Stewart Ford has run several businesses across several sectors, including marketing, new media, and venture capital. He's known for staying ahead of the curve, not just because it's a smart way to get ahead, but because he enjoys the challenge of staying current. As an entrepreneur who's dabbled in fintech, he talks more about what it will mean for the everyday person.
The Problem
The most well-known banks in the world also got their start long before the dawn of the Internet. As they amassed assets, they had to implement technology to service everything from wire transfers to basic deposits. However, their worldwide networks are massive and extremely difficult to change.
Well into the new millennium, they were still operating on legacy systems that would take days to settle even the most basic transactions. Stewart Owen Ford says that for all the updated user interfaces, the underlying technology was clunky enough to cause massive slowdowns for people all over the world.
Fintech is undoubtedly being used by banks today, but largely because developers created enough functional technology to serve as a threat to the larger banks. Ultimately, fintech means faster and, perhaps more importantly, safer tools for bankers.
Understanding Banking
Stewart Ford made his way by understanding the needs of the people he serves. He has to see where the need lies and what can be done to fill it. When it comes to banking, there are countless people all over the globe who can't get access to basic banking services.
For some, it comes down to a physical location. If they're not located near a bank, they may not have the option to open an account there. For others, it comes down to their resources. They may not have enough income coming in to meet the bank's minimum requirements. Fintech aims to fix this by offering more accessible platforms. As the number of people with smartphones grows, so does their ability to manage their money.
Finally, fintech has the potential to cut down on fees for microtransactions, which has been a significant problem for anyone who wants to give and receive small amounts of money. Before fintech, the fee for sending a tiny amount of money to a merchant would have been unimaginable because the fee to send it might have been more than the cost of the good itself. Ford, like many other fintech enthusiasts, saw the potential to help a huge group of people rethink how they send and save on a daily basis.
Stewart Owen Ford says that when people talk about fintech, it's easy to think about it as a lofty concept that only affects the elite few. However, the reality is that these platforms and programs were largely designed for everyday people who are just trying to support themselves and their families the best they can.
