Banking Archives - CFTE

Extrapreneurship – The Future of Entrepreneurship in Fintech

cfteadmin — Mon, 24 Jun 2019 07:36:01 +0000

Extrapreneurship is a term that is still fairly new, but then again it is a relatively recent school of thought. The idea that an employee can spearhead new initiatives through experiential learning is one that is fast gaining traction. Many employees of big tech firms and financial institutions are now looking up further education modules such as entrepreneur classes, Fintech MBA programmes and similar types of learning platforms. Which brings us to the question – can you learn entrepreneurship? We believe so.

The framework known as experiential learning helps participants to develop an entrepreneurial mindset and a way of thinking that prioritises positive initiatives and discovery of new ways of operating. This is best demonstrated by the trend of many financial institutions and established multinational companies having dedicated innovation teams, in which an entire department is responsible for championing changes for the better.

With the fast-paced nature of Fintech today, it is important for companies to allow extrapreneurs in their midst the flexibility to make mistakes. The lessons and data learnt from these experiments help them to quickly adjust and pivot in order to make positive changes that will benefit their company in the long run. It is a key reason why many BigTech firms around the world have successfully managed to quickly establish a Fintech arm, with data being key to their efforts.

Furthermore, the practice of extrapreneurship within financial institutions will allow for easier collaboration with Fintech startups. It is a win-win situation as it mitigates the risk posed to them as there is no need to start up a new department. This also provides them the technology needed to modernise and serve their user base better, while helping startups to scale simultaneously.

The Fintech ecosystem needs extrapreneurs, or individuals that have an entrepreneurial mindset to thrive. Will you be the next one?

Join our CFTE Extrapreneurship Programme which has been created to respond to this need. The programme allows professionals to experience entrepreneurship by working on a strategic issue of high growth startups, with Revolut and Shift Technology being part of our previous programme. Applications are currently open.

Click here to read more of our leading new Extrapreneurship programme!

CFTE is the learning and innovation platform for individuals and organisations to act on the transformation of Finance. Learn how to get into Fintech, explore the exciting opportunities at Fintech startups, lead AI projects and develop your career.

CFTE develops leading online courses (Comparable to Harvard Fintech Course, Oxford Fintech programme and MIT Fintech certificate course), Experiential Learning Programmes such as Entrepreneur workshops and also animate a community of 1000 of alumni and experts.

Start with the foundations with our Fintech Foundations Programme and AI in Finance course.

Think and act like an Entrepreneur with our Extrapreneurship Programme.

Meet and get inspired at our Fintech ecosystem

Browse our Fintech Events Agenda.

About CFTE

We are a platform supported by senior leaders from the largest institutions, startups, and universities. We address the needs of professionals in finance to upskill in a rapidly changing industry being transformed by emerging technologies. More than 50,000 participants learn from our online courses, such as AI in Finance, Fintech Foundation or Extrapreneurship, a mini-MBA with fast-growing startups such as Revolut or Shift Technology.

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How Entrepreneurship Can Improve Your Fintech Prospects

cfteadmin — Mon, 24 Jun 2019 07:33:17 +0000

vThere has never been a better time to contribute to the Fintech ecosystem. The world of finance is rapidly changing, and it needs talented people that can think like an entrepreneur to bring about this change. As the finance industry is made up of traditional pillars and mindsets, it needs entrepreneurial individuals to spearhead changes and the inevitable shift towards digital finance.

Fintech MBA programs are also becoming more and more popular but the question on everyone’s mind is can you learn entrepreneurship? There are two camps split on this, but we firmly believe it is possible for entrepreneurship classes to bring out the businessperson in you.

Thinking like an entrepreneur

Firstly, entrepreneurs think differently to most people. Many entrepreneur classes might teach you to stay in your lane, but we think entrepreneurs should stay curious. This is especially useful in Fintech as it is a field that is rich in possibility, with many opportunities for a discerning businessman. Similarly, a narrow perspective may limit your vision, which means you could miss out on potentially life-changing openings.

Mastering your emotions

Another trait that we believe can be learnt is the ability to master your emotions. Entrepreneurs need to keep their emotions in check to be able to keep a clear mind and make wise decisions that are not influenced by feelings. In the fast-paced world of Fintech, it can be easy to get lost in all the new technology and breakthroughs. An entrepreneurial mindset will help you to filter out the excess and allow you to focus on what is truly important for your business.

Surrounding yourself with the right talent

No matter how great an entrepreneur is, he or she will need a talented team of professionals to help build and scale a business. In the world of Fintech, this is doubly important as it is key to expand quickly in order not to miss out on great opportunities. Identifying not just talented people, but key individuals that can help to build an empire, can be crucial to ensuring the survivability and longevity of any company. Attracting employees is all down to how a company is run – do it well, and top talent will be knocking on your doors to get in.

Click here to read more of our leading new Extrapreneurship programme!

Start with the foundations with our Fintech Foundations Programme and AI in Finance course.

Think and act like an Entrepreneur with our Extrapreneurship Programme.

Meet and get inspired at our Fintech ecosystem

Browse our Fintech Events Agenda.

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CFTE Launches Collaboration With Budapest Institute of Banking

cfteadmin — Mon, 17 Jun 2019 11:12:13 +0000

A packed house at Level39 in London joined us earlier this week, with our event marking a milestone agreement between CFTE and the Budapest Institute of Banking (BIB). The agreement between the two parties is in response to the keen Hungarian market that is eager for Fintech solutions.

At the top of the programme was the all-important signing of the memorandum of understanding (MOU) with BIB. CFTE’s co-founders Huy Nguyen Trieu and Tram Anh Nguyen, along with CFTE senior advisor, Tamas Haiman, were on stage to sign the agreement, alongside Gergely Fabian, the executive director of MNB (Central Bank of Hungary).

We are tremendously excited for this collaboration as it gives us a foothold in Hungary and Eastern Europe, while also achieving our aim of democratising Fintech education to all. BIB are fantastic partners for this as they are passionate about improving the quality of adult education and efficient knowledge transfer in the sector of finance. Furthermore, this partnership is in line with BIB’s goal of meeting market needs while also fulfilling the social responsibility objectives of the Central Bank of Hungary.

We also had the pleasure of hosting Eva Hegedus (CEO – Granit Bank), Aniko Szombati (Executive Director for Digitalisation and Fintech – Central Bank of Hungary), Janos Pereczes (MKB fintechlab), Stevan Bajic (Founder & CEO – Manigo), Péter Jendrolovics (Head of Retail Banking – Granit Bank), as well as Fabian at the CFTE Campus.

Szombati opened with a keynote speech highlighting the Hungarian appetite for Fintech, and how the country offers many advantages to companies in the industry, such as a favourable tax system, lower costs and easy cooperation with various institutions.

Following this was the first panel session moderated by our Head of Entrepreneurship, Janos Barberis, with Bajic and Pereczes joining Szombati onstage to discuss the Fintech opportunities in Eastern Europe, and the differences of such opportunities in Western Europe.

Hegedus then took to the stage to present her experience of running a digital bank in Hungary. A key point for their success is the increased internet penetration, leading to new initiatives such as video banking, mobile payments and more, which ultimately led to them winning more than 30 awards in the past year!

The next panel session involved Jendrolovics and Fabian, who were joined by Rupert Barksfield (Founder and COO – Pynk), to talk about the differing landscape of digital banks in Eastern Europe, moderated by CFTE co-founder Huy Nguyen Trieu.

We would also like to extend a special thank you to our speakers and visiting panellists for their engaging views and sharing throughout the event. No doubt this helped to make this special occasion a very successful one indeed.

It was a tremendous pleasure to host our wonderful guests at this event, and hope that the partnership between CFTE and BIB will bear much fruit in the coming months and years, not just in Hungary but in more parts of Eastern Europe!

Click here to read the full press release.

Start with the foundations with our Fintech Foundations Programme and AI in Finance course.

Think and act like an Entrepreneur with our Extrapreneurship Programme.

Meet and get inspired at our Fintech ecosystem

Browse our Fintech Events Agenda.

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CFTE at Money20/20 Europe

cfteadmin — Fri, 14 Jun 2019 07:21:29 +0000

Another conference is done and dusted, with the CFTE team spending a few very productive days at the Money20/20 Europe conference held in Amsterdam. Our co-founders, Huy Nguyen Trieu and Tram Anh Nguyen, and Head of Entrepreneurship, Janos Barberis, were certainly kept busy with plenty of panels, speeches and product announcements throughout the entire three days. Here’s a summary of what we got up to:

Day 1

We hit the ground running on the first day! Tram Anh chaired an entire suite of sessions about AI in Finance under the theme of Transformational Technology, where several business cases for disruptive technologies in financial services were analysed and explored.

She also acted as the moderator for an engaging panel discussion titled “AI: Are We Using It Right?”, with participants including Mark Ma (Machine Learning Engineer – SAP), Dror Oren (Chief Product Officer & Co-Founder – Kasisto), Elena Alfaro (Head of Data & Open Innovation, Client Solutions – BBVA) and Devika Daga (Director of Global Partnerships & Operations – Element, Inc.)

The key takeaway from this panel session can be best summed up in a quote from Tram Anh – “The first ones to be confused – or worried – are certainly those working in financial services.”

It was a busy day for CFTE co-founder Tram Anh Nguyen!

Another important note highlighted by Daga is the fact that AI must be trained and that it will take plenty of time, with Oren also pointing out that executives must think of what’s next tomorrow, in addition to aligning departments and optimising quickly when implementing the technology.

Later in the day, Janos’ session involved a panel discussion about successful and unsuccessful approaches to internal innovation, with Dr. Amy Neale (Vice President, Mastercard Start Path – Mastercard), Nicolas Kozakiewicz (Chief Innovation Officer – Worldline), Grzegorz Pawlicki (Head of Innovation – PKO Bank Polski) and Wincie Wong (Head of Innovation for Supply Chain Services – NatWest).

Thanks to an interesting discussion, panellists highlighted the importance of bringing diversity to thinking, keeping an open mind when exploring change within a Fintech ecosystem, and making sure products have a clear growth path when integrating them into business.

Away from the panels, we were also present for other interesting sessions at the event:

Tram Anh announced this year’s AI in Finance Awards, a once in a lifetime opportunity for finance professionals and entrepreneurs, and potential applicants can apply here!
CFTE contributing expert Anne Boden (Founder and CEO – Starling Bank) launched her new book “The Money Revolution” – we wish her nothing but congratulations and continued success!
Rob Frohwein, the CEO and co-founder of Kabbage, offered advice to all entrepreneurs, urging them to understand “where your business comes from and where it is going”, while also encouraging the audience to embrace digital

Day 2

CFTE contributing experts Claire Calmejane (Chief Innovation Officer – Societe Generale) and Boden were in action at a panel discussion we caught in the morning, talking about the opportunities and challenges of banking in 2019.

It was also a busy day for Huy, first with the announcement of the “Top 50 Fintech (2014) Report: What They Have Become”, which can be downloaded here, as well as moderating a panel discussion between Nordic banks about “Tech Roadmaps in Banking” with Ville Sointu (Head of Emerging Technologies – Nordea), David Grundy (Group Head of Blockchain/DLT – Danske Bank) and Lasse Meholm (Head of Blockchain & DLT Strategy – DNB Bank).

Huy in action as moderator of a discussion panel between Nordic banks

The key takeaway from the panel session was the topic of collaboration, with Grundy emphasising that although “it’s a race to be first”, at the end of the day “technology requires collaboration” as it cannot be done alone.

We also managed to set some time aside to catch up with Clare Joy of Onfido, regarding the upcoming event “AI in FINANCE, REGULATION and SKILLS” organised by French Tech London. Taking place on June 18, 2019 in London, this special event will see our co-founders Tram Anh and Huy take part as speakers and panellists.

All smiles for the camera!

Day 3

Tram Anh’s first panel session of the day was part of the Rise Up program, where she was a speaker on the topic of “Empowering Women in Leadership”. Practical ways to break the glass ceiling were discussed with Kate Adamson (Head of Mortgage – Plaid), Smriti Vicari (Head of Fintech Europe – Visa) and Sophie Jackson (Joint Publisher & Head of Strategic Content – Treasury Today Group).

The key message that Tram Anh shared was for women to seek opportunities through learning about digital finance and essential learning AI as part of enriching their skill sets. She encouraged women to take control of their path, saying that “Being a leader of the future is allowing yourself to be different, you have to adapt faster than anyone else.”

Tram Anh certainly made the most of her time at Money20/20, and it was hard to find her anywhere other than a stage!

She also managed to fit another panel into her busy schedule, this time chairing a discussion by EWPN on the topic of “How AI Can Promote Gender Equality in the Financial Industry”, and was joined by Beatrice Bouju (Executive Board Member – European Women Payments Network (EWPN)) as moderator, and Shafique R Ibrahim (Group IT Head – Payment – AI Fardan Group) and Miriam Ballesteros (Head of Communications – Strands) as panellists.

Topping off her busy day, Tram Anh encouraged everyone to upskill themselves, seeking and gaining knowledge to take advantage of the burgeoning finance industry ripe with opportunity.

“The world is changing. We’re moving into an AI world and the industry that invests most in AI is financial services. It’s not hyped, it’s really happening. And we need to ensure everyone involved understands AI and no one is left behind” – Tram Anh Nguyen

Janos also had a productive day when he announced the relaunch of the successful CFTEx programme. More details will follow in due course, but it was exciting to see the reemergence of a programme which was well-received by the first cohort of participants!

We also managed to catch CFTE Academic Advisory Board Member, Ronit Ghose (Global Head of Banks Research – Citi), in action. He gave a rousing speech about building a strategy from scratch, which was well-received as evidenced by the healthy crowd in attendance!

It proved to be a wonderful three days in the presence of some of the finest and brightest minds in finance today. We intend to take what we’ve learnt and shared with the world and continue to build the Finance 2.0 community, especially with our next Extrapreneurship programme set to launch in August. It promises to be nothing short of exciting!

We’d like to extend our heartfelt thanks to the team at Money20/20 for putting on such an amazing, engaging and memorable event. We certainly enjoyed our time in Amsterdam and hope to be back for the next edition. If what we saw is anything to go by, the future of finance is very, very bright indeed.

Team CFTE signing off from Amsterdam!

Start with the foundations with our Fintech Foundations Programme and AI in Finance course.

Think and act like an Entrepreneur with our Extrapreneurship Programme.

Meet and get inspired at our Fintech ecosystem

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Is Upskilling Vital to Stay Relevant in the Finance Industry?

cfteadmin — Fri, 10 May 2019 03:50:35 +0000

The short answer is yes. FinTech is impacting every single vertical and divisions in the finance industry. Be it investment banking, capital markets, compliance or sales, no one is immune from this pending disruption. Last year, FinTech accounted for 33% of revenue in financial services according to Accenture, and it’s a safe bet to assume that this figure will continue to increase year-on-year.

It’s Important to Know How It Works

The idea of FinTech or AI in finance is to make life easier, both for people within the industry as well as customers. However, there’s currently a big gap in the market for individuals with the right skills needed for FinTech. As the technology automates the tedious jobs, the high-level execution such as strategic planning is left to humans. Without the right qualifications and understanding of FinTech and AI, it will soon become impossible to remain relevant.

For example, AI can be used to report and analyse huge amounts of data collected. However, it will be left to humans to interpret the data or determine what it is used for. Without understanding FinTech, this data cannot be utilised properly. This is just one example of how it is imperative to understand the technology to be able to execute accordingly.

Many Jobs Will Be Created

Global FinTech investment hit a record US$111.8 bil in 2018. It’s no surprise that recruitment is going to use up much of these funds. Jobs in FinTech startups are going to increase exponentially and these roles are likely to be given to those with the best FinTech qualifications. Without a solid FinTech education, you’re likely to be trailing the pack.

Banks and many other financial institutions are already looking to upskill their employees via various online FinTech courses to prepare for the future. If industry stalwarts are already getting ready for the FinTech revolution, why shouldn’t you?

The FinTech Foundation Course by CFTE is designed to help build your Fintech knowledge in just 8 hours with the help of leading academics and industry leaders, and boasts a community of thousands of alumni and experts.

Click the button below to learn more about the course.

Start with the foundations with our Fintech Foundations Programme and AI in Finance course.

Think and act like an Entrepreneur with our Extrapreneurship Programme.

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Can a Banker be an Entrepreneur?

cfteadmin — Tue, 07 May 2019 07:56:41 +0000

There are many debates about whether it is possible to learn how to become an entrepreneur, and it is no different in the world of FinTech. The digital transformation in finance is fast becoming a reality in the banking industry. Many executives now find themselves needing to gain new skills in order to remain relevant within a changing banking system.

For current and future bankers, or anyone with an interest in the finance industry, the landscape is changing fast. The characteristics of an entrepreneur are becoming more relevant than ever in this field. Not everyone needs to be an entrepreneur, but everyone needs to have an entrepreneurial mindset.

This is essential whether you run your own business or innovate in a large organisation. Apart from streamlining processes, the entrepreneurial mindset can help your career progression. In short, this is the vision to strategise and execute in a faster, smarter and more flexible way. Instead of being tied down by protocol and best practices, vision often changes things for the better.

For example, adopting an entrepreneurial mindset means bankers may need to adjust their default mindset. Most will have experience of rigid processes that have not changed for decades, and will not see any reason to change. This can lead to complacency, which results in a lack of change or innovation – typical of many banks in today’s world. There needs to be an urgency to improve and experiment with new ideas. In turn, it will quickly isolate successful processes and tangible improvements while also highlighting inefficiencies.

Similarly, creativity and problem-solving are key skills that bankers will need to thrive as an entrepreneur. Although many organisations keep an eye for CVs that describe “out-of-the-box” thinkers, they often prefer individuals that they can mould to think and take their approach to dealing with problems. When it comes to innovation, limiting thinking and possibilities to a single funnel is a recipe for disaster.

We fully believe that bankers (or anyone for that matter!) can learn how to have an entrepreneurial mindset, and the CFTE Extrapreneurship Programme has been created to respond to this need. The programme allows professionals to experience entrepreneurship by working on a strategic issue of high growth startups (inaugural edition starting on 13 May 2019 with Revolut and Shift Technology).

To read more of our leading new Extrapreneurship programme, please click on the button below!

Start with the foundations with our Fintech Foundations Programme and AI in Finance course.

Think and act like an Entrepreneur with our Extrapreneurship Programme.

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CFTE Campus Launch Heralds New Dawn in FinTech

cfteadmin — Fri, 03 May 2019 14:28:06 +0000

CFTE Campus Launch Heralds New Dawn in FinTech

It has been a spectacular and busy week for us here at CFTE! We attended the Innovate Finance Global Summit, and also launched the CFTE Campus at Level39 in Canary Wharf, London as part of the UK FinTech Week 2019. Ever since the establishment of CFTE back in 2017, a dedicated physical FinTech space has always been one of our major aims and we’re proud to say that we’ve finally done it with the launch of the CFTE Campus!

The space allows professionals to learn and upskill themselves to embrace the future of finance, while also building a network among the 200 startups and London FinTech companies, and more than 1,200 entrepreneurs that call Level39 home.

As the leading hub of finance innovation, CFTE aims to be the thought leader in the field of continuous education and stimulating innovation within the financial services sector.

CFTE co-founder, Tram Anh Nguyen

We had attendees from all over the world, including Canada, France, Spain, Italy, Dubai, Singapore, Hong Kong, Turkey and more. It was a spectacular, fun-filled day.

//www.youtube.com/watch?v=FD-tJPElzys

One of the highlights was a quiz where everyone took part under a nickname, with questions designed to test the FinTech knowledge of all. It was really special to see everyone, from CEOs to founders to senior managers, relaxing and letting loose which is a side that not often comes out in the daily grind of work. A special shoutout to the person under the guise of “The Real Jack Ma” who proved to be a true quiz whiz – we still don’t know who you are, but you certainly stole the show!

Quiz prizes included lunches with Claire Calmejane, Chief Innovation Officer of Société Générale, and Rezaah Ahmad, Founding Partner & CEO at WiseAlpha Technologies, and free membership to the CFTE Extrapreneurship Programme and AI in Finance course.

Laughter filled the air as the launch of the CFTE Campus really brought about a feeling of progress, togetherness, and community – we have all been here since the early days and to see a launch of such a space was a milestone and a reminder of how far we have come!

Although CFTE’s roots can be traced back to the Shard, one of the trademarks of London architecture, the team has always dreamt bolder, which has culminated in the launch of the CFTE Campus. We believe that the presence and location of the campus will be a great asset to the London FinTech community. This would not have been possible without Level 39 – a notion acknowledged by Huy Nguyen Trieu, co-founder of CFTE, calling it “the perfect place to build London’s first physical FinTech campus”.

The reception from the community has been nothing short of tremendous thus far, with many expressing their excitement that such a space now exists. Along with networking, finance thought leaders and CFTE contributing experts were present at the launch to share their thoughts on the future of FinTech.

Even the speeches were extremely well-received, with everyone engaged both with interest and laughter. Catherine Wines, co-founder of WorldRemit, emphasised that the three most important skills for entrepreneurs were “passion, support network and perseverance”, while CFTE alumna Ayshah Butt of CaixaBank noted that “adopting a growth mindset is key” to ensure professionals remain relevant in the new world of finance.

In the world of today (and very likely tomorrow) we all need to be able to learn, unlearn and relearn.

CFTE contributing expert Tanya Andreasyan (FinTech Futures)

The CEO of Level39, Ben Brabyn, also acknowledged the need for “the most ambitious, talented people to come together and tackle the most pressing problems”, which is what we hope to catalyse with the launch of the CFTE Campus. It may only be the beginning, but we are extremely optimistic that the environment created by the campus, our education modules, and the Level39 community will result in huge contributions to the FinTech ecosystem, not just in London, but worldwide!

The joyous atmosphere created throughout the day is one that we hope the CFTE Campus will replicate many times in the future!

As the evening approached, we were treated to a spectacular London sunset which brought down the curtain on a truly memorable day.

Click here to learn more about CFTE and what we do!

Check out the courses that we offer here.

Click here to read the full press release of the CFTE Campus launch.

Start with the foundations with our Fintech Foundations Programme and AI in Finance course.

Think and act like an Entrepreneur with our Extrapreneurship Programme.

Meet and get inspired at our Fintech ecosystem

Browse our Fintech Events Agenda.

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CFTE Campus – The First Physical FinTech Campus

cfteadmin — Wed, 01 May 2019 14:59:50 +0000

CFTE recently launched the world’s first ever physical FinTech campus at Level39 in Canary Wharf, London. In line with its aim to promote FinTech education, the aptly named CFTE Campus is designed to provide a space for finance professionals and entrepreneurs to learn, network, and learn, all under one roof!

With the world of finance rapidly changing and evolving, executives in the industry run the risk of being left behind as the brave new world of FinTech begins to take root. The CFTE Campus aims to upskill professionals to keep up with the times, regardless of current experience and expertise. Not only will this ensure they remain relevant in the future of finance, it will also benefit the FinTech community as the talent pool grows and develops along with the industry.

Apart from promoting FinTech education one of the key aims of the CFTE Campus is to grow the London FinTech ecosystem. Experts in various fields will share their insight and views at biweekly FinTech events held at Level39, making it the most vibrant community in Europe, and possibly the world!

This is a notion echoed by CFTE co-founder, Tram Anh Nguyen, who wants the campus to help finance professionals to “upskill themselves and also build a network with other FinTech leaders of today and tomorrow”. With its strategic location at Level39, the CFTE Campus is certainly well-placed to do just that.

Hosting over 200 startups and more than 1,200 entrepreneurs, Level39 is the perfect ecosystem for FinTech to rapidly develop and thrive, with its community having a golden opportunity to accelerate not only their learning, but impact on the world of finance. The London FinTech scene stands to benefit tremendously as the foundation has already been laid previously, paving the way for speedy growth and evolution that few cities around the world, if any, can match.

There is already a myriad of opportunities in FinTech in London; the introduction of the CFTE Campus only serves to increase this number. The only question is, will you be a part of it?

We’re in the news! Click here to read more!

Click here to read the full press release of the CFTE Campus launch.

Start with the foundations with our Fintech Foundations Programme and AI in Finance course.

Think and act like an Entrepreneur with our Extrapreneurship Programme.

Meet and get inspired at our Fintech ecosystem

Browse our Fintech Events Agenda.

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What skills are needed to be a FinTech Entrepreneur?

cfteadmin — Thu, 25 Apr 2019 07:09:55 +0000

FinTech is already disrupting the world of finance at a rapid rate, and it is only going to become more and more entwined into the global ecosystem. Many companies and financial institutions have already noticed the threat that the FinTech entrepreneur and startups pose but have yet to adequately respond with improved operations and offerings. Here are some of the skills that a future FinTech entrepreneur will need within such an environment:

A background in finance

Although this is not strictly true, it certainly helps to have a good understanding of how the industry works to lay the foundation for a future career in FinTech. Working directly in the field will give you a thorough idea of what the shortcomings and problems are within the various verticals.

Marketing

As any entrepreneur will tell you, marketing is half the battle. A common mistake startup founders often make is assuming that the audience will see and recognise the worth of their product. Marketing helps to break down what your product/service is to the masses, which in turn can drive plenty of potential leads to your FinTech startup. If you are not sure how best to position your offerings, you need to find someone that does!

Business development

This is the other half of the hustle for the FinTech entrepreneur. As a startup, you will be pressed for business from the get-go and it is up to you to find these leads and channels and convert them to scale quickly. If your services are better than your competitors, you need to make sure that interested parties know this and close the deal quickly. If your leads are locked into long multi-year contracts with rivals, you will not be securing their business anytime soon, no matter how good your product is.

Soft skills

This is something that can be hard to demonstrate on a resume, but necessary skills such as emotional intelligence, creativity and agile thinking can prove to be priceless when building up a FinTech startup. Imagine a leader with every technical skill in the book but is unable to effectively communicate with the team – a disaster waiting to happen! Similarly, the inability to solve problems on the fly and adapt to the rapid changes within the FinTech industry is a sure-fire recipe for failure.

No one can create a FinTech unicorn on their own; soft skills are essential when establishing FinTech startups from the ground up, before scaling when the service is proven. In addition, soft skills can be key to securing funding from angels and other investors. After all, no one wants to invest in a founder that they dislike.

Innovations and problem-solving

As an entrepreneur, you will constantly have to come up with creative methods to solve problems that never seem to go away. Thinking outside the box is paramount, and you will likely find yourself at a roadblock if your problem-solving skills have not been sufficiently developed. Alternatively, you may find your skills developing at a faster rate than ever before if you dive right into the deep end!

The CFTE Extrapreneurship Programme has been created to respond to this need. The programme allows professionals to experience entrepreneurship by working on a strategic issue of high growth startups (inaugural edition starting on 13 May 2019 with Revolut and Shift Technology – applications currently open).

To read more of our leading new Extrapreneurship programme click here!

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Why Do Banks Need Entrepreneurs?

cfteadmin — Wed, 24 Apr 2019 07:30:41 +0000

The digital transformation in finance is fast gathering pace, with the banking industry in serious risk of being left in the dust. Banks are quickly finding themselves losing business to FinTech companies as more and more people that did not have access to banking services previously start to come onboard. Similarly, the convenience offered by new entrants such as FinTech startups and Big Techs is often superior to the banking system, resulting in existing customers migrating over to their platforms. Here are some reasons why banks need entrepreneurs – employees with an entrepreneurial mindset – to keep up:

The right people

CFTE co-founder Huy Nguyen Trieu is a firm believer that banks must have “the right people” in place to cultivate and champion innovation efforts. If individuals with an entrepreneurial mindset are in charge, it is more likely that they will be looking at how to innovate. This is largely because many top-level executives in banks are from a generation used to standard procedures and processes, with many not being used to experiment. Which leads us to the next topic…

Open to change

At Money20/20 Asia, Akiko Taguchi of Lumenlab highlighted that banks could solve problems while learning simultaneously if they collaborated with startups. This requires a mindset change as startups are using to pivoting and moving on quickly in order to find a solution to problems, while banks are more risk averse. While it is not necessary to revamp processes and standard procedure completely, an openness to change is key if any innovation is going to occur within a bank.

Click here to read more about our takeaways from Money20/20 Asia.

Taking risks

This is probably the last thing you want your bank to do, but this is not a suggestion that rogue employees are needed! Most banks have never really incentivised employees to try to build new things or improve existing ones when the likelihood of success was not clear. However, with FinTech becoming more prominent, banks must be open to “risk” and embrace uncertainty. A “fail fast” culture will not only help to identify best practices quicker, but will lead banks away from tradition in order to avoid becoming stagnant and irrelevant.

To read more of our leading new Extrapreneurship programme, please click here!

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