Building A Fintech Startup
The Situation
In the rapidly changing banking landscape, dominated by emerging fintech trends, LQID embarked on a mission. They aimed to redefine banking by balancing digital convenience with human-centric experiences. With an aspiration to grow assets to GBP1.9bn and acquire over 550k+ customers in five years, they aimed to carve a significant niche in the retail banking sector and SMEs.
The Task
LQID’s task was multifold: navigate strict capital requirements and regulatory challenges, align Technology with business aims, and establish an expansive and secure IT infrastructure. Central to this narrative was an astute CIO who recognised the value of human interactions in digital banking, positioning LQID as a fusion of both.
The Action / Approach
Business Model Innovation: LQID ventured into uncharted terrains by adapting and innovating its business model. This was a deviation from traditional banking practices, ensuring they remained competitive and relevant in the fintech ecosystem.
Stakeholder Engagement & Change Management: To truly understand its user base, LQID engaged with customers, collating feedback to unearth the real pain points in banking experiences.
Technology Planning & Infrastructure Building: They laid down comprehensive technology roadmaps, prioritising scalability and security. Additionally, robust IT systems were established, ensuring the infrastructure could handle their ambitious expansion plans.
Collaboration: LQID collaborated with design teams for an optimal digital banking experience and with third-party tech vendors to integrate solutions seamlessly.
Cybersecurity: Recognising the threats in the digital age, they formulated industry-leading security protocols, ensuring customer data remained uncompromised.
The Result
While LQID’s vision did not fully materialise as planned, the journey was replete with learnings.
Embracing Change: They grasped the importance of being agile, realising that the fintech world’s nature demanded regular revisions and updates to business models.
Feedback-Driven Decisions: Responsive to their customer base, they pivoted their strategy, emphasising video chat features in their branches.
Regulatory Challenges & Capital Resilience: LQID garnered insights into the complex banking landscape, understanding the significance of capital adequacy and navigating intricate regulations.
Strategic Flexibility: The journey underscored the importance of adaptability, suggesting that foresight and flexibility are pivotal in unpredictable sectors like banking.
