of the month Fintech Times As we look back over the past 12 months, our focus shifts to retrospectives. 2022 has certainly been a difficult year for everyone, with global economic activity experiencing a severe slowdown and inflation higher than seen in decades.
What lessons have been learned in the last 12 months? The leaders of FinregE, Provide Finance, Prove, Gresham Technologies and the Mojaloop Foundation reveal it all.
Rohini Gupta, FinregE
Finreg EDirector and Chief Regulatory Advisor of Rohini Gupta He has over 15 years of experience in wealth management, asset management, investment banking and retail banking.
She says some lessons learned from 2022 will be taken into 2023 and beyond.
“This year I have learned:
- In order not to waste the opportunity you find. Once you find a problem, success often comes from recognizing untapped segments and opportunities to address the problem.
- Instead of developing products that we think are great, we develop product solutions that provide or create a better or unique experience. It is more efficient, user-friendly and attractive than other solutions or solutions that are not on the market.
- Patience is the key. If you really believe in the product and know you are taking advantage of the opportunity, keep going.
- Continue to learn and grow from additional opportunities. Products can always have defects. You can always make it a better experience or extend it to fill market opportunities and gaps.
- Listen to your customers – they are the key to your success. Focus on your needs. “
Miranda Cuddle, Provided Finance
founder and CEO of Funding, Miranda Cuddle, Over 15 years of experience in debt structuring. She says running a fintech company has taught her that standing still is not an option if “we remain relevant and resilient.”
“To these ends, I have spent a lot of time this year monitoring our systems and making sure they have the digital capabilities they need to meet the needs of our clients. Additionally, with cyber threats a concern, we have invested in digital security measures to limit our exposure should we find ourselves under attack. Building resilience will be a key focus in 2022 as we increasingly recognize that
When it comes to my personal growth, every day is a day to learn and try new things. There are many Provide Finance ideas, but fear of taking an opportunity can be a hurdle. Some days I had to brave the wall of fear, but most of the time my ideas worked. And even those who were not well rewarded, I was resilient and learned from them. “
Paula Hunter Mojaloop Foundation
As the head of an international organization, in 2022: Paula Hunter Managing Director Mojaloop Foundationhaving local capacity, skills, and technical resources around the world continues to be a major challenge.
she said: I’m sure everyone can relate to this.
“To solve this problem, we need to increase investment in training and education and encourage university systems to push students toward fintech.
“There are endless opportunities for anyone with IT and finance skills out of college. , can also provide students with hands-on experience with commercial players.
“But it is not enough to base new workforces in Silicon Valley, New York or London. It is necessary because it requires ongoing maintenance and operational support, best done locally.”
Roger desai, prove it
Proof Businesses use it to allow customers to prove their identity with just a phone call. The company is used by more than 1,000 of his companies in diverse industries including banking and financial institutions.
Roger DesaiCEO and co-founder of Prove says it’s important for payment providers to remove friction to facilitate the customer experience, especially seamless transactions.
“We live in a world where the average consumer expects speed to purchase, whether it’s retail, banking, gaming, subscriptions, or digital services that require payment. .
“The best way to keep customers engaged is to ensure that the experience is so easy they don’t even think about the backend technology driving it.
“That seamless brand experience should extend from the first touchpoint (website, physical location, social media ad, etc.) all the way to payment.”
Ian Manocha Gresham Technologies
The main lesson learned in 2022 is around staff satisfaction. Ian Manocha CEO of mediation software company Gresham TechnologiesHe says employees want to feel fulfilled and stretched in their work.
He adds: The more UK regulators deviate from their European counterparts, the more time they need to spend focusing on repetitive but important reporting tasks.
“Given the backdrop of ‘big resignations’ that employees like to find difficult, it’s hard to see how the operations team maintains stability in terms of staffing. They don’t want to focus solely on seed tasks, they want room to grow.Financial institutions need to tackle this problem head-on.Financial institutions need to find ways to empower their operational staff. Unless they do, the impact extends to the back office.”