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Can you teach old dogs new tricks? The innovation of existing tech

25.01.2019

In a recent article by Mckinsey covering the trends around fintech, they highlight the innovative use of existing technology applied in new ways. At Donate The Change we can relate to this as a fintech ourselves. We have worked hard to combine both new technology with that which is established to make our solution an accessible and reimagined way to donate to charity.

A startup’s mindset is often to look outside the box to ‘solutionise’, like how disruptive creations such as the car and iPhone come into being, but some great startups have also taken what is in front of them and put their innovative spin on it. McKinsey mentions TransferWise in their article as a hugely successful example of this as ‘a digital business built on top of traditional payments rails’. The key has been to put customers’ user experience at the heart of the business, providing products and services that not only live up to expectations but exceed them. This in itself drives fintechs to continually develop their products and businesses to ensure they can maintain growth and differentiate themselves in the market. None of this is easy when you are up against large scale organisations or long-established entities. Let’s face it customer adoption rarely happens overnight, so how do fintechs make their way in the marketplace.

It would be wrong of us to put all fintechs in a catch-all category, but we would like to share our story about Donate The Change. Since our very beginning as a technology software business, we have had ‘bettering the lives of society’ at the heart of our mission. We explored the marketplace of charities and fundraising solutions and thought there has to be a better way, the question was how? This led us to explore the financial market and in particular payments and from this our fintech was born. As a business this raised questions such as; how were we going to work in this market; how will we develop our own setup, use traditional financial or payment solutions, and work with other new disruptors in the space? Then focusing on the customer;  how accessible will our innovation be through each of these routes?

At Donate The Change we are always challenging ourselves to ensure that we are building the fairest business that we can. We realise that payments are becoming more digital and we want to continue this trend by building on it and securing the future of fundraising in whatever direction payments should move in next. It is our mission to make society better, and by being an agile and forward thinking fintech we are excited to see what the future holds.