DEC-JAN 20218MY OPINIONINWHY `CONVENIENCE CULTURE' IS DRIVING BIG BUSINESS TO FINTECHBy Chad A. Schmookler, Senior Director, International Operations, InCommChad A. SchmooklerNo doubt about it ­ convenience is king. Nothing matters more to today's global consumer. People want to buy what they want when they want, but more importantly ­ they want to buy how they want and without impediment. This undeniable fact is driving more fintech innovation than any other trend. If time equals money, then convenience is our currency. Mobile Tech, App Culture, and Micro-Services are enjoying a modern-day renaissance as we rocket out of the banking dark ages and into a commoditized financial services future. Intuition-based and automation-based services are helping people hack, program, and schedule their lives all in the name of convenience. The interconnected, mobile world living in our pockets acts as the linchpin, and a decentralized financial network will act as the capstone. Commerce has become ubiquitous ­ money knows no boundaries. Even still, money cannot yet move as freely or as quickly as we desire. Traditional players have been slow to react, and when they have, they've often fallen short. So, what are large, non-fintech businesses left to do in such an environment? Innovate or suffer a slow, painful end. In today's technical environment, innovation can be as simple as forging creative partnerships, enabling new delivery models, or solving old problems with new ideas. Enter large, n o n- f i n te c h c o m p a n i e s doing just that. But how can companies with little to no experience in fintech take advantage in such unfamiliar territory? Advancements in mobile tech, AI, voice, and robotic automation have given big business tools it's never had before. Couple this with a savvy consumer base and white-hot investment in the fintech space, and you're left with an environment overflowing with opportunity. The bottom line, if a company is accessible via mobile, plays in the IT space, and accepts payments ­ it's a fintech company. It's best to accept this reality and get on board before the train leaves the tracks.In the past, large companies looking to make a leap into financial services to better serve the consumer were forced to investigate more traditional models in the face of great trepidation from regulators and self-preserving industry incumbents. The classic example is Walmart's tale of banking woe. However, smart businesses quickly prioritized speed-to-market over vertical integration and instead invested in strategic partnerships to deliver on the growing need for consumer convenience and value. These early collaborators, tired from battling for access to a monolithic banking system, laid much of the groundwork for the open banking and fintech movements. Meanwhile, overall advancements in technology fueled and continue to fuel progress.
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