Many individuals believe entrepreneurs start businesses to make money. The genuine motivation for why people become entrepreneurs is to construct a positive impact. The novel ideas and strategies support the decision-making process. Those who believe in novel concepts are the people who become entrepreneurs and get backing from investors. Many financial and healthcare services and products are available globally. Yet, we often find specific segments of society stumbling for inclusion. Innovation has solved many problems but needs continuous advancement.
Vivek Dubey, an industry leader in the fintech innovation with social cause says “To fly high, the new businesses should follow BIRD – Brave, Innovative, Revolutionary and Disruptive”. Replicating an existing business model is not a durable solution anymore. Playing safe and following the traditional way of executing business is off-beat culture. The service or product should be global and revolutionary.
The competition in leading a business is extremely high. In business, innovation means growth and an opportunity to stay ahead of others. – Vivek Dubey
Vivek is a go-to person in the business and always comes up with new ideas to serve people. The big problem right now in our world is still the fight with the pandemic.
His recent work and patent with detecting & controlling the pandemic through new age technology stack have received global recognition. He named it PanCon Tech (Pandemic Control Technology). Vivek says “when there is a global problem, entrepreneurs should come up with innovation and disrupt it to the core.”
While building a strategy with innovative solutions there are no shortcuts. Vivek always goes above and beyond while working on projects that benefit humanity. He knows and is humble enough to respond to queries, to get expert advice. Vivek is the leading go-to person who has helped many people with potential, boost their strength, and supported them to build thriving businesses.
Innovation like Artificial Intelligence and Fintech has been part of our society for quite a time now. There has been significant progress in decision-making systems and online transactions. We often hear about easy fintech solutions, and it is evident that innovative solutions are not limited to first-world countries.
Vivek‘s recent research paper (Fintech 2022 Trends: The Era of F-Cubes “ Fast and Furious Fintech”) has highlighted numerous important Fintech problems and opportunities.
In today’s scenarios, Financial Inclusion for migrants is on top priority for a better life and balanced society. – Vivek Dubey
Talking about the financial issue, many migrants have been seen facing major problems with no banking support. Whether we discuss the recent relocation matter with Ukrainians to Europe or Afghan citizens to other countries. People are facing complications when migrating to a new country because of political instability or a better social life. Even though migrants have enough funds and a reputation to live a decent life in their native country struggle to get financial support in a foreign land. Many lost their jobs due to the pandemic, and moving during this time, not to mention being a refugee is a very tough challenge.
According to Vivek, the Buy Now Pay Later ( BNPL) economy platform can be an immediate solution for various financial problems if implemented correctly. It can support financial inclusion starting from as minimum as 5$. Along with that he mentioned, there is a need for a new-age credit scoring system to expand the radius of financial inclusion.
BNPL Financing carries low or no fee offer by credit card companies. These plans often charge no interest and are easier to get approved. People can purchase the product and pay it back in an easy interest-free installment plan. These benefits give advantages to people in real need.
People migrating or traveling to other countries often use cash for transactions. Even though using a credit card for payments there is no benefit of credit rating. For migrants, not having a new country banking account makes it difficult to disburse various utility payments.
We asked Vivek to share his top three priority areas of innovation. He humbly said – many famous big names and players might have shared their list of priorities. I do have my list, and to me, the top three fields where innovation will play a crucial role are – PanCon Tech which is a must in the era of drones and biological weapons. The second is Financial Inclusion through BNPL (or XYZ Now and Pay Later). The third in the list is ESG (Environmental, Social, and Governance). Eliminating BIAS fits in well with the new-age credit scoring system and the Social phase of ESG.
Innovation Leaders and entrepreneurs must address these issues and work on an effective global solution.
Preparation and competition are the only parameters to define success.