Fintech as a technology is currently advancing at a fast pace with entrepreneurs innovating around it with uncurbed enthusiasm to the point where a reality check is knocking on the door.
Fintech is currently on the hype versus reality run said Michael Mbuthia, CIO Integrated Payment Services Ltd.
A statement he said in an interview discussing the upcoming Fintech Summit slated on 29th – 30th May, 2018 in Nairobi where he is set to a speak.
“There’s a distortion of hype versus reality relating to Fintech. Most consumers have no intention of changing banks but are quick to adopt new services which are simple and easy to use whilst adoption of fintech services is at intersection point particularly for young customers who are unafraid to try out new technologies,” he said.
Fintech is basically any technological innovation in the financial sector, so how do we look beyond the hype because fintech has been in existence since the 1950s if we are to go down the history lane. In an article I read the other day the author noted that most people hear fintech and think about the latest mobile app which can help them pay for their morning coffee without ever swiping a card or touching currency.
This resounded with me and for many who had not heard of fintech before it seems like the new kid in the block and I believe this is what Michael means by the hype around fintech.
As a fintech company are you aiming to solve an actual problem, or is it a solution looking for a problem because no matter how much cutting-edge technology is up your sleeve, it is useless unless there exists a tangible customer problem. The reason behind the success for several fintechs is clever use of technology to solve a customer problem.
“There is a big hype around fintech. But there is also a lot of bullshit (as with any hype). And typical bullshit behaviour with hot topics is not to go deep in details and work hard, but to use loud titles with big numbers,” said Vladislav Solodkiy, Managing Partner, Life.SREDA.
To be sure which part of the curve you fall on, you should plan to attend the inaugural FIntech Summit which will bring together financial technology (Fintech) industry players, policymakers, innovators, investors and decision-makers in the Banking, Insurance and SACCOs.
To register for the Fintech Summit 2018, click here.