Fintech must act like Henry Ford


You can get any colour you want as long as it is black – Henry Ford

I am getting smashed with technology concepts and companies who ´disrupt´ the world, who make a difference.

To cut to the chase, real disruption is seldom; very rare and changing the world is an incremental process.

So what´s happening after the years of a visionary like Henry Ford, who opened up the world of driving to the people. He had no choice in his time to create a consumer centric view. His view ALL people need to get from A to B in a better, faster and smarter way….a car. Within the financial services industry, where a lot of positive improvement is needed and absolutely banks need to step up their efficiency there is the BOOM, I am a Fintech company to change the world. First of all technology is a means not an end, like money if you recognize that money is there to help you meet your needs and reach your visions, then it has been seen that money can contribute to happiness. But that’s because money is not the end goal. Money is simply a tool that helps us achieve our vision of a better future. Money is a means, not an end.

That brings us back to Fintech with a complete myopia and product view. The technology is superior, we transfer money in a better way, cash disappears, plastic cards are replaced by mobile wallets, etc.

Trust me on this one, cash is still the largest market in the world and checks are very much appreciated by a lot of consumers. Disrupting the cash market…..useless and will happen in a couple countries, ALL MOBILE….give me a break mobile will just take a share of the market. It is time that we really move forward to a consumer centric model and view of the payment industry and realise that globally the consumer decides. I liked the example I heard today, within the tube I do not put my 600 pound Iphone but my plastic oyster card to scan and pay. That’s a consumer choice and I would love to see that coming back in the innovation world of Fintech, Virtual reality or driverless cars. A consumer’s centric view and we will be surprised how that will disrupt all of us. I am looking forward towards Virtual Reality holidays, Mobile taxi payments, biometrics eye payments as well as paying and tip the waiter with Cash in the pocket and see a difference in the consumer behaviour and acceptance which can change the world….and maybe disrupt.

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