Lessons for Financial Services Enterprises from Fintech Startups

www.solstice-mobile.com1
Lessons for
Financial Service
Enterprises from
Fintech Startups

Technology is leveling the
playing ﬁeld for digital-ﬁrst
and digital-only startups.

In 10 years, it is predicted that
40% of the Fortune 500
companies will no longer exist.
- Fast Company

Large companies
have shrunk over
time due to the
competition from
new, smaller
companies.

Marketing and
Distribution is now
slashed by
technology

Especially with the advent of App Stores.

but instead of thinking
of this as a threat

www.solstice-mobile.com8 www.solstice-mobile.com
Think of this as a call to action

to shift corporate culture

identify new opportunities

and transition to be more agile.
identify new opportunities

here are the  
top 4 lessons
from digital startups
for the financial service industry

www.solstice-mobile.com
Lesson #1:
Embrace intraprenuership
13 www.solstice-mobile.com

Fintech startups
are created and
lead by
entrepreneurs
E M B R A C E I N T R A P R E N U E R S H I P

who have fueled unbelievable
innovation and economic growth.

To keep up, established financial
institutions must embrace the concept of
intrapreneurship“ “

intrapreneur?
What is an

What is an
intrapreneur?
A person in an established organization that has freedom
and resources to innovate, and can do so outside the
company’s standard processes and bureaucracies.

19
How do you spot  
an intrapreneur?

20
How do you spot an intrapreneur?
✓ They are risk takers
✓ They look for ways to circumvent established protocols in order to get things done
✓ These are the types of people that create new roles or positions for themselves
✓ They write their own job descriptions
✓ They are proud of where they work and are walking advertisements for  
their businesses
✓ They are “seize the opportunity” type of people

Do not let intrapraneurs
become lone wolves, or
people will sit back and expect
them to carry the whole load.

Surround them with a cross
functional team and provide
adequate resources.

lessons from
fintech startups
• this is a bullet point
• this is another bullet point
• are you seeing a pattern?
People can invent things
alone,but nobody can
innovate alone.

Lesson #2:
Capitalize on new
opportunities with digital

Consumer-facing fintech startups
are focused on two things:
C A P I TA L I Z E O N N E W O P P O R T U N I T I E S W I T H D I G I TA L

Efficiency gains
1

Efficiency gains
These apps are making everyday transactions
simpler from a mobile perspective.
1

Efficiency gains
1
Automations for saving and investing2

Efficiency gains
1
Automations for saving and investing
These apps are being trusted to make my
money work.
2

Enterprises need to focus on the  
latter

Enterprises need to focus on the  
latter
(automations for saving & investing)

In the future, customers will expect their
banks to not only allow secure
administration of their money but to also
be making their money work more
efficiently for them…

In the future, customers will expect their
banks to not only allow secure
administration of their money but to also
be making their money work more
efficiently for them…
“Automagically.”

Lesson #3:
Deepen the emotional
connection with your customers

D E E P E N T H E E M O T I O N A L C O N N E C T I O N W I T H Y O U R C U S T O M E R S
Fintech startups earn market share by establishing
emotional connections with customers.

But established enterprises have the
luxury of an existing customer base.

There are 2 ways enterprises can
deepen the emotional connections
with their customers

Through the
use of their
product or
service
1

Through marketing channels2

Some advice to get started

Use human centered
design practices to
build empathy for your
prospects & customers.

Map journeys
through the
touchpoints with
your product or
service to identify
opportunities for
engagement.

Explore digital ecosystems and determine how to
make emotional connections through partners
or third party services, specifically on mobile

Lesson #4:
Enable your employees 
with next-gen tools

E N A B L E Y O U R E M P L O Y E E S W I T H N E X T- G E N T O O L S
Employee expectations are increasing

More and more people place more
and more significance on the tools
they are given to do their job.

You must provide the latest and
greatest tools to empower your staff.

While startups
begin with
everything in
the cloud

enterprises  
need to keep in
mind current
backend systems
and platforms

Think about opening up APIs,
internally or externally 
to allow innovation &
experimentations with your staff.

To recap:

Enable your
employees with
next-gen tools
Embrace
intraprenuership
Capitalize on new
opportunities with digital
Deepen the
emotional connection
with your customers
1 2
3 4

thankyou
www.solstice-mobile.comsales@solstice-mobile.com 866.380.8472

Lessons for Financial Services Enterprises from Fintech Startups

Recomendados

Recomendados

Mais conteúdo relacionado

Destaque

Destaque (11)

Último

Último (20)

Lessons for Financial Services Enterprises from Fintech Startups