Let’s start first with the elucidation of a buzzword that is floating around a lot –‘fintech’. In very simple terms, it refers to new technology that aims to change the existing models (and/or processes) of the financial industry. Considering that financial industry by itself is huge and everybody is a part of it directly or indirectly, it is quite logical that the tech and business community is extremely interested in being a part of it.
The good part is that this domain is complicated and definitely tough to crack. Now some of you might be wondering that how exactly is this good?! And the answer for that is as per my opinion, the harder a problem is to solve, the better the solutions (and even more original) are, that come forward for it for the long term. This is enforced even more when I look across other sectors – viz Rocket technologies, Transportation, Artificial Intelligence and so on. Remember we are talking about products & services that aim for the bigger picture and not just stay for a short while.
The second aspect that gets everyone excited is the potential impact that this has on the complete economy, be it in a funnel up fashion or the typical trickle down manner. Being deeply linked with the pockets and spending behavior (in general) of the people, the growth levels in fintech sector tend to have a very deep correlation with the elusive economic development at a global level. So far so good, but is the current pace really radical and path-breaking or is it simply incremental? The answer varies but involves a very important element…
As part of our product development and iterations here @MyPoolin, we have come to appreciate something that many of the fin-tech players intuitively know (but don’t directly implement) – ‘the humane touch‘. We don’t really mean touch in the physical sense (as most of the solutions that we refer to are mostly software level to the tune of 95% or more) but in the sense of user experience for the end consumer. The primary aspect that makes this so significant is because in the past, the banking solutions have seemed too complicated and aloof to majority of the people. That is the main reason people still spend hours in their respective bank branches per week!
Hence, our principle is simple – “Let people come in for the utility. Present it in the simplest manner. And let them discover the power of a humane touch”.
Cheers to making amazing things happen in the financial world that actually seem a natural part of our daily lives, making them all the more beautiful ….
P.S. MyPoolin is a mobile peer to peer and social payments network. It is changing the way we all plan and share money with friends and colleagues.
Reach us on twitter – @mypoolin
P.S. Originally published here
Co-founder & Director
