Chris Skinner wonders how so many Fintech companies are surviving?
He says given the large numbers already, next time someone tells you about this new finance technology just scream 🙂 He has prepared a list of things which help you detect FinTech Bullshit:
Now don’t get me wrong. I haven’t turned into a bear on the FinTech scene. No, I’m still bullish, but I am getting to the point that if anyone else comes up to me and says we’ve got this great solution for KYC or we’re doing things the banks cannot even imagine or this is going to be the most disruptive software you’ve seen yet or this is the next bitcoin, I’m going to scream.
That is why I’ve invented the FinTech Bullshit Detector, FiBD for short.
It works the same as buzzword bingo, and sits in the back of my mind whenever I hear a pitch. The buzzword bingo terms in the pitch must include at least three of the following:
- Next Generation
- Anything … as-a-service
I’m sure there’s more, but I’ll leave it at that. Now you know that if you pitch to be me and I say: you’ve been FiBD, that you just reached my point of least interest.
OK, let’s get on with the day.
Most of these buzzwords have been around each time there was a hype over a technology. We saw this in 2000 dotcom hype as well. It will actually be good to compare this detector list with say detectors in earlier tech hypes like Railroad mania and so on..