Four Tips For Selecting The Fintech Partner Of Your Choice

In the past three years, we've formed five strategic collaborations with fintech firms in industries such as investments, mobile payments and marketplace lending. We are known as a flexible firm which fintechs can work with. However, we are extremely selective in who we work with.

It is often asked of us at events and conferences and in the boardroom, how we select which fintech companies to work for. This is a question that should be answered from a variety of angles. Here are some suggestions to help you evaluate the possibility of a partnership with fintech companies , if you're a bank looking to partner with them.

A Strategic Fit

What does this partnership mean into your overall strategy? Finding a fintech that helps advance your goals may seem obvious, but it's easy to get distracted by the excitement surrounding fintech, so don't allow the latest trend to affect the choice of a partner. Be aware of your goals and ensure that your potential partners are on the same page. It is better to have just a few meaningful relationships than too many that can divert you from your goal or disperse your resources too widely.

Cultural Alignment:

Make sure to do some investigation into the management team of fintech, its board of directors, as well as advisory board. What is their mission and how does it align with yours? Do you feel confident in their team? The CEO of our company, Mike Butler, likes to say that we have an attitude of trying to do things, not NOT doing things. This is very important to us, and we are open to working with teams that think the same. It's crucial to establish a strong foundation early in a relationship in order to lay the foundation for a successful relationship in the future.

A strong business plan is essential:

Are they financially secure? Is their vision viable? Back to earlier commentary on not getting too caught with the latest technological trend, consider testing the idea with an individual who isn't a banker such as a friend or family member. While you might consider it a good idea, is it appealing to a consumer that isn't in our field? If the business plan meets the requirements the other thing to take into consideration is the fintech's long-term strategy and possible exit strategy, and the effect it could affect your business if the relationship were to end. It's important to understand both the fintech's shorter- as well as long-term business plans, and how they will affect your bank's balance sheet and income statement now and in the near future.

Buy-in to compliance:

Does the team at Fintech understand the importance of security? Are they aware of the importance regulation has in finance and banking? Are they aware that they might have to modify their solutions to comply with certain regulations? Fintechs sometimes feel uneasy and slow to act when looking at banks. While some might move faster than others, banks are aware that there are good reasons to be cautious and that compliance isn't something that you should have when dealing with money coming from others. We are never willing to compromise security and are certain to stress that point when we talk to customers. It is essential to locate a partner that has the same values.

10 Tips To Ensure The Success You're Looking For As An Entrepreneur

It's exciting and terrifying to decide to venture into entrepreneurship. Although there are many reasons to be an business owner, the most challenging and stressful thing about being an entrepreneur is finding success. These are the 10 best tips that every entrepreneur should know to make their companies more profitable.

1. Focus on talent

As obvious as it may seem, the single most important thing you'll accomplish for your company is to identify talent, recruit and retain individuals. It's not just about hiring the most talented minds - there are many elements that impact the selection of the top talent.

When you're looking for people who are talented for your organization, it is essential to have prior experience, knowledge, as well as the ability to think in a different way.

2. Know your value

A lot of entrepreneurs are prone to undervalue their work. It can sometimes be difficult to appreciate the value of your work, particularly when mass-produced goods are usually available for less. Be confident in pricing your services and products correctly. Keep in mind the amount of time you're spending, as well as the resources used. There are easy pricing for products and services calculators that can be used to get a rough idea of what you should charge for your items and services.

3. Reach out to the community

Mentors who have been on the same journey as you are able to provide invaluable advice to entrepreneurs who are just starting out. Making connections with mentors who have gone through the same thing you're going through can help you see the potential of your own company, and also provide insight into the challenges that lie ahead and the best way to navigate these. Local entrepreneurs can be found to partner and help build successful businesses.

4. Challenge yourself

To achieve success is to ensure that you constantly challenge yourself. Set a goal for your businessand abstaining once you have achieved that goal is no way to be a successful business. Always push yourself to discover the next opportunity.

5. Be confident in yourself

This is the only method to take. If you don't think you have the ability to assist others, how can anyone expect you to do so? People will trust you more if you are confident and trust in yourself. It's much easier to feel sure that your business will be successful with a well-thought-out plan in place.

6. Be passionate about what you do.

You should be passionate about the work you do before you make the decision to venture into entrepreneurship. It can be difficult to put in long hours, make sacrifices, and work hard to achieve success. If the thing you're doing isn't one you enjoy, it could make it difficult to stay motivated.

7. Hear the complaints

While it isn't easy to hear negative feedback and complaints about your company It is an important part of growing your company. If a customer is unhappy, but they aren't addressed and keep recurring, chances are other customers will come forward with concerns about their own. Customer complaints, no matter if they relate to quality, customer service or another aspect, can be a useful instrument to identify areas of weakness in your company.

8. Take a step back

It is possible to like to be involved in every aspect of your business, but it's important to take some time for yourself. You should be able take some time off if you have done the job correctly when hiring. To make life easier, you can delegate certain tasks to others to free up your time.

9. Ask for things

It's perfectly acceptable to ask for assistance, advice, or even mentorship. A lot of successful entrepreneurs are willing to sharing their knowledge with those who are just beginning to get started. You don't have to be an expert on everything and you should be prepared to ask for and accept advice and information. Ontario Business Central is here to help you with all your business registration and incorporation concerns and make it easy to have your incorporation or registration completed swiftly.

10. The option of failure isn't an option.

It's almost inevitable that entrepreneurs who are new to the business will fail in one type of way in the form of not being able to meet your goals, or falling short of your expectations or failing to see a projected return on investment. Use your failures as opportunities to learn and make necessary changes that will help steer your business towards the success you want.

Six Genuine Reasons Why People Come To Be Business Owners

Entrepreneurs are chosen because of a variety of reasons. You can only decide what you'd like to do with your life however the uncertainty of becoming an entrepreneur comes with great freedom and accountability. Look at Fintech Blog if you need details information concerning fintech, entrepreneurship, technology and motivation.

1. Their ideas don't match the corporate environment.

It is possible that you simply don't fit in. It can be frustrating to find out that you do not have the same style of corporate society. However, it's possible to find something that is wonderful if you are willing to accept this.

Steve Jobs best summarized this idea when he stated: "When you grow-up, you tend to be told that the world is as it is.... The world is much more exciting when you understand that there is a simple fact: Everything that you encounter is made up of people who aren't better than you. You can make it better, and you can influence it. Once you realize that, everything around you will never be identical.

You may find it difficult to express your creative side within the confines of your corporate life.

2. They want a life that isn't centered around the nine-to-five.

Although there is much talk of flexibility, the reality of entrepreneurship is that it requires you to put in the effort and for a long time. Don't expect this to be an easy fix. That being said, you'll work hard, but there's much more flexibility to the entrepreneurial life than the traditional nine to five and two weeks of vacation which corporate life provides.

As the old adage goes that entrepreneurship is having a few years of your life that most people will not in order to spend the remaining years of your life doing what the majority of people don't. While it's not an straightforward, you will be able to make your own choices and shape your life.

3. They're passionate about learning.

Never ever stop learning. A lot of people think that education is tied to their age, status or achievements. However, learning never is completed. Entrepreneurs don't feel satisfied with what they know. They always seek for more. You have found the true motivation behind entrepreneurs' desire to succeed if you discover that learning is something that you like, whether it be through formal education or just on-the-job learning.

Michael Gerber, a mega-successful businessman, claims that the entrepreneur within his eyes sees opportunities wherever he or she looks. But, many people find only issues wherever they look. Entrepreneurs prefer to identify opportunities and not letting them slip by.