There are multiple stages in a start-up. At an early stage, most tech start-ups usually include two founding members – a business head and a tech head leading the validation efforts. Further down the line, we notice parallel and vertical streams of teams leading the initial growth of the company. It’s usually at this stage or after this stage, where the business has some solidarity to it and the focus on building tech for a large and scalable model begins. The following points made in this post have been laid out in view of a mature start-up.
Following an agile methodology for development is a no-brainer for any start-up. The environment is fast paced, catering to a dynamic business where release cycles are frequent. Often, the common pitfalls of this method also show a lack of emphasis on planning and documentation while customer expectations sometimes are not clear. To mitigate this, a hybrid of agile and waterfall approaches enables start-ups to move towards a mature business. To do so, the start-up must;
– Identify problems of the business
– Prioritize the need of the hour for the business
– Allow for high level architected solutions for each problem
– Build feature specs
– Execute in sprints (ideally 2 weeks) for maximum output to customers
Your business logic and data is your Intellectual Property. As a Fintech company, this becomes the most critical piece of software development. It is important to protect your data while also facilitating growth with the exact same data. How do you draw this balance?
Build your logic and algorithmic layer around your data and an external layer that does not directly interact with your data set. This permits external endpoints to be consumed by growth partners as well as reduces development efforts for building tech for internal teams.
Enterprise applications are often built using a monolithic approach or as a single unit. Although it’s a natural approach to development, it can be frustrating because of multiple dependencies on modular structure and deployment to the cloud also becomes a challenge.
In contrast, Micro-services architecture equips you to independently deploy services or pieces of software without large dependencies on other services. These services or pieces of software ultimately add up to become a single application while running its own suite of processes and mechanisms.
Additionally, in a Fintech setup, technology is built to cater multiple teams – both internal and external and having a micro-services architecture easily allows horizontal scaling.
In a start-up, it’s a good idea to prototype development. Prototyping facilitates quick delivery of a piece of software and a better understanding of future product development.
Post prototyping, it’s important to pick the right framework for a full-fledged and scaled application. This is where building code that can be re-used in multiple services becomes a factor of efficiency in development. Building custom libraries (back-end or front-end) and even choosing the right frameworks ensure ease of development across resources and knowledge transfer. A choice of using AngularJS as a front-end framework allows for creating directives specific to custom applications and promotes reusable components.
Build vs Buy
A classic point of debate and contention is always build versus buy. There are multiple points to consider while making such decisions in a growth stage start up to create a fine balance between the two.
Often, out of the box or integrated solutions provide quick solutions for increased productivity to a business need but come at several costs, such as pricing and rigidity of use. Sometimes these solutions are not compatible with existing software or custom solutions.
Custom-built solutions provide competitive advantages, builds intellectual property and fit a specific business need but also comes at several costs, such as time for development and uncertainty in product definition.
A hybrid approach can be an effective way of mitigating the disadvantages of build or buy approaches. At times, building on top of or integrating an existing product into your custom built solution adds greater value to the overall business product. An example of such a solution can be integrating a good workflow management tool into your custom CRM application.
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The world is not what it used to be since the Coronavirus outbreak. The virus has distorted the daily lives of millions of people across the globe. Social distancing, travel restrictions, work from home – are becoming the new normal. To gain customers’ trust, companies should understand the buyers and their requirements in this unprecedented environment.
Why is maintaining customer relations essential?
Good customer relationships can help a company to grow. As with personal relationships, creating and nurturing customer relationships is essential as well. When organizations develop strong customer relationships, it can lead to loyal customers, positive word of mouth, and higher sales.
What are the customers expecting from you?
For your company’s long-term well-being, you should put the needs of your customers first. Customers will always prioritize their safety and that of their families. They expect businesses to understand their shopping style, keep essentials well-stocked, be treated as a valued customer, and get benefits even in these hard times.
How to maintain customer relations in the pandemic?
- Maintain hygiene: The safety of the customers should be the priority of any business concern. Therefore, businesses should keep their stores thoroughly sanitized. When a customer goes to the store, there should be provisions for social distancing and contactless operations to reduce the risk of contracting the virus.
- Communicate with the customers: In the wake of the pandemic, everyone is in distress and fear. In such times, if a company can keep communicating with its customers, they will feel considered and cared for. By maintaining contact with its customers, the company can also stay informed about the customers’ needs and wants through feedback, thereby stocking inventory accordingly.
- Make them feel special and valued: By storing customer information such as important dates, companies can surprise their customers with gift vouchers, coupons, gift hampers for special occasions such as birthdays and anniversaries. They can even send over medicines for the aged family members of the customers. Such little things can increase customer loyalty.
- Understand what customers are looking for: Businesses can identify the needs and wants of its customers through research and surveys.
- Added benefits: In these hard times, companies can give their customers free masks and sanitizers with the items they purchase.
It is important for a company to bear in mind the immediate needs of its customers during the Coronavirus crisis. By maintaining strong customer relationships, companies can ensure sustainability and brand loyalty while running their businesses in these challenging times.
Oct 24, 2018
As India’s leading digital lender, we are always mindful of what’s most important for us: our customers. All Capital Float’s finance solutions can be customized based on the nature of your business and the rate of cash flows, among other things. Our online loan application process ensures that you can avail a loan anytime, anywhere with minimal documents. Flexible repayment terms through offline and online channels are facilitated to ensure that you have a seamless financing experience with Capital Float, through and through.
With the added ease that digital wallets provide, we have collaborated with Paytm to set up yet another payment option for your convenience. EMI payment can now be done through your Paytm wallet in two ways: directly through the Paytm app or from your Paytm wallet via the Capital Float mobile app.
Here are the steps for a successful EMI transaction using your Paytm wallet.
1. Via the Paytm Mobile App
Step 1: Login to the Paytm app on your smartphone. Under the ‘Recharge/Pay for’ section, click on Loans
Step 2: From the list of financial lenders listed, choose Capital Float
Step 3: On the page ‘Pay Your Loan EMI’, enter your Loan Account Number (LAN) and click on Get Payable Amount.
Step 4: Your due EMI will be automatically generated on the next screen. Click on ‘Proceed to Pay’ to make the payment.
2. Via the Capital Float App
Step 1: Open the Capital Float app, and Login by entering your registered phone number or email ID & password. You can also Login via Google if you had registered with a Gmail email address.
Step 2: Under the Loans tab, click on the option ‘Repay’. If your EMI payment is overdue, check the Updates tab for Overdue and select ‘Pay Now’.
Step 3: The Overdue Amount will be shown. If you select Upcoming Amount only, then this will get preselected. You can enter a lesser amount under ‘Make Payment of’ as well.
Step 4: Choose the option ‘Pay from your Paytm wallet’ and login using your registered mobile number and a 6-digit OTP code.
Step 5: Recharge using debit card/credit card/net banking or utilize the available balance in your Paytm wallet to complete the transaction.
Note: Capital Float accepts EMI payments via Paytm ONLY through the above mentioned methods. A Capital Float representative will NOT ask you to make loan payments to other mobile numbers. In case you receive such a request, please contact us at 1800 419 0999 or email us at firstname.lastname@example.org
Oct 24, 2018