The world of technology is constantly changing and evolving to keep up with the needs of an ever demanding audience, meaning that many companies have to think radically to resolve customer issues and provide fresh and exciting products and solutions. But what is ‘radical thinking’, and how does it relate to the finance and payments world?
There is a common misconception of the use of the word ‘radical’ in this sense, with many thinking it means ‘extreme’, but it actually originates from the Latin word ‘radix’, meaning root. Radical thinking refers to those who try to understand things from their roots, seeking to resolve problems based on basic principles and foundations.
In business, radical thinking takes a fresh look at issues and effectively ‘reinvents the wheel’ to provide an alternative solution vs incremental evolution of the existing solution. You have to understand the root of an issue in order to resolve it long-term. Many businesses are unfortunately not set up to work to the speed that radical thinking requires, putting them on the back foot when it comes to innovation. Additionally, a business will need a lot of courage to test new ideas as they can often fail and result in wasted funds and time.
Larger businesses are often able to plan funds for testing different ideas into their Profit & Loss margins for the year, however smaller businesses often do not have this kind of money at their disposal, so how can these companies use radical thinking effectively?
One of the key things is to plan in advance and to involve the whole team in your product development process to ensure that all opinions and bases are covered when it comes to how to approach different situations. It can also help to ask people within the meetings to put themselves in the shoes of different customer personas to ensure all angles are considered.
It can also help to review what your competitors are doing in the space and discuss how you could improve upon what they do, or how you would have resolved an issue differently.
Historically, the finance industry has to evolve and consider new solutions to fraud, customer service, payments and more on a frequent basis. There is evidence some parts of the finance industry recognise the need for issues such as fraud to be resolved quickly and efficiently, and are using radical thinking methods to identify the root causes of the issues and solve them with long-lasting and trustworthy technology.
As the finance industry constantly evolves and innovates to keep up with the changing needs of their audience, the need for radical thinking becomes more and more important. FinTech is shaping the future of finance, developing solutions quickly and allowing payment providers and others within the sector to become agile and keep up with competitors in the market.
At Datam we are one of the radical leaders, having done the thinking for you and created a revolutionary onboarding solution for our customers based on our first-hand experience of how the struggles and inefficiency of traditional customer onboarding processes slow down merchant sales.
Thinking radically has got us to where we are today, proving that there are better ways to manage customer onboarding and managing the way you sell merchant services. If you’d like to find out more about what we do, please do not hesitate to get in touch, or read more about our solution.