Don’t challenge the traditional banking system

With all the regulatory issues and barriers to entry, as a start-up, you won’t create change in a well-established banking system. Collaborate with the banking industry if needed, re-inventing the wheel is in no way disrupting the industry, and fintech firms would do well if they create services around the banking system to add value in other ways to consumers.

Focus on your team

You need to hire right and look after your employees. Without your team, your business is nothing. Make hires that ensure resilience, knowledge, great industry connections and an attitude of can, not can’t. And hire smarter people than yourself, this will breed innovation more rapidly.

Mix your talent pool

In fintech you don’t need people from the financial sector, there are so many elements to fintech that you need to have a great blend of talent, experience and insight.

People with tech specialities and no experience or input from those with strong business acumen or the finance sector won’t create the next big thing – which is why a team approach is valuable. So when collaborating get everyone communicating clearly, allow them to challenge each other, and invigorate innovation from a people’s aspect.

The best ideas take time

The concepts in which we invest in are often adjusted, shaped and rethought before we get to something scalable. And the best ideas are most often the simplest. Don’t be afraid to pivot ideas; there are a few notable cases that prove refocusing can have long term effects. Pivoting is typical for all start-ups. There’s more pivoting to be done by the average fintech startup, however.

Know your regulator

Know who governs your sector, knowledge is power. Spend more time researching regulators than anything else, spending months or years creating something that already exists or has no consumer benefit or need is a pointless exercise.

The real value is in the data

Data, not money, is what makes the world go around in the digital age. Data exchange can create whole new business models. Owning data creates the ability to create whole new markets for your business, ensure you own it, and always look for verticals to use it to build new opportunities.