In a time when digital presence is pertinent, it is important to realize that change is inevitable, that our mindset needs to evolve with technological innovations. In our podcast with Spiros Margaris, Venture Capitalist and Founder of Margaris Ventures, he shares with us the difficulties and solutions in digital transformation and how technology can facilitate social impact.
The Human Element
Technology plays a huge role in today’s world, but at the end of the day, people are the most important element that makes the technology work. Sometimes companies oversee the fact that technology is merely the enhancer to a business. Without people, tech is dead. Margaris stresses the importance of having a great team and that people will let FinTech go from zero to hero. The fact that they have no legacy issues and can be agile gives them an advantage already. Furthermore, he reminds companies to make sure the team delivers what they promised, internally and externally. This is how business wins trust, builds a strong brand and scales.
The people factor is a vital part of a successful digital transformation, yet it is also the reason why companies stumble. It is common to find CEOs focusing on their tenure. They display the mindset of short-term returns compared to thinking of the long-term needs for the company to change. They need to start thinking as if the company is their own child, find the best way for their child to grow up, envision the kind of future the child will have.
Closing the Inclusion Gap
Technologies such as artificial intelligence, blockchain and 5G are bringing momentum to Tech For Good. It opens up services for the less privileged, such as helping the unbanked to enjoy basic banking services.
On average, people without banks pay 480 pounds more on financial services than people who have bank accounts. Without digital technology or smart ways of accessing capital, the less fortunate get penalized by having to pay higher remittance fees. This is known as the “poverty penalty”. Fintech changes that by providing access to those who are underserved due to financial or physical circumstances. With Fintech, the inclusion of unbanked people is possible and help close the inequality gap.
Above are just some insights Margaris shared at his podcast. You can tune in here for the full episode. Stay tuned for the next guest of GoImpact Chats.