The future of WealthTech is hinged on collaboration


By FINTECH Books Contributor, Emeka Nwonu

Businesses now have to compete on the basis of technologies and how it is used to leverage their expertise. Consumers increasingly use mobile channels to buy, sell, pay and even bank. Most transactions are either internet or app based, cash payment is continually on the decline as the cashless society is becoming more real with the growth of the digital economy. The needs of businesses swiftly change in a bid to meet the ever-changing consumer demands which makes it harder for businesses to invest in long term technologies.

Customers want on the spot service and instant gratification, while the demand for personalised products and services continue to rise and one size fits all kind of products are on the decline. The time firms have to respond to markets needs are shrinking as competition these days is hugely based on technology, irrespective of the kind of good or service offering.

The shift to a digital business model has triggered a huge amount of collaboration in the business eco-system. There are either service or platform providers altering the value chain to deliver improved user experience and increased consumer benefits. Business models now include shared resources, shared knowledge and shared platforms – the sharing economy.


The hybrid economy, a fusion of the platform and access economy will alleviate businesses of a perennial decision making problem of build Vs buy when considering new technologies or business models. Depending on the size of companies, process restructuring could be very tedious and outright acquisition of new technologies could be a greater risk hence, the hybrid economy would allow the firms outsource production or acquire a third-party platform until they have a clear strategic direction.


The hybrid economy will be a structured sharing economic model. The structures will ensure members of the network are checked, profiled and classed accordingly for ease of identification and clarity of value that members offer.