Embracing Agile into the Fintech World

Agility builds resilience. Our response to a challenge can become a story with the potential to be part of something bigger - an epic. It is this agile mindset which sees an opportunity for growth in every activity. We understand that change is the only constant in life, but we also know that resistance to change is almost a rigid reflexive response in human beings. An organization's ability to effectively manage these conflicting forces, will foster enablers and break barriers. In the present world, there is an urgent need for businesses to embrace enterprise wide agility. More so for global fintech firms with their business model structured around digital flow.

Fintech firms operate in one of the most regulated industries worldwide. Well entrenched incumbent gate keepers further inhibit the path to scale. And yet, as change agents fintech firms have carved out a growing successful niche market for themselves. They have leveraged an agile business operating model to capture short-term gains that are the building block for sustainable business growth. With the recent acquisitions of synergistic fintech firms, Zoompass intends to unleash the full power of business agility - Enabling businesses and individuals to be more adaptive, creative and resilient.

We have identified three core strategic initiatives to drive our global agile business operating model:

  1. Adapt Product Strategy and Roadmaps for Regulatory Compliant Blockchain Applications Blockchain purists may have their misgivings about the success of Ripple, Ehereum, Stellar etc. But the fact remains that by their willingness to work with incumbent financial institutions these pioneers have contributed significantly towards adoption of blockchain applications in the trillion-dollar cross-border payment industry. Proactive collaboration between MSS Payments and BlockLine will allow us to participate in this growing market by selective deployment of Blockchain Use Cases.
  2. Implement Live Pilot Projects to incorporate industry best practices for services that can rapidly scale With multiple live deployments across the globe we have consistently demonstrated our willingness to practice "Customer collaboration over contract negotiation" We intend to continue working with our partners within a structured but flexible engagement model which allows for fast tracking go-to-market plan. Meanwhile, we are also integrating our portfolio of managed services (e.g., international prepaid card program and white-label remittance platform) to multiple payment hubs across the globe. Thus, participating in the infrastructure for cross-border interoperability.
  3. Leveraging online collaboration tools to bring together Global Team & Stakeholders Alignment of IT operation with the overarching business objectives is an agile process. Resultant operating efficiencies drive sustainable business growth. However, managing projects across the globe with a geographically dispersed team is a constant challenge. We understand the importance of using remote-collaboration tools to ensure virtual connection works as effectively as "face-to-face communication".

Business agility is not a catch all phrase - it is a continuous process of building an organizational culture which fosters creativity, adaptability, and resilience.

Author - Mr. Alok Mahapatra (Chief Compliance Officer, MSS Payments)