At each stage of the envisioned value chain, the company must consider the possibilities of either building from ground up or buying the appropriate products, services or even other fintech companies. Considerations of risk and control must be weighed against time to market and costs. A bank could quickly go to market by purchasing an existing platform, and then using the revenue to build and replace components over time to make customization easier.
The company’s strategy to go with “Tech Up” or “Suit Up” for BFSI growth hinges on its goals and resources. This guide has outlined the two main paths forward.
Carefully consider your strengths, opportunities and long term vision before making the critical choice. Further business models must be considered within either of the main paths.