can integrate with. Security is key and your small team may not be able to make your payment processing secure, hence leverage.

Choose the right technology

Technology is everything in a fintech product. Apart from the set of highly technical team, choosing tools and technology that will work is another big factor to consider.

A tool that all technical team can relate with is very important. The programming languages, cloud services, hardware and software are very important.

Your tools must be globally acceptable and with a wide range of community that can help.

Partnership is everything in fintech

The fintech architecture is not the one that can stand alone. To be successful in the fintech industry, partnership should be taken seriously.

Partnership with banks, financial agencies, tech companies can lesser stress in the way of growth.

In a financial scene like Nigeria, fund processing still pass through the banks. Initiating a strong partnership with banks is a way to success.

These are some tips on how to build a fintech or how to start a successful fintech startup product.

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