What we learned at Ovo on how to stay afloat in a post-pandemic world

Startups are no stranger to uncertainty. Ever since Ovo’s early days, we’ve been confronted with unique challenges and the combination of stress and excitement that comes with building businesses. For those who achieve success and rapid growth early – thus earning the trust of consumers and investors in the process – these wins can give way to a sense of security.

Photo credit: Ovo

But how quickly things can change. The pandemic has affected businesses of all shapes and sizes and has even taken several to the very limits of their survival. It has forced us to once more be comfortable with the unknown, rediscovering that early hunger and our abilities to be nimble and think quickly on our feet.

Ovo is no exception. We have had to face unprecedented challenges and adapt at a rapid pace. As our consumers’ needs changed, our business had to change too. It has been a steep learning curve, and while we can’t change the circumstances confronting our business, we can influence the outcomes going forward.

Our experience has unearthed three fundamental lessons that I believe can help fintech startups thrive and ensure sustainable growth in the years to come.

Face the disruption head-on and be agile in how you respond

Fintech startups should leverage their flexible structure to holistically address evolving consumer needs, prioritizing agility as they recalibrate their business strategy.

As such, fintech startups need to constantly revisit their product roadmaps and reconsider their business strategies, not only during the Covid-19 period but also as we gear up for a vastly different future. This mentality should not be limited to times of crisis, though challenging circumstances often create the impetus for action.

Events like the pandemic can profoundly change people’s needs and preferences – often permanently. In Indonesia, for example, a Kantar study found that despite half of the adult population currently not having access to bank accounts, 66% of the people own a smartphone. This, with Covid-19 as the catalyst, is helping drive the increased socialization and use of digital tools and solutions to fulfill daily needs as the public becomes less reliant on contact channels for goods and services. We expect this to be a lasting shift.

Realize that you are not alone

Startups can play just as big a role as more established entities in addressing gaps left unchecked in the post-Covid-19 economy via strategic partnerships with governments and like-minded companies.

Businesses might let partnership prospects take a backseat during economic uncertainty and focus instead on how to keep operations running the way they are. But in our experience, we’ve found that keeping the bigger picture in mind has not only helped our community during this time of need but also allowed us to grow during the crisis.

That’s why startups need to take this time to tap into existing relationships with governments and industry partners to look at ways in which they can use their platform and services to boost support for communities as well as their business prospects.

One of our initiatives amid the pandemic, for instance, was to offer our platform as a tool for pre-employment card aid disbursement to job seekers and unemployed Indonesians, which allowed them to receive government stimulus benefits without the need for physical interaction. In the process, the initiative disbursed funds to more than 1 million people who, at the same time, became Ovo users.

Such strategies could keep businesses stay afloat during hard times while also becoming a source of aid for those affected by the pandemic.

Look inward to keep the lights on

Remote work will become the rule and not the exception, so we have to constantly look inward and make sure that our employees are well-supported in times like these. While startups try to pin down the most effective way to push ahead, we cannot forget to prioritize the people behind our success.