The ever-increasing need to reduce costs and significantly improve efficiencies drives operations teams to squeeze every last drop of technology investment.
With this in mind, our latest in-profile features meet the following Bavesh VagelaCMO of a management process automation software company active ops.
The UK-based company helps organizations transform operations management from a guessing game into a source of efficiency and value. Its solutions are utilized by teams in Europe, Middle East, India, Africa, North America and Australia.
Vaghela is a seasoned senior marketing executive with over 20 years of experience in strategic leadership, marketing, sales and operations.
Here he discusses the applicability of ActiveOps in the world of Active Operations Management (AOM), his path to becoming a globally recognized brand, and his career trajectory to discuss some of the FinTech industry’s most pressing issues. I’ll tell you how I came to tackle crabs head-on.
Bhavesh, please tell us more about your company and its purpose
Simply put, we help operations teams get more out of what they have. Operations teams are under constant pressure to reduce costs and increase efficiency while maintaining a great customer experience. However, this feat is easier said than done.
Many companies have invested in all kinds of technology and process principles to increase efficiency, but they still struggle to meet their service level agreements (SLAs) and operational goals. That’s where we come in. Through our software and approach, we help our clients find capacity and make better use of it.
Our clients typically see significant improvements in customer turnaround times and productivity, and a significant reduction in work in progress. Clients also leverage the capacity created to invest in non-core activities and lower levels of new hires.
Ultimately, our clients often talk about how they can now control their workload instead of reacting to it. That is our purpose and purpose.
Are there any recent company achievements you’d like to highlight?
Financial crime is one of the areas we have been working on for some time. Anti-Money Laundering (AML) and Know Your Consumer (KYC) processes typically require skilled analysts. Analysts are hard to get and even harder to keep. Adding an unstructured way to manage backlog cases creates a huge challenge for cybersecurity departments.
It affects individuals, large businesses, small businesses and the public sector and costs billions of pounds in the UK each year.
The question for us is how do we help our clients find practical ways to get more value out of the resources they have, rather than drumming about being fined? That’s what’s new for us. CaseworkIQ Products To do. It sits on top of the bank’s existing case management platform and provides visibility into which cases need to be handled and in what order.
It may sound simplistic, but cases can very easily siphon resources when there is little insight into the cases that risk non-compliance with regulation.
Early signs are very encouraging. In a recent pilot deployment, CaseworkIQ Increased productivity for a UK bank by 24%.
What are the next big questions across the industry?
With the likely headed into a recession, unfortunately, the focus of many boards is considering where they can cut costs, where their money can be better spent, and how they can make their operations more efficient. change to do.
Undoubtedly, it will be a difficult time for all industries. But those who can plan early and act on it are in the best position to support their customers during difficult times.
We’re just getting started, and we’re reviewing the results of a global survey of senior leaders in the financial services business. Alongside this, we also conduct a proactive interview process with senior industry leaders. This provides industry guidance to operational leaders as they prepare for tougher economic conditions. The report and findings were published in September, 22 people meeting in London.
Technology will play a huge role in navigating what the future holds. Technology is our greatest tool when trying to predict the long unpredictable.Business Visibility into day-to-day operations is essential to empowering her leaders to make decisions with confidence. am.
Companies that use data the right way and use technology to make sense of it will reap the benefits.
How did you get into fintech personally?
For over 20 years, I have worked with companies facing the financial services industry and worked with various organizations developing software products for financial institutions.
The fintech industry has grown with the emergence of software as a service (SaaS) markets and the opening up of regulations. It’s been pushed forward from different angles.
I have been lucky enough to market both SaaS and on-premise software across EMEA, APAC, and North America. All of this has shaped my approach to business today.
Most of the companies I have worked for have customers in different markets around the world. In a typically fast-paced and disruptive market segment, this helped us consider the customer’s perspective.
When the opportunity presented itself at ActiveOps, I decided to join because of the value the solution offered to banks and financial institutions. The magnitude of value created by the world’s leading banks and insurance companies was something I had never seen before.
What is the best thing about working in this industry?
The fintech industry is highly diverse, fast-paced, and driven primarily by innovation. Fintech companies can be both insurtechs and challenger banks.
Fintech is full of tests and failures because the best ideas come from challenging the status quo. With exciting businesses popping up every day, companies are finding new ways to stand out and gain more control over their customers.
Although ActiveOps has been around for nearly 20 years, the industry itself has changed significantly with the development of new technologies. In fact, back offices are still looking for ways to reduce costs and increase efficiency. Extracting the last drop of productivity is the ultimate goal, and we are continuously working to achieve it.
“Fintech companies can be insurtechs and challenger banks at the same time.”
What do you find frustrating about this industry?
The zeal to push the concept further can sometimes forget about the customer impact. Take the buy-now-pay-later (BNPL) space, for example, regulation is catching up, the bubble is definitely starting to burst, and consumers are feeling the impact.
Its success depends heavily on consumers accepting more debt. The pressure to make BNPL a success has led consumers to take out loans to meet their payments.
It’s a similar story with embedded finance, but there are also interesting concepts that feel like they’re being pushed as must-haves for businesses that don’t yet have the strong foundations they need to act on behalf of banks.
There is sometimes a blind push that innovation is everything and that customers will adopt it and love it. History shows that this is not always the case.
What kind of future awaits your company?
We are continually working to improve our existing products and are looking for new ways to help our customers drive more efficiently. Now, the focus is on what value can be provided to financial institutions and banks in turbulent times. A global recession seems to be approaching.That’s why our focus is on helping our customers prepare and plan to do more with less.
We are also constantly looking for new ways to support our customers by leveraging artificial intelligence and machine learning to access insights that can enhance their decision making.
In practice, this means increasing visibility into traditional unstructured processes, making the most of existing technology stacks and collected data, and maximizing investment in existing technologies. I mean
Additionally, we focus on helping you get the most out of your job and improve your overall experience at work while increasing your flexibility.
Hybrid working, for example, doesn’t seem to be dying off. Technology can help companies make the most of hybrid work for people. The method is scalable, wellbeing-focused, and supported by technology.