The first FinTech wave is coming to an end and the air for FinTechs of the first hour, which are specialized in a single banking process, such as P2P payment or ETF investment, and which address classic target groups, such as young people or investors, is becoming ever thinner.
So, I wonder what FinTechs promise sustainable business models. In search of this, I came across FinTech startups at the interfaces of different industries and disciplines with clearly defined target groups.
One example of this is the Israeli FinTech "FlyMoney" at the interface of the travel and finance industry. FlyMoney offers an onsite counter with a customer service representative in airports so that travelers can receive their travel money order in hand and via a dedicated line. The FinTech ensures compatibility with local regulatory institutes, while operating under the appropriate licenses to trade currency.
The Danish FinTech Hufsy also addresses a clearly defined target group: Startups and freelancers in Berlin. Husfy offers its customers a business account integrated into modern accounting and other business tools - in the typically simple and particularly clear Danish design. Hufsy is moving, so far unique, at the interfaces of banking, finance, accounting and corporate organization.
The cooperation between O2 Germany and the Fidor Bank in Munich is not quite as differentiated. Together, the partners have placed the first pure mobile banking for smartphone customers with instant data bonus for their shopping. We cannot wait to see if there are enough customers to access this service-oriented offer – at the intersection of financial and telecommunication industries. Especially in Germany, such partnerships have always failed.
My attention is on the currently crypto-currency-based business models. I find particularly interesting those who have specialized on clear target groups. For example, Musicoin and Metal Music Coin have specialized in the digital music industry, while ArtByte also addresses the rapidly growing digital art market. Today, the offerings at the interface between the art, music and finance sectors are still very technically developed. However, the first one to offer its services to these markets in a user-friendly manner will be able to achieve great value increases and build a sustainable business model.
Wherever real problems are solved or perceptible benefits are created, new technologies and business models are established. I'm curious to see if the FinTechs at the interfaces of different industries and disciplines develop into sustainable models.