Hellow guys, Welcome to my website, and you are watching What are the top challenges in building a Fintech startup?. and this vIdeo is uploaded by Startupedia at 2017-11-30T23:23:21-08:00. We are pramote this video only for entertainment and educational perpose only. So, I hop you like our website.
| Name | What are the top challenges in building a Fintech startup? |
| Video Uploader | Video From Startupedia |
| Upload Date | This Video Uploaded At 01-12-2017 07:23:21 |
| Video Discription | Eric Rosenthal, Head of Global Business Development at Abra addresses a couple of top challenges with building a fintech startup in a very regulated industry. Abra is the world’s first digital cash remittance network for any smartphone. Eric is a Fintech and Emerging Markets veteran who has spent the last ten years working across Latin America, Asia, and Europe prior to returning to his home country, the US. Eric has worked in corporate venture capital for First Data and Citigroup where he led partnerships with, and investments in Fintech start-ups and other emerging payments and technology companies. Video Transcript: What are the top challenges in building a Fintech startup? I typically don’t like the question about what are the top 3, because they change all the time, but I do think that one of the particular areas of Fintech is that in most cases in one way or another you will touch on regulatory issues. Even if you sell as a company not subject to specific regulations you’re in a highly-regulated industry. The ability to explain how you comply with regulations or don’t comply with regulations or may not necessarily need to – call it a communication challenge. In the world of Fintech, there is an inherent grouping of traditional business models that people already understand whether it is regulators, your bank partners, enterprise customers that have certain expectations of how things should work. In the case of Fintech, they might not actually work that way. That’s definitely one challenge. I think another challenge you have in the case of Fintech is you have to have contextual understanding, in my opinion, of what are the incumbent industries of how the system currently works. Rather than necessarily expecting it to be completely disrupted so a challenge then becomes finding people that have the knowledge base, from a talent and recruitment perspective, to understand how financial technology and system works, but yet at the same time being creative and entrepreneurial enough to work in a startup environment. Because in other industries not as nearly regulated you can come with little background. Another challenge that Fintech has is trust, which is fundamental in the ability to require customers. Because ultimately what everyone in the Fintech world says ‘it is money’ and people take money very seriously. As a result, unlike other companies that perhaps can go out with a beta version or a version that doesn’t necessarily work. In the case of financial services, it has to work and it has to work from day one. A huge challenge when it comes to very high expectations and a significant challenge from an engineering perspective because you don’t have room for errors as you might have in other industries. |
| Category | Education |
| Tags | Startups | startup | founder | founders | entrepreneurship | entrepreneurs | svf | silicon valley forum | enterprise | sales | marketing | business development | fintech | finance technology | Eric Rosenthal | Abra |
