This is a Christmas gift to you, our readers. To all you anthemis blockchain bitcoin people, Merry Christmas and happy holidays!
In this two-part article, we will cover some amazing topics, so don’t miss the second part tomorrow. Before you start, understand the challenges Do not overestimate customer adoption rates. A very common case is when startups at the end spend more time and resources educating the target audience that this particular product will solve a pain. While a product may be doing great at a certain area, there is no guarantee that it will work the same in other locations. With limited resources and networks, startups usually focus their product on solving local problems. Only a minority is looking into scaling the business to a global level from the beginning.
Have a plan in place that makes your company scalable across continents. Looking across ecosystems, angels and early-stage investors with a finance background are scarce. Most startups lack the seed support from experts from the industry that push them to the next level and also help them to overcome the mentioned challenges. Founders get stuck on their product and forget to be open-minded about their business development.
Sales will happen if marketing is doing its job. Depending on the market, it can obviously be challenging to reach out to the right people in banks and regulators. However, startups have to get in touch as early as possible to seek feedback, especially from regulators and see how they can push the regulatory framework. Founders will face a variety of other problems apart from the ones we have mentioned. For example, setting focus, KYC, long sales cycles, etc.
Challenges may also be specific to the industry and location. However, the talent and complementary skill sets of founders can make the magic. Surprisingly, innovations were brought not by payments experts, but by technology experts and people passionate to utilize technology for a better experience. Innovation is coming from techies rather than business professionals. Companies like Venmo, Square, Stripe, Braintree and many others, without a doubt, have had a great impact on the industries they are operating in. As money transactions become easier and easier with technological innovation, the security issue becomes a major concern.
A vast variety of applications allow consumers to move funds with one or two clicks. However, this very ease makes those transactions more vulnerable and makes the identity verification question more complicated than it was before. There is always a balance and a choice between security layers and consumer friendliness. When it comes to payments, security and fraud protection is one of the biggest concerns among the service providers.
However, monetary capability is not the only advantage banks have. A new way banks are responding to their temporarily threatened dominance—giants of the banking industry are collaborating with each other to regain their power and become a source of innovation themselves. As part of the transaction, U. T, Capital One, JPMorgan Chase, U. Our customers want the ability to make payments to anyone, in real time, making funds instantly available in the recipient’s bank account.