Innovation is about Value Creation, Not Technology – FITC Boss

FITC has advised legal practitioners to leverage technology and imbibe the culture of agility, adaptability, relevance, innovation, collaboration and partnership, to avoid looming disruption in the sector that is expected to follow the pandemic.

Speaking during the Innovation & Technology Lawyers Network Webinar on Post Covid-19: Impact & Opportunities in Fintech, Chizor Malize, Managing Director/CEO, FITC, said that in what could be described as a perfect storm, the Covid-19 pandemic has disrupted business environments in an unimaginable manner through a combined effect of Volatility, Uncertainty, Complexity and Ambiguity (‘VUCA’), which presents a huge opportunity for financial technology (Fintech) companies to generate new innovative and transformative solutions that will redefine business activities in the post COVID era.

“In an agile world, like we are right now, lawyers can while being conservative, also create opportunities for some sort of innovation. The reason being that the Legaltech and Fintech organizations are now more than ever before seeking new and innovative ways of disrupting the status quo. And you don’t want them to be ahead of you”, said Chizor Malize.

She advised Fintechs to continuously seek new ways of creating value to deliver exceptional customer experience around service offerings.

She said, “A lot of time, technology service providers take it for granted that Technology means Innovation. But, No! Technology is not Innovation. Innovation is creating something new of value that is beneficial and better”.

While assessing the impact of the pandemic on businesses, she provided some insights on how fintechs are responding, which resulted to increased payment democratization, a boom in e-Commerce, increase in logistics and delivery services and decline of Cash usage.

In her review of the emerging trends, Mrs Malize highlighted the following as key trends driving innovation: online channels, virtual meetings, remote work, social distancing practices, digital transactions, reduced travel and tourism, increased Government spending.

Similarly, she presented the following as areas of opportunities accelerated by the pandemic for the Fintechs: Digital financial services, Internet of Things, The GIG Economy, Financial inclusion, Government Economic relief effort, Collaborations / Partnership.

While tasking the legal practitioners on the need to collaborate more, she said, “You also want to be able to collaborate with the financial technology companies in a way that you are on the same page. So, if the legal practice continues to be very conservative in nature, the opportunities will evade them. So, the Legaltechs are encouraged to seek agility, collaboration, speed to market and become more cutting edge, so as to take advantage of the opportunities”.

In conclusion, Ms Malize submitted that the future outlook is bright with new entrants of technology and Fintechs, more consumer insights with artificial intelligence (AI) and increased demands on security.