2 Outstanding Tips For Reaching Success As A Fintech Startup

home-office-599475_1920The following article is a continuation of “3 Tips For Reaching Success As A Fintech Startup.” Please read that piece to learn additional tips for accessing success.

In the world of Fintech, it can be tricky to make a name for your startup. But with these helpful tips you’ll be able to get a leg up on the competition, get investors and grow as a startup.

1) Find clients other than banks

While it may seem that banks are the ideal clients for your company, regulatory and bureaucratic issues lead many startups to have difficulty when they take on banks as clients.  According to Bain Capital Ventures’ Matt Harris, many Fintech companies make the mistake of focusing on selling solely to banks. Banks are difficult customers because they are slow and they largely valuate you. Harris says Bain has found the most success with companies that partner or compete with banks.

2) Use design thinking to invent new products

If you want to develop products that customers want to buy, you’ll need to use design thinking. Design thinking begins with listening to the needs of your customers and observing their behavior. Dan Macklin, SoFi’s VP of Community and Member Success, said that while the company started with student loan refinancing, they moved into personal loans and mortgages after their members ask them for help with other aspects of their financial lives.

SoFi created an in-house career strategy team that allowed people to turn to coaches who can help empower them in their careers. SoFi also worked to solve the problems of people struggling to talk about money. They created a community where individuals could interact and learn from one another.

In the world of Fintech, it can be tricky to make a name for your startup. But with these helpful tips you’ll be able to get a leg up on the competition, get investors and grow as a startup.