3 Proven Strategies for Rolling out New Technologies in Your Company
The introduction of new technology is always a significant challenge. However, with the ever-growing need and demand for innovation, state-of-the-art technology and strong R&D have become integral parts of modern companies, especially the ones offering financial services. To avoid failure and have a more streamlined process of integrating innovation, we’ve prepared a short guide for our fintech innovation geeks. Here are 3 proven strategies that can help rollout new tech in your company!
Allocate Enough Resources to Fintech Innovation
Not just with fintech innovation, but with any sort of new tech introduction, you can’t expect a smooth process on a tight budget. Remember, adopting new technology will always be demanding in terms of manual labor and capital.
Grants, subsidies, external fundraisers, and other sources of funds can be very helpful in this step. A business that wants to develop and implement cutting-edge financial services, must possess sufficient resources to carry out the project from start to finish.
On the other hand, you can create a small project (if there is a big challenge to be undertaken) and use it as a decoy. If implementation and introduction on a small scale are successful, the benefits can seem more alluring to managers, making them more likely to take the risk and increasing the chance for a successful rollout of new technology!
Get the Right People Involved Early
We all know that ideas and research data on paper can be far from the real-world picture. This is especially noticeable when innovative ideas introduced by software engineers reach R&D specialists or vice versa. Specialists from a different end of the spectrum can easily find weaknesses in their colleagues’ plan and tend to be more reluctant to implement it.
It’s most apparent when R&D teams or agencies are tasked with devising growth plans for a fintech company. Engineers usually don’t see any tangible benefits and call out the uncertainties and the lack of practicality in some visions or ideas. The lack of being on the same wave length disrupts innovation and new tech rollout.
Focus on a bottom-up approach and get the end-users involved early. EMIs in digital innovation are too often focused on having the best stats and numbers but forget that technology has to serve its users. By getting the right people involved you won’t delay the rollout you will facilitate the process and avoid any delays.
Focus on Security
Fintech regulations are quite strict. To innovate and implement new tech, each fintech company or fintech financial consulting firm has to find a balance between the benefits of science and practicality within the confines of regulations.
Take Satchel as an example. It’s one of the leading and fastest-growing digital banking platforms. Over the past few years, it has implemented a cutting-edge system and set a new standard for digital money management. Through careful refinement of tech and insightful R&D, Satchel became the #1 choice for numerous users worldwide!