In June 2018, Dale Pfeifer, the CEO and founder of GoodWorld, and Viktor Brandtneris, owner of Brandtneris Consulting Group Inc., fielded questions from around the world about how startups can take advantage of financial technology (fintech). Here are five important questions and their answers from the GIST TechConnect program about how this emerging field can affect your startup company.

What is fintech?

The financial technology industry is growing rapidly. Since 2010, nearly 100 billion U.S. dollars have been invested into fintech business ventures worldwide. Fintech can include anything from mobile financial apps to recently developed blockchain technology.

Can an entrepreneur use fintech without a technology background?

While technology is more available than ever before, many individuals around the world have limited access to devices or lack technical knowledge. How much technology experience do you need to utilize this technology?

What are the costs of integrating fintech into a startup?

Using fintech may be less expensive than you think. What should you expect for your particular business?

What is blockchain, and how does it work?

Blockchain uses a uniquely decentralized database to store and update financial information and has become a valuable tool for entrepreneurs.

How can you know if your new fintech idea is good?

If you have an idea for a new product in the financial technology field, predicting your customers’ reactions can be difficult. How can you be sure that your idea will be a hit?

Pfeifer wrapped up the discussion by emphasizing the social impact fintech can make on communities, including increased efficiency for education, transportation and energy usage. The program also included discussions on crowdfunding, the effect of fintech on conventional banking, and what is currently driving the market for more of these products. To find the complete program and others, visit the GIST TechConnect website.

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