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Why fintech startups need product vision
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Startups all around the world face a number of difficult challenges to make the journey from idea to profits. A great deal of imagination, planning and development are key for success, and without these ingredients it is difficult for startups to get off the ground.

There are many different types of problems that can become major obstacles for startups. Here are the top issues:

  1. Bad timing for the product
  2. Inability to spare enough resources on an MVP (minimum viable product)
  3. Unable to find the right market fit
  4. Creating a product that is not user-friendly
  5. Do not have the right product vision
Out of the above issues, the one that comes before the others, and has the most impact on the development process, is the last one - do not have the right product vision. Creating a clear and effective product vision can help finding the right market fit for a product, which is essential for any startup looking to break into the market, solve a problem, and become a disruptor. By failing to do this, startups will end up burning money and failing to become profitable.

What is Product Vision?

A startup's Product Vision is a strong, clear, and definitive view for what your new product is trying to achieve.

It is an essential yet simple guide for everyone involved in the creation and development of the product to work towards making the product a success. A powerful product vision unifies your team and leads you in the same direction. It's a blueprint for the overarching goal you are aiming for, and your reason for creating the product.

Why is Product Vision essential for your fintech startup?

The fintech industry is clustered with a huge number of startups that believe they will be the next big thing and completely change the way that people manage their money. However, only a small few can manage this, and lots of fintech startups fail to get off the ground and become successful.

All fintech startups need a strong product vision if they are going to be successful - this is non-negotiable. Here are three major reasons why:

  1. You will give your project a sense of purpose
  2. You will be able to keep your team focused on achieving its goal
  3. You will attract the attention of investors and customers
OmegaLab helps fintech startups to develop a clear and effective product vision with a free advisory service via webinars or online meetings. The range of services that we offer help to give direction, motivation, and structure to fintech innovators who are at the start of their journey.

Our advisory services for fintech startups include:

  • Product concept development
  • Product analytics
  • Product vision development
  • Product roadmap building
  • Mock-up design
  • MVP project development
... as well as any other areas that decision makers within the startup would like to tackle using OmegaLab's team of experts.

How to create a clear Product Vision

No matter what the business is, there are some key factors that play a big part in the formulation of any product vision. These are:

  • Being clear about what problem you are trying to solve
If your product doesn't solve a problem, then it is unlikely that there will be a big demand for it. Every good fintech startup has a product or solution that solves a complex problem in a simple way, and you need to be totally sure of what the purpose is for your product and which issue it is addressing.

  • Defining who your audience is
If your product doesn't have a targeted audience, then it will struggle to connect with customers and become a profitable venture. Defining your audience includes understanding their thoughts, feelings, beliefs, habits, and behaviors, and tailoring your product vision to suit these.

  • Thinking about what makes your product unique
The only way that your product will become a true industry disruptor is by having one or several unique features that aren't available anywhere else in the industry. If your product is unique, it will stand out from the crowd and create a reputation for itself.

  • Anticipating any future problems or flaws
Establishing a fintech startup can feel like stepping through a minefield at certain times, and so when you create your product vision you should try and anticipate any future issues and solve them before you've even created the product.

  • Visualizing the process
Naturally, your product vision needs to be achievable, and so you need to be able to visualize the process of how you will achieve the final goal. Enlisting the right team of developers will help you to create a plan and workflow that you'll be able to stick to and arrive at the right destination.
Choose OmegaLab to help define your Product Vision

OmegaLab is a software development company and fintech consultancy with years of experience in helping fintech startups to take on the world with innovation, passion, and supreme technology.

Our experience

The OmegaLab team consists of highly experienced IT industry professionals, who have been involved in the tech market for many years, being part of the rapid evolution of this fast-paced industry. During this time, each team member has learned their craft by working with a wide variety of projects, studying different methodologies and best practices, which we now use to help ambitious clients. We have an international team, with staff based in some of Europe's top tech hubs, like Amsterdam and London and even in Moscow and this international experience gives us a unique competitive advantage.

Since we formed our team 14 years ago, we have been faced with a number of challenging and creative tasks that have forced us to think outside the box and come up with unique and innovative solutions to complex problems. Our specialists have always kept the customer's best interests at the heart of everything they do, making sure that every decision we make adds value to the project and benefits the client.

In everything we do, we are always on the customer's side, and become a valued extension of your business. We totally immerse ourselves in the project, and each team member feels both responsible and passionate about their own role, as well as the outcome of the project as a whole. We become involved in the customer's tasks as if they were our own tasks and take extreme pride in the work that we do for our clients.

We're often told that it is as if we aren't an outsourced team - rather, that we have become part of the internal structure of the company, because we work so closely with our clients and take so much care and attention in the work we do. Wherever the project is that we are engaged in, we totally focus on the outcome, and share a unified, winning mentality with our client.

Case studies

Our team of professionals have implemented a large number of projects in many areas of IT. Here are a few of the ways that we have helped take businesses' software to the next level:

Payment gateway:

  • We have enabled 50+ payment systems and have processed payments at 3000 transactions per minute
  • Enabling the seamless movement of money for deposits and withdrawals using credit and debit cards, alternative payments methods and terminals.
  • Our payment gateway is a highly reliable cross-platform solution with the customer's payment preferences at its core
  • The control panel includes a flexible system of settings, logging, monitoring, cascading and payment routing
  • The system includes automated reconciliation of transactions
  • Technologies used are Spring, Java EE and JavaScript

Anti-fraud and Anti-money laundering (AML):

  • We deploy an automated transaction verification system which is based on customer profiles and behavior history
  • Rules can be configured in line with the client's preferences to automatically block suspicious transactions, and reduce the number of manual operations
  • A transaction control panel is available for anti-fraud managers
  • Technologies used are Spring, Java and PostgreSQL

High-load services (API):

  • We offer services to meet the high-load operations of our clients' API systems, based on a scalable fault tolerant architecture
  • Our technicians optimize software and hardware performance, and in the past have achieved a peak load of 100k requests per minute
  • Technologies used are Spring, Java and PostgreSQL

Why do we do what we do?

At OmegaLab our mission is to make a significant and lasting impact on the global IT industry by fueling ambitious projects with innovation, creativity, and enthusiasm.

As we said we have 14 years' experience working as a close-knit team, and many more years of experience before each team member joined OmegaLab. Our high-load software creates amazing results for our clients, and we are now bringing the benefits of our service to a worldwide audience.

We are passionate about fintech and the incredible ways that it changes people's lives, and we are committed to sharing the power of technology with people of all walks of life around the world. Fintech is one of the fastest growing and exciting industries that someone can be involved in, and each member of our team shares this passion.

We believe that fintech startups with fresh ideas and bags of enthusiasm are the life and soul of the industry, and we are committed to taking these ideas and turning them into a reality. We do this with our advanced solutions and undeniable creativity. OmegaLab has been working hard with lots of fintech startups, and we now want to bring our expertise to a global client base.

OmegaLab can offer you a free session to help improve your product vision and make your dreams a reality.

Talk to us today about how we will drive your startup into a brighter fintech future. Book a free consultation meeting with OmegaLab experts here.
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