ABSTRACT
FinTechs started their journey in the midst of gloom and doom prophecies because of the financial meltdown. They started tapping the opportunities which were otherwise being considered as too difficult to pursue or did not have had a justifiable return on investment (ROI), or the business may not have been compliant with the regulatory requirements. Soon they started tweaking the age-old business models to make it more innovative and address the customer needs. In fact, in most of the accelerator programs the one thing that is pursued almost like a religion is the customer saying “I was waiting for this for so long and now I have it.” I personally believe that this has been one of the single most important parameters that has helped FinTechs differentiate from their established peers. This approach of directly addressing the issue has its roots in providing the best customer experience. The new customer experience goes on to making the customer feel that they can do their work in a more effective manner with little effort, yet yielding greater results, thus much beyond what a digital-only experience would have provided. Initially there was a sense of skepticism in the investment community regarding the potential of FinTechs and the disruption trend they have started. Buoyed by recent success stories and many start-ups turning into unicorns (greater than a $1 billion valuation), there has been a mad rush among investors to get a piece of the pie of the next “Microsoft.”
