Natural selection: success criteria for a FINTECH project

Hello everyone! Today we will talk about what factors primarily affect the success of a FINTECH project.

Client orientation

A proper FINTECH project solves a specific problem, not creates a product for the sake of a product. This is exactly what most banks don’t realize. Their differentiation from competitors is formed at the expense of reputation, while the products are basically similar. For IT projects designed to bring innovation to the financial sector, this option is not suitable. In other words, FINTECH startup implies a unique offer that corresponds to the actual request of the client.

For example, our platform SHIFT.cash is designed for car owners who want to get a quick loan with a low interest rate. The use of modern technologies, such as big data, blockchain and others, the automation of the lending model with low interest rates (collateral) and the expansion of the project to the international level solves these problems.

Project economics

FINTECH projects have long been competing in order to make the offer even cheaper for consumers. Up to the fact that some financial services the client can get for free. It is clear that in the early stages to attract users investments are necessary, and the project will not bring any income. However, it is important for startups to make sure that their project becomes self-supporting in the near future.

Our site will be closed on the global financial network that does not require any additional funding, except for investors ‘ money-lenders who receive good dividends.

Scalability

No matter how small FINTECH startup is, its task is to get the effect of global presence in the future. Otherwise, the question arises as to whether it is appropriate. Scalability needs to be addressed at several levels. On technical: whether the system is able to cope with multiple enlargement. Financial: does the team have the necessary resources. At the level of business idea: is it possible in principle.

The SHIFT.cash platform was initially tested in several European cities. Realizing that the platform is working successfully and has a demand, we decided to transfer it to blockchain technology, which allows you to quickly, inexpensively and safely carry out transactions, including at the international level.

Legal aspect

Startup teams that do not have experience in big business often miss the analysis of the project in the context of the legal field. Regulation of financial institutions is one of the most difficult areas, especially for innovative projects. Therefore, attention should be paid to this as well.

In our project, too, there are several subtleties. For example, in every state the rules and regulations will be slightly different from one and other and so SHIFT.cash will be a little different in every state. Somewhere the borrower will be able to verify remotely, through the application (in the US, Europe, etc.). The jurisdiction of a number of other countries does not allow this, so the initial verification will require a visit to the office of one of our partners.

Innovativeness

FINTECH projects should keep pace with the times and use modern technologies to the maximum to solve urgent problems. This is their main advantage compared to classical financial institutions.

For example, on the SHIFT.cash platform we make use of several innovative technologies. We have already mentioned blockchain, and transactions on the platform are as safe as possible even at the international level. Another technology we use is big data. With its help, we have automated the process of assessing the value of collateral (vehicles). Analysis of a large amount of scattered data is instantaneous, it does not require a specialist and any additional manipulation by the borrower.

Security

The issue of security is a basic one for financial projects for understandable reasons. Without working through the details, they are unlikely to interest large investors, because it promises reputation risks and financial losses.

On the SHIFT.cash platform blockchain is responsible for transaction security and reliable storage of all information.