I’ve been deeply interested in understanding what actually makes a platform business a platform¹ business ?— are there any patterns? How do platform businesses actually win? Is there something unique about them or is it all just branding? This is a particularly insightful question to ponder on as, if you talk to any company today , you are certain to hear “ we are a platform”:). Everybody wants to be a platform or at least positions themselves as one. How does one separate the wheat from the chaff?
In the fintech businesses the core product is money. Money is a commodity — and when the core product is a commodity, what provides strategic advantage?
There are three strategic components that have to be nailed to be successful in the fintech business.
In todays hyperconnected world data is often touted as a competitive advantage. A cursory google search provides a lot of self evident truths “use big data” “Analyze, insight, execute” “Big data will revolutionize your business” , what does this really mean in practice? To gain a true competitive advantage you need to have a comprehensive data strategy which consists of both a simple and relevant mental model and the associated operational structure and processes to actually make it happen. Continue reading “Data data everywhere”