The article “Please Don’t Start a Fintech Startup” describes exactly what it sounds like – reasons why to not start a startup in financial technology. Author Matthew Hughes cites several reasons, including complicated and restrictive regulations and difficulty with successful user experience. The argument he writes is convincing, detailing quotes from many fintech startups CEO’s, with experiences such as difficulty with consumer verification and security concerns. These certainly present numerous challenges to any entrepreneur looking to enter the fintech field.
Hughes makes many valid points. Fintech startups do seem difficult, and would require time and energy. However, he even states that “there’s a certain allure to the fintech space. Financial services are old, stodgy, and in dire need of shaking up.” I believe that being afraid of regulations is not an excuse to abandon innovation. Hughes says himself that the industry desperately needs some disruptive innovation. While I understand the difficulties they present, his choice to not enter this market does not mean he should discourage others. Imagine if the creator of the credit card felt overburdened with regulations? Financial technology would be greatly different today. So, in conclusion, if you have an idea that could be successful, it should be pursued, and who knows what kind of change you could make in the fintech market.
Source: https://thenextweb.com/finance/2017/02/15/please-dont-launch-a-fintech-startup/#.tnw_JTbqt1of