Major exchange OKEx suspended crypto withdrawals. On Twitter people are asking questions about that fact but CEO Jay Hao is not answering them. He only said that people’s assets were safe but people are doubting that. He also promised that these users would get the resume of withdrawals ASAP. With the billions of people who are locked up right now, the reputation of the exchange is striking. Everyone needs more transparency and accountability. Some of the victims are saying that after they will regain access to their funds, they will leave the exchange permanently. Sadly, the trust they had are now destroyed.
Representatives are not answering public complaints about their service so the case is becoming more and more unbearable.
On the other hand, there are some people who are not very surprised by this fact. They knew that this company was not as trustworthy as they claimed to be. But the thing is sometimes mistakes are happening and even very famous and trustworthy brands are making some errors. Should people abandon them because of their mistakes? Depends on a personality, but still, if OKEx will return the funds, the users of this exchange should think twice before abandoning the company. Because it is one point when the company is doing something wrong, and it’s another when some mistake just happens.
So, if the mistakes are fixed, then every company (and in life too, everyone basically) deserves a second chance. The Asian fintech industry is still a bit rough around the edges. Technical difficulties or temporary removals of several features are quite common.
Even forex brokers operating from Asia that have HQs in Europe or the US tend to encounter difficulties even when bringing their own software and equipment. The financial services industry has been experiencing innovations and developments of new technologies. But it surely has some errors because it is not yet sophisticated. The creation of enhanced customer experience is the main goal, but sometimes because of the fact that the works are still in progress, mistakes happen and one can meet some difficulties when doing any kind of activity with software or financial technologies.
Fintech products have been very popular in Asian countries, but it doesn’t mean that every fintech product is successful. To create something that will really help your customers is a really hard task to accomplish.
Errors in FinTech
The financial sector is growing and there is more need for financial services and technology. So the whole industry is innovating. But there are still some things that should be well adopted. For example regulations. If Fintech is not regulated then mistakes can happen. Certain barriers that this industry is having is kind of slowing down the whole process of development.
When the website is offering its customers their own payment methods and financial services, navigating them is also a key to success. Some of the Asian FinTech entrepreneurs don’t have enough information about this and they are starting to work in the financial industry. That is why errors are happening. Everything is coming from a lack of education and experience. What is important in the FInTech industry is that mistakes must be fixed and embraced. One can’t hide their mistakes under the rug, because someday it will come out.
Collaboration between FinTech companies is a good thing but some business owners are afraid of that. B2B can be very advantageous to both parties and it can really help them to learn many things from each other.
The main error of the FinTech companies is that some of them don’t prioritize security. People are slowly adopting fintech services but they need their personal information to be well protected. Sadly, many payment methods are not promising. FinTech companies really need to focus on prioritizing strong security in their products. They also need to focus on customer satisfaction. Have you ever heard that line – “We have absolute faith in our concept!”. That is so wrong. Why? Because certainty is the mother of fools. So many things can go wrong in the financial world. It is stupid when companies are promising 100% perfect work. Entrepreneurs need to doubt everything and find their own light.
He who knows nothing doubts nothing. It is surprising how many traditional new companies are thinking that their financial technologies will change the whole financial landscape. They think that they are perfect, that is why they have no room left for development and that is why people are not taking them seriously. Mistakes are okay, if you are not making mistakes it means that you are doing nothing. Companies that think that their services are perfect are just talkers. The ones who work in silence, they know that the results will be the noise of success.
“Our solution is so great that it will sell itself” – it never happens. Bernard Russell once said that “One of the painful things about our time is that those who feel certainty are stupid, and those with any imagination and understanding are filled with doubt and indecision.“ It is important to believe in your product but it is also an important part to fix the problems and most importantly acknowledge them.
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