By FintechOS · November 07, 2022
4 minute read

Evergreen fintech innovation: always stay fresh

Evergreen fintech innovation: always stay fresh

The ever-increasing rate of change constantly poses the question: how do I keep up and stay relevant, at a reasonable cost? Byron Levin believes the answer is fintech.

Byron Levin, Presales Banking Lead, FintechOS
Byron Levin, Presales Banking Lead, FintechOS

The evergreen idea, stemming from the botany roots, provides an intriguing line of thought for organizations trying to constantly answer this question: what does it take to always stay relevant? How can you be responsive to your customers’ needs as they evolve, as they become more sophisticated, and as they become more demanding in a progressively more-competitive world.

What is the problem with becoming outdated?

Legacy, or the idea of legacy in the technology sense, comes from the idea of not being able to keep up, from becoming outdated and stale. Historically, widespread incumbent solutions were built in a time when speed and agility were not perhaps the priority. Solutions were designed and built as monolithic stacks that served a purpose, but were not designed to enable quick and easy ongoing change, continuous evolution, or integration. Today, this is all paramount.

The world is now constantly in motion, always evolving, and consumer ideas, desires, and requirements are living and breathing. Organizations need to be able to respond at the speed the market demands. They need to keep up and stay relevant at a reasonable cost. Modern technology solutions and partners are now available, but those slow to adopt will be left behind, with a long way to catch up.

The traditional approach: speed, effort, and control of ongoing change

The accepted method for upgrading your tech stack comes in two flavors: buy or build. This creates an ongoing dilemma for those who wish to be innovators.

1 Buy

Organizations have tried to combat the legacy challenge by looking to technology providers delivering black-box solutions.

These are often:

  • expensive
  • generic
  • not quite what you need


2 Build

Organizations have tried to combat the legacy challenge by taking matters into their own hands and building internally.

However, in this case:

  • change is slow
  • it always takes more effort than anticipated
  • the only constant is change and controlling this is difficult

Expertise and focus

Another issue for organizations is the expenditure they are forced to invest on integrating or creating their new systems. They’re spending money and time on areas of their business that are not their core competency.

Citibank has 30,000 developers. Is that a good use of their business time and energy? Do they need that many developers? What is the opportunity cost of not having these people in other, perhaps client-facing positions in the business?

Technology should empower them to do what they are great at, creating and delivering financial solutions to their customers.

Cost, or reasonable cost

Markets are tough, scrutiny is high, and businesses should focus on driving value from their core activities. In spite of economic uncertainty, US banks’ tech spending is expected to increase 10.6% year-on-year in 2022. This is the fastest increase on record.

To keep on top of their tech spending, companies need to:

  • spend smart and get more from technology vendors
  • invest in partnerships that will empower their organization to become self-sufficient and grow
  • invest at a stable and continued pace enabling you to stay ahead

Evergreen innovation: keep up and stay relevant at a reasonable cost

At FintechOS, we believe there are three steps to evergreen innovation through fintech:

1. Keep up, speed of thought, speed of implementation

a. As quickly as you can think of new ideas, you need the ability to execute them before it’s too late

b. Empower autonomy through on-the-ground digital makers who can own innovation without being held back by vendor roadmaps

2. Stay relevant…

a. Spend time with your customers to truly understand their needs and pain points, and inspire creative problem solving

b. Low-code solutions that you can use to build products yourself means no vendor lock-ins or roadmap duels

3. … at a reasonable cost

a. Low-code technology frameworks don’t require technical armies to operate or maintain or distract a business from its core value

b. Use solutions that offer the value you need and nothing more.

To learn more about our solution and take the first step to becoming an innovation powerhouse, book a demo.

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