Disruptive gadgets hit the fintech space

While everybody talks about IOT, AI and Disruption, the entry of gadgets in fintech comes into play. Very few have gotten to an in depth understanding of what it means, what it takes, and the consequences for “Business as usual” said David Svarrer Enterprise Solutions Architect with Rational Intutive IVS, Denmark.

Even fewer have ever held such a gadget in their hands. Large corporates experiment with desperate tour de force makeup on their legacy systems, squeeze their customer experiences to produce results, forgetting it’s a chance to redefine the business said Svarrer during a two-day IoT and AI Summit that started in Nairobi.

The smart CXO team collaboratively harvests from the thousands of years of UX intrinsically captured by staff and clients, rooted in their very own systems, harvestable right at the nose tip.

Many – especially large – organisations inch further into the abyss by allowing redefinition of the very core business to become an appendix to the tumorously growing IT-department, just because of the truth in that the business truly is “IT-driven”.

The successful teamwork of CXO’s solves this conundrum by continuous deep dialogue, and the team members must constantly refrain from the suicidal “Gollum’s Temptation” to steal power for own gains. Unlike the bitter fate of most failing disruption implementers, this (at the same time innovative and necessitated conservative) approach – will enable integration of totally customer centric, IOT and BI+AI driven disruptive IT-technologies in Fintech, providing top management with sufficient handles to maintain taking the lead.

In a case presentation, Svarrer demonstrated how gadgets can improve the lives of customer. He noted that Thomas W. Høyer, an Industrial Design specialist, sees no difference in great industrial design and Fintech, and has inspired the strategic paradigm shift, where Fintech must get in front of their own business in order to stay alive.

Fintech gadgets like these, enables banks to give loans at lower rates, insurances at lower premiums, pensions with bigger returns, investments with lower risks. The sky’s the limit, though it takes a multi-professional, 360 degree development team to get this right, and by far, no corporate in its right mind can risk outsourcing development of this strategic part of their business, or they will see themselves limping behind competition, when the Indian, Malaysian, or even local technology firms fight to understand the core business.

Neither can the traditional IT department handle this – these are rooted in the figures, paper and printing mill – and have no clue whatsoever on how a real disruption looks like within their own business. Just like the test of the pudding is in the eating, the test of disruptive technologies is in the integrated implementation, localized, legacy-system-rooted and smoothly operated with BI and AI.