4 Pitfalls to Avoid When Building a Fintech Startup
Fintechs benefit from the security that chartered banks can offer through FDIC insured accounts. To access that benefit and others, they need to meet the expectations of potential bank partners. Banks value fintechs’ ability to connect with emerging and distinct consumer and business segments, and they expect fintech relationships to be profitable. But they have to weigh that potential gain against the risk of taking on a new fintech client. Part of what makes banks so secure is that they comply with strict rules and regulations.
So to build a successful fintech company, you need not just the right skills and ideas, but the right mindset. Making the wrong assumptions early on will haunt you later. Here are four pitfalls to avoid: