Starting a Fintech, or financial technology, business can be a good way to become a software industry entrepreneurs, especially if you have an idea for making financial services quicker and easier. There are a couple of hurdles you will need to clear before getting into this industry, but, knowing how to code does not have to be one of them if you understand the subject matter, can identify a market need and build the right team.
Understand Your Subject Matter
The software industry has shifted and changed with the market and Software as a Service, SaaS, is becoming a bigger field every year. To get started, it is a good idea to see what makes companies in this industry successful and what Fintech currently entails. The definition of Fintech is interventions of technology into commercial and personal finance and can include everything from tax preparation software to games designed to encourage savings. Entrepreneurs like John Cestar who are established in the field can show you what successful companies and what common pitfalls to look out for, both through advice platforms and through professional networking sites.
Identify a Market Need
Most successful Fintech startups find a way to be nimbler in serving customers than more traditional financial services or develop tech to serve previously untapped segments of the population. To identify your niche in the market, you should first see where your ideas are currently used. For instance, if your ideas include making stock investments more accessible to the general population, then you should research investment apps to see what features are being offered and who the target audience is. You can then spot gaps in the supply that do not meet the demand and refine your ideas to match the need.
Bundle Services for Your Target Audience
Some companies and individuals want one software package to meet all of their financial needs and others will just want one solution for an acute task, so offering your SaaS packages in bundles of different sizes and compositions can appeal to a bigger portion of the market. This allows you to target audiences narrowly with ad campaigns while letting you have a presence in both personal and commercial markets with the same solutions.
Build the Right Team
The team you build should include those most beneficial to your idea, which is where not needing to know coding comes in. If in the above example, you have financial and stock trading experience, then you can partner with a software developer to make the tech you need. Your team can help you bundle your SaaS offerings in various ways to appeal to more customers, can market your company with the right ad campaigns and build a business plan designed for lasting success.
Software as service companies in Fintech are becoming popular ways for entrepreneurs to get into the industry. With the right idea and market niche, your team can meet the needs for commercial or private finance technology with faster and more nimble software while bundling services to best serve your target audience.