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Coping up with Digitalization in the FinTech Marketplace
By Ed Adshead Grant, General Manager & Director-Payments, Bottomline Technologies
Cloud: a Pre-requisite for a Successful Business
I am nearing five years of my service in Bottomline Technologies. Looking back at the time when I joined the firm, we were in a place where a major part of our business was based on on-premise software. With the advent of the cloud, organizations gained the power to compute and store data in a much easy way. In tune with these developments, we flipped the business model to a subscription one, and this has proved to be a very successful move. If there were one fundamental change that I would pick, one which is enabled by technology over the last few years, it would be the development of the SaaS computing subscription model. It is evident in the fact that many businesses who did not adapt to the change are still struggling. In the UK, large organizations are always looking to move to a subscription model and enhance their customer base.
Digitalization is Key
Traditionally, marketing involved a number of trade shows, physical brochures, and people standing at the exhibition stands and shaking hands. Probably, there is still room for some of those today. But the process has to go through digitalization. Bottomline’s marketing function to support the ongoing success of its business has moved right across to a compelling digital marketing approach that has significantly replaced the traditional strategies which involved the use of physical brochures and more.
Therefore, the process has to transform with all of the latest tools and marketing approaches, including approved contact spaces and navigating GDPR and distance selling. Digitalization, as well as complexity, is much greater now in areas such as marketing and operations. The way digital operation teams support clients is phenomenal.
Digitalization and complexity is much greater now in areas such as marketing and operations
Additionally, marketing teams should have enough skills and training to work across digital operations. That would help them to do most of their business marketing operations and sales smoothly. It is almost like bringing the analog and the digital world together to take all of the company’s performance to the digitalized space.
What Upcoming Entrepreneurs Should Do
My advice for the upcoming entrepreneurs is to build a network and get involved in the FinTech communities. There is a load of free information and community groups if you are starting up. From the UK perspective, there are paid memberships and trade associations in London that have discussions every evening revolving around the latest themes and investment opportunities in the FinTech market place. The goal should be to become an expert in a specific entry point that you can build a business proposition around, find the funding, and give it a go. Fortunately, there are many opportunities available for financing today.
Now is the Time for Innovation and Change:
In the current digital age, innovation has become very important. Rather than the survival of the fittest, now is the time of those who are successful in bringing about a change. Recently, I was going over the history of payments, and the first check in the UK was written in 1659. Checks have been there for centuries and are still being used today. Although payments historically have moved slower, the scenario is changing now. What is needed at this time to be successful is a pace of change, innovation, embracing new models, and figuring out ways to work differently backed by technology. Those who adapt to this will be the ones who succeed.
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