We failed to disrupt FinTech! And why we’re proud of it.

Around 3 years back, as our team walked into the executive board room of India’s private largest bank to pitch the idea of Connaizen to the who’s who of the Indian banking scene, our nerves were certainly higher than our confidence level. But as they say, nothing soothes an entrepreneur more than a validation of the idea. We got a rather overwhelming one from that board room and out walked a team brimming with positive vibes, ready to disrupt FinTech in India. But since then, things changed, the product evolved, we matured and happily so, we are far from being disruptive.

When you talk about disruption in business, you aim to bring in something completely new, change the way things have been done traditionally and take away a major amount of customer market share in the process. This is exactly what we wanted to do when we started off. Innovation has always been at the core of Connaizen but what we didn’t realize initially was that changing the traditional way consumer banking engages with their customers could possibly be fatal for us as a company and certainly for our partners as well. The underlying reason being simple consumer psyche. For example, as a kid I wouldn’t mind if someone would tell me to sit at home and they’ll buy ice-cream for me (online marketplaces) but if you tell me you’re going to touch my piggybank to get it for me and lock it safely afterwards, I’d rather do it myself. I wouldn’t want anyone to touch my piggybank, let alone open it. Similarly, our bank accounts are serious business for us. We don’t want much to change around them straightaway.

Staying true to our ultimate aim of innovation in FinTech and being effective at the same time is a challenge we’ve enjoyed. Considering its rewards and scope, FinTech is an exciting industry for startups in India. The industry seems to move by the adage ‘Better be slow and right than rash and quick.’ It’s worked perfectly well for us.

Over a period of two years of quality mentorship with names as big as Mr. Vikram Sud, Mr. Iqbal Singh, Mr. K.V. Kamath, we’ve finally identified the fine line of difference between disruptive and groundbreaking and staying on the right side has made all the difference. Startupbootcamp FinTech and CIIE have been more than instrumental to fuel our growth and help us move closer to our vision. With a boastful portfolio of banking and retail partners, we’re happy to announce the arrival of Connaizen in the ecosystem and yes, we hate being called disruptive. Call us eruptive, if you may!