Legacy Systems and Legacy Thinking
I’m a relative newcomer to the SIGs. When I joined Money Mover in October last year, we were members and as such I got in touch just to make sure we were doing all that we could to support the network.
It was at that point that I was invited to become a SIG Champion for the Business Special Interest Group (SIG) which has been established to help wireless technology companies identify customer needs and develop strategies that can generate revenue and profit.
I’ve worked across a variety of sectors and so, despite my non-tech background, it was great to be able to bring my commercial expertise to the group.
I’m delighted to be speaking at the ‘Innovation? Business models rule’ Business SIG event in London on the 22nd September.
The title of my talk is ‘Legacy Systems and Legacy Thinking: Fintech and the reinvention of financial services’
Fintech is a sector that has gained a lot of momentum in recent years. In the past, as an institutional, highly regulated industry, financial services were dominated by big banks that were slow to innovate and difficult to disrupt. In doing so they created the opportunity for a new wave of agile and entrepreneurial businesses to lead a revolution in financial services.
I’ll be talking a little about the sector as a whole and how businesses like Money Mover are reinventing how we engage with banking and financial transactions.
Disruptive business models are a topic I find endlessly interesting. For me, the real disruption has evolved from the emergence of a ‘sharing economy’. Think of the often cited Airbnb or Uber – both are businesses that have made available a commodity they themselves do not own. Fintech is obviously a subject close to my heart but if I were to pick a business that has really embraced this it would be Funding Circle.
Funding Circle tapped a huge market of both savers looking for better returns and businesses looking for a quick loan. In 2010 in the wake of the financial crisis, the banks were struggling to effectively deal with, and provide funding for, small businesses. Similarly, in an historically low interest rate environment, savers were seeking ways to increase the returns on their cash. The founders of Funding Circle were able to spot an opportunity to unite both parties and the rest is history.
I’m really hoping that by sharing a little of what Money Mover, and others in the fintech space are doing, I’ll be able to inspire some innovative thinking from attendees on the day. Not only that but CW events are also a great platform for us to spread the word about our businesses, share experience and best practice and meet people who may benefit from what we are doing.
For an early stage start-up it’s really important to talk to other businesses. It’s all too easy to just keep your head down and focus on the internal issues. Often, you can gain a great deal from talking to other businesses which have been there and done it! Don’t be afraid to talk to your network about the challenges you are facing – inspiration and solutions can often come from the most unlikely of sources.
Also, get comfortable with making mistakes. Not everything you do in the early days will be a roaring success. It will be important to acknowledge when things are not working and to do something about it. It’s difficult to grow a business if you can’t admit when you need to do things differently.
Blog written by Amanda Nunn, Partnerships Manager at Money Mover