Business Continuity, the Fintech landslide, and how Escrow can offer a sound foundation

Trust in knowledge, competence and sustainability of Business is Business Critical to the purchasers and the suppliers of technology. So too in the disruptive Fintech world. A thorough and sound Business Continuity Policy is essential, and often mandatory. The easiest, cleanest, and often cheapest solution, is an Escrow arrangement.

The Fintech landslide is continuing to gain steam. After decades of thorough steadfastness, in which banks were often perceived as a more solid institutional construction than many a Polity, the entire financial landscape is being irrevocably re-drawn. The end of this sectorial tectonic movement is not yet in sight, which means that the landscapes it will create have not yet settled into their final form. All parties involved are currently seeking and aiming to explore the new landscapes before they truly take hold. First among the seeking are very likely the traditional order of financial establishments, challenged as they are by young, ambitious, but primarily technologically and commercially often ingenious start-ups. Many of the established banks opt for the headlong rush into the unknown and synchronise their commercial strategy with the wide range of new technological possibilities. The position of start-ups elected to supply these technological marvels can be quite diverse, however. Some remain completely independent, others are bound through financing mechanics, and others still are assimilated entirely. It started as an operational excellence exercise for many a traditional big bank, as well as an exercise in optimisation of revenue per client through cutting back-office and ticket costs, but the movement has extended well beyond in recent times. Thanks to general digitisation and the acceptance of on-line banking as the golden standard, Fintech has become an all-out war about keeping the client, and keeping them happy. After all, technology is not the exclusive prerogative of the traditional banks. Mobile and on-line financial transactions in real time are offered by an ever growing diversity of e-commerce companies. In a short few years, the client will not strictly need a bank anymore – which is not only pointed at Bitcoin and other forms of virtual currency. Yet the road for start-ups is not certain either. Brilliant ideas, programmed to nigh-perfect applications with a guaranteed public can witness an abrupt and short lifecycle. New tech-firms are just as challenged to provide innovation as fast as possible, and thus the momentum of the innovations can be limited. The business model they select will depend on their insights regarding the durability and adaptability of their product. Are they going for the quick profits and the sales of their company with a considerable margin, or will they go for a more traditional approach of steady growth and a sturdy and lasting anchoring in the market? One element remains the same, regardless of whether the implementor of the technology is a traditional bank, or if it is a newcomer on the market of financial services: the investment is generally crucial for the creation of the technology’s commercial success, but also for the further progression thereof. The technology itself thus becomes critical, and the creation, maintenance and availability of knowledge becomes the ultimate key to this disruptive play. Start-ups will be coming and going, but their knowledge must remain in existence for all parties that use it regularly. After all, it’s in the interest of both the suppliers and the users of the technology that the expertise and the building blocks of the technology remain stored in a way that guarantees their further exploitation and use. This service exists and can be provided by a Trusted Third Party, like an Escrow Agent. Your partner in Business Continuity, regardless of the complexity or novelty. WorldEscrow is such an Escrow agent, your fixed point in the landslide, looking to foster trust between suppliers of technology, and the users thereof, whilst guaranteeing that every party’s rights and considerations are included. We offer a clean, hassle free and highly flexible solution to most – if not all – business continuity and software IP questions, and are always happy to help. On top of that, we are one of the few approved Escrow providers for Microsoft Dynamics.




   

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