How Fintech Pioneers Dare to Ask Why

Innovation begins with asking the right questions. As Simon Sinek outlines in his book Start With Why, truly transformative leaders and organizations start not with what they do or how they do it, but with why.

Their sense of purpose fuels their passion and drives them to challenge the status quo. This spirit of inquiry and willingness to ask “why” lies at the heart of today’s fintech revolution.

Today’s Insights

• Questioning the System

• Turning Ideas into Action

• Driving Momentum for Change

Read Time: 4 minutes

Questioning the System

Many of today's leading fintech companies were founded by bold pioneers who dared to ask fundamental questions about the financial system. They questioned long-held assumptions and legacy processes, seeking to understand the deeper reasons behind inefficiencies and flaws. Their curiosity fueled a sense of moral obligation to drive positive change.

For example, Dan Schulman, CEO of PayPal, has spoken extensively about the company's purpose-driven culture. He notes that PayPal's founders were motivated by a desire to democratize the management and movement of money, driven by the belief that affordable financial services are a fundamental human right. This galvanizing moral purpose spawned some of fintech's most disruptive innovations.

Other fintech leaders like Square's Jack Dorsey or SoFi's Mike Cagney also challenged the status quo, asking questions like: Why are financial services inaccessible to so many people? Why do barriers exist between people and their own money? Their questions sparked new paradigms and innovative models that simplified processes, increased transparency, and expanded access.

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Turning Ideas into Action

But purpose-driven questioning is only the first step. To spark true progress, fintech pioneers paired their sense of moral obligation with an unwavering commitment to action. They set out to answer their own questions.

Sinek notes that leaders focused on "why" have an inherent ability to inspire action in others. Their example compels teams and organizations to advance new visions. Fintech disruptors have certainly mobilized others to turn ideas into reality.

For instance, inspired by his outrage over predatory payday lending, Doug Ritter launched ZestFinance in 2009. Leveraging big data and AI, he developed more inclusive underwriting models to provide affordable credit options to disadvantaged groups. Ritter's passion and sense of moral duty fueled development of ZestFinance's ML-driven underwriting platform.

Likewise, firings after the 2008 financial crisis led former Goldman Sachs partners to ask: Why should wealth management be an exclusive privilege? Their sense of purpose drove them to create Personal Capital, a digital wealth management platform expanding access to previously underserved segments.

Driving Momentum for Change

But the drive for change does not end with a single innovation. The transformative impact of fintech comes from compounding questions and building collective momentum.

Consider the progression from Square to Stripe to Adyen. Each iteration asked new questions that drove advancement. How can we empower small merchants? How can we simplify enterprise e-commerce? How can we unify global payments?

Sinek notes that purpose is "a journey rather than a destination." Fintech pioneers maintain a sense of perpetual dissatisfaction because their purpose compels them forward. Complacency is the enemy of progress.

So while we celebrate the amazing accomplishments of fintech innovators, we must also continue to look ahead. More fundamental questions await answers.

• How can we utilize technology to maximize financial inclusion worldwide?

• How can AI and automation create positive disruption?

• How might quantum computing transform banking?

Real change takes time. But by daring to ask why, fintech pioneers plant the seeds of revolution.