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Here Are Four Suggestions To Help You Choose An Fintech Company

In the past three years, we've established five strategic partnership agreements with fintech companies that specialize in investments, mobile payments and marketplace lending. We are known as a flexible firm that fintechs are able to partner with. However, we are extremely selective about the partners we choose to work with.

There are many times when people ask us at events and conferences as well as in the board room, how we select which companies in the fintech industry to work for. This is a great question that needs to be addressed from several perspectives. Here are some suggestions to help you assess the possibility of a partnership with fintech firms if you're a financial institution looking to partner with them.

A Strategic Fit:

What does this partnership mean in your strategy? The search for a fintech to help achieve your goals might appear obvious, however it's possible to get distracted by the excitement surrounding fintech, so don't allow the latest fad to influence your choice of a partner. Keep your vision in your mind and ensure that your potential partners share it. It's better to maintain just a handful of relationships that are meaningful rather than having too many relationships that distract you from your goals or spread your resources too thin.

Cultural Alignment:

Do your research about the fintech's board of directors, management team and advisory board. How do they-and their company's mission align with your company's? Do you trust their staff? The CEO of our company, Mike Butler, likes to claim that we've got a mindset of trying to do things, not NOT doing things. We value this and we'd like to collaborate with teams who think similarly. Spending time with each other in the early stages of the relationship will help create the conditions for a strong relationship in the future.

A Strong Business Plan:

Is the company financially stable? Does the business plan make sense? In light of our previous statement about not being too caught up in the latest technology trends, you might try the business idea out with someone different from a banker such as an acquaintance or a relative. While you might think it's a great idea, does it appeal to a customer who is not in our industry? If your business plan is approved it is important to consider the long-term strategy and exit strategy of the fintech company, as well as the impact it could have on your business. It's important to understand both the fintech's short and long-term plans for business and how they will affect your bank's balance sheet and income statement now and in the near future.

The buy-in for compliance

Are the Fintech teams aware of the importance of security? Do they understand the significance of regulation in finance and banking? Are they aware that they might need to modify their solution due to certain laws? We know fintechs can sometimes look at banks with impatience in the belief that we're slow to change. Although some banks may be slower than others, banks recognize that there are legitimate reasons to be cautious and that compliance is not something you need to be doing when dealing with money coming from other people. We will never compromise security , and we're always prepared to mention this early in the conversation. It is essential to locate a partner who shares the same commitment.

#Fintech Company #Fintech #Choose An Fintech Company #Youtube

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Ten Tips To Make You More Proficient As An Entrepreneur

It can be both exciting and scary to pursue entrepreneurship. While there are many reasons to become an business owner, the most challenging and stressful aspect of being an entrepreneur is achieving success. Here are 10 things entrepreneurs should be aware of to make their companies more successful.

1. Concentrate on the potential

As obvious as it may seem, the single most important thing you'll accomplish for your company will be to find, hire and keep talented individuals. It's more than hiring the most talented minds. There are a variety of factors that influence the acquisition of the top talent.

When looking for talented people to join your team, it's important to have prior experience, knowledge, as well as the ability to think outside the box.

2. Be aware of your worth

Entrepreneurs are prone to underestimating the importance of their efforts. Sometimes it can be hard to appreciate the value of the work you do in the first place, particularly when mass-produced products tend to be less expensive. Be sure to price your products and services in a way that is reasonable - bear your eye on the amount of time you're spending as well as all of the resources being utilized. There are a few simple pricing calculators you can use to get a rough notion of the amount you should be charging for your items and services.

3. Contact the community

mentors who've been through the exact journey as you are able to provide an invaluable perspective to new entrepreneurs. Mentors who have gone through the same experience as you can help you see the potential for your business and give you insights into the challenges ahead. You can also find other local entrepreneurs who you can partner with and create successful businesses in tandem.

4. Challenge yourself

To be successful it is essential that you are continually challenging yourself. Set a goal for your company, and then not achieving that goal is no way to run a successful business. Always be determined to conquer every challenge.

5. Be confident in yourself

It's the only method to take. If you don't think you have the ability to assist others, then how can anyone expect you to do so? And, when you have the confidence and trust in yourself, people will be more likely to put their confidence in you. It's much easier to be sure that your business will succeed when you have a solid strategy in place.

6. Express your passion

If you're planning to take the leap into entrepreneurship, you've got to be doing something you absolutely love. It can be difficult to be a slave to your work making sacrifices and strive to be successful. If you don't do something you are passionate about, it will cause you to struggle to remain motivated.

7. Hear the complaints

It's not easy to hear complaints or criticism about your business, but it's a crucial element in the development and growth of your business. If customers are complaining and aren't dealt with, then other customers may be able to follow with their own concerns. Customer complaints, regardless of whether they relate to quality, customer service or another aspect could be a valuable tool to highlight the weaknesses of your business.

8. Reconsider your position

While you might desire to be active in all aspects of your business It's crucial to take time to yourself away from work. If you've hired correctly, you'll be able to take some time to relax knowing that the employees you've hired can run things even when you're not there. To simplify your life, you can delegate certain tasks to others to help you free up time.

9. Ask for things

There's no need to be embarrassed about asking for what you require - whether that's advice, help, mentoring or something else. Most successful entrepreneurs are happy to share their knowledge to those who are just beginning their journey. You don't have to know everything therefore be prepared to solicit and receive advice and details. Ontario Business Central is here to assist you with your registration and incorporation concerns, making it simple to get your registration or incorporation done quickly.

10. Failure is not an option

Failure is almost inevitable for entrepreneurs who are just starting out. The failures you experience can be used as learning opportunities to guide your business toward the success you want.

#Entrepreneur #Business #Entrepreneurship blog #Fintech Blog #Youtube

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6 Tips For Becoming A Successful Entrepreneur

Being a true entrepreneur is not for everyone, as it is not a simple lifestyle mode. It is a very challenging task and requires a certain set of experience, knowledge, skills and traits.

The journey to becoming a successful entrepreneur entails a lot of sacrifices, and needs great ambitions. With the boom of new businesses and ventures popping up on a daily basis, here are some tips on starting a business and succeed within these challenging market dynamics.

Have a purpose

The first question an entrepreneur should ask him or herself is "why would I start a business?" Being tired of a 9 to 5 job would not be an appropriate motive, neither is being annoyed by the manager. Being an entrepreneur is actually a 24/7 job, which requires self-discipline, and involves various other roles and tasks. Being rich and earning great cash shouldn't be the reason either. Instead, your purpose has to offer a value that people will benefit from. When money is your primary motivation, you will run your business in terms of how much you make not how much you offer. The first years of a startup are a hassle as they require patience and determination. Having a venerable purpose will motivate you to not give up when doubts, criticisms, and obstacles get tougher.

Love it and be passionate about it

Do you love it and believe in it? Are you passionate about it? Is it a dream you want to achieve? It's something you are going to spend the rest of your life doing. If you don't love it and believe in it, you won't enjoy doing it. It will negatively affect your performance and creativity. Additionally, you will be giving up easily on it when you face any obstacles, issues, and doubts.

Do not fear to fail

Some people wait for the 'perfect moment', when they believe they are ready to start a business. It could be when they have enough money, when they get that job, when, when...etcetera. You are never going to get ready or have the perfect moment. If you are not failing, you are not trying very hard. Therefore, pursue your dream and just do it. If you wish to learn extra information on about fintech, entrepreneurship, technology and motivation, you have to check Entrepreneurship blog.

Know your market

You don't want to start a business that you think people need, you must conduct your research to find out the audience's size, in addition to the current and the future consumer insights. You don't want to waste your time, money, and effort on something that no one will benefit from in the meantime, or in the future. Study your product's fit and life cycle, know your competitors and alternatives, and review your business category and the positive scenarios you will be adopting in the future to anticipate any occurring burden.

Learning is your ally

An entrepreneur needs to be on an ongoing learning progress. Improve your skills and knowledge in your field and in other fields related to your business. Attend events and workshops, take classes, read, have advisors and mentors, hangout with entrepreneurs, like-minded people and experts!

Choose the right pool

Surround yourself with great people. Having a skillful team will help you succeed and achieve your dream. You need to have around people who believe in what you are building. A ship won't reach its destination if its captain is the only sailor. Therefore, select your cofounders, team, advisors, and investors carefully!

Starting a new business is very hard and requires a leader, a dreamer, a hard worker, a risk taker, an adventurer, and a fearless person.

#Next Gen Hero #Entrepreneurship blog #Fintech Blog #Youtube