As any West Berliner over the age of 40 can attest, you don’t need a coastline to feel like you’re living on an island. Yet, while the Iron Curtain is becoming a distant memory even in the minds of those it once divided, European businesses today face a similar barrier that makes it practically impossible to trade or engage beyond their borders.
This isn’t a physical wall: it is the failure of the established banking industry to provide fast, reliable, and affordable international payments.

Cross-border transactions have always been time-consuming and expensive, but in the pre-internet days, this never mattered much to most businesses. Today, however, any business of any size can potentially be a multinational – especially digital businesses, which typically look to the Web (and so, the world) for their customers, rather than just their local High Street. Yet while the internet has made commerce borderless, the banking industry hasn’t kept pace by supporting seamless international payments for all, strangling the global growth ambitions of digital-first businesses.

While most domestic transactions are seamless and straightforward, especially following the Open Banking revolution, all but the biggest enterprises face significant challenges in doing business beyond their borders. They must contend with slow, cumbersome, and costly international payments; indeed, for many digital businesses, the fees and charges can outweigh the value of the transactions they are trying to complete. Traditional banking systems are meanwhile plagued by delays, high fees, and unreliable processes. Transactions can take days or even weeks, and the associated costs can be prohibitive for SMEs that do not have the financial capacity to absorb such expenses.

This is bad news for everyone. The exclusion of agile, innovative businesses from international commerce undermines overall market competitiveness, reinforcing the dominance of large corporations and limiting consumer options. So why, given that technology has transformed so many other aspects of international business, have international payments failed to evolve?

Barriers to Efficient International Payments

The challenges of cross-border transactions go beyond simple data transfers. Effective international operations require specialised processes, including risk assessments, Know Your Customer (KYC), and Know Your Business (KYB) protocols. Banks must also navigate complex legal landscapes in various jurisdictions and establish relationships with correspondent banks and national regulators.

Traditional banks possess the capabilities to address these needs but often choose not to invest in the necessary infrastructure.
From a purely financial perspective, supporting the unique requirements of digital businesses, particularly those with international ambitions, may not seem profitable. Establishing the requisite systems, hiring experienced and expert personnel, and forming global partnerships demand substantial resources at a time when banks are already struggling to replace legacy systems. It may not be a priority for them now, but the emergence of fintechs specialising in cross-border payments is a warning shot across their bows.

Legacy-free challengers

While traditional banks may be hesitant to adapt, fintech is stepping into the breach. This new breed of financial service provider offers fast, reliable, and affordable international payments tailored to the needs of digital businesses. Free from the constraints of legacy systems, harnessing the latest technologies and – most importantly of all – investing in the required relationships and skills, these fintechs are designed to meet the demands of today’s global digital economy.
Traditional banks might view these fintech solutions as serving niche markets, but this perspective could change as digital businesses continue to grow. The COVID-19 pandemic, for instance, prompted companies of all sizes to re-evaluate their supply chains and explore new international markets, highlighting the need for efficient cross-border payment systems.

Banks can continue to promote their (domestic) open banking achievements, but without providing truly global services, their claims will increasingly fall flat. If the growing community of digital businesses question why their financial partners cannot support their international needs, adjusting their ad campaigns and marketing messages will be among the least of their worries.

The question facing the traditional banking industry is how long they can afford to maintain their parochial, inward-looking focus. When ambitious digital businesses feel like they’re living on an island, it’s only natural that they will start looking for a bridge to the rest of the world.

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Customer-centricity, shown through exceptional user experiences, is vital for fintech success. While the industry recognizes the importance of seamless and intuitive customer interactions, it often underestimates the crucial role that employee experience plays in achieving this goal.

Fintechs are now heavily investing in AI to gauge credit risk, analyze customer behavior to identify customer needs, and to provide digital customer service. However, it is equally important to have the right technology in place to manage the employee experience – which directly affects the customer experience.

For fintech companies to deliver exceptional customer experiences, they must first ensure their employees have the tools and resources they need to perform their jobs effectively. This is where a robust IT Asset Management (ITAM) solution comes into play.

A good employee experience, facilitated by advanced ITAM solutions, can ensure employees efficiently manage assets, maintain security and compliance, and minimize downtime—all of which directly translate into a superior customer experience.

Some of the top outputs of a strong ITAM solution in enhancing the employee experience include:

1. Asset tracking and management: An ITAM solution allows employees to keep track of all hardware and software assets. This ensures that resources are available when needed, reducing frustration and inefficiencies caused by missing or outdated equipment.
2. Security and compliance: ITAM solutions help maintain security and compliance across all devices by ensuring authorized access to software with assigned roles.
3. Reduced downtime: An effective ITAM solution helps schedule preventive maintenance, ensuring that all equipment and devices are in optimal condition. When technical issues arise, an effective ITAM solution enables employees to create tickets on a help desk and escalate an incident for faster resolution, minimizing employee downtime. Features such as a Service Catalog can help employees self-cater to small technical concerns and access needed IT services spontaneously – streamlining the IT support process. This is crucial in a fast-paced industry where every minute counts.
4. Streamlined onboarding and offboarding: New employees can be quickly set up with the necessary tools and access, allowing them to hit the ground running. This reduces the time and cost associated with onboarding and training. Access can also easily be revoked and all equipment collected with a smooth offboarding process; critical to reducing asset loss, misplacement, ensuring data privacy and preventing unauthorized access.

By enhancing the employee experience, fintech companies can ensure that their workforce is productive, engaged, and capable of delivering high-quality service. This, in turn, leads to a better customer experience.

Connecting EX and CX: The path to fintech success

The relationship between employee experience and customer experience is symbiotic. A positive employee experience, supported by an efficient ITAM solution, leads to more motivated and capable employees.
These employees are better equipped to serve customers, providing timely and effective solutions to their needs.

When employees have a seamless experience managing technology and assets, they can focus more on delivering value to customers. For instance, a customer support representative who experiences minimal downtime due to IT issues can handle more inquiries and provide quicker resolutions, leading to higher customer satisfaction. Similarly, a financial advisor with access to up-to-date tools and information can offer more accurate and personalized advice.

As fintech continues to evolve, companies must adopt a holistic approach that prioritizes both customer and employee experiences. Ensuring that employees have the best possible experience through effective ITAM solutions is equally important.

By investing in EX, fintech companies can create a virtuous cycle where happy employees lead to happy customers, driving growth and success in the industry. The future of fintech lies in this balanced approach, where technology and human experience work hand in hand to deliver exceptional value.

Fintech success is not just about adopting the latest technologies but also about creating an environment where employees can thrive. A good employee experience translates into a good customer experience, and together, they form the foundation of a successful fintech company.

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Over the past three years, the team at Zeta has engaged with hundreds of leaders from over 50 card issuers across America. During these conversations, recurring questions emerged about managing portfolios on legacy systems, migrating to modern card programs and understanding the perspectives of other card executives. These themes are addressed in a comprehensive report by Zeta and Datos Insights titled “Card Program Evolution: Escaping the Legacy Card Tech Hamster Wheel,” where they conducted an in-depth study involving a dozen executives managing significant card programs.

Key Takeaways from the Report
The report defines four stages of card tech modernization, highlighting the evolution from legacy-dependent systems to fully modern infrastructures.

In Stage 1: Legacy Dependent, innovation is slow and reliant on processors, with customer experience (CX) limited to banker interactions or basic mobile apps. Data access is poor and slow, and costs are high for both service and maintenance. Transitioning to Stage 2 is achievable through incremental technological changes, but creating a significant impact requires more extensive modernization.

Stage 2: Legacy with APIs or Sidecar Programs sees slightly faster innovation, though control over the roadmap remains limited. CX lags behind leading programs, data access is still limited and costs are reduced but may require parallel systems. Remaining in Stage 2 exposes issuers to significant compliance and regulatory risks.

In Stage 3: Modernized with Some Legacy, innovation occurs mostly in-house, except where legacy-dependent. CX can be personalized with some AI capabilities, real-time data access is available but limited in scope and costs are lower except for legacy maintenance and changes. Moving into this stage is particularly challenging due to the complexity of legacy systems.

Stage 4: Fully Modern represents a state where almost all innovation and changes are handled in-house. CX is highly personalized and predictive, leveraging maximized AI capabilities. Real-time data access is available across internal and external streams, and costs for CX and maintenance are low with simpler billing structures. Access to data is crucial for transformation, which is difficult to achieve without modern technology.

Transitioning through these stages reveals that AI has the potential to be transformative, requiring platforms that support real-time data access and rapid iteration of customer experiences. Breaking down the shift to modernization into stages is recommended for most financial institutions since extensive changes are required across various organizational areas.

Challenges and Risks of Legacy Platforms
Bankers face several challenges and limitations to their card programs when they are stuck in their legacy systems. There are six primary risks associated with maintaining legacy platforms. Consumers today need their demands met with key features that provide transparency, control, immediacy and intuitive interactions from their financial institutions. Another risk of staying in a legacy system is the decline of COBOL programmers, which requires very complex coding and poses significant risks for reacting to regulations and managing portfolios. With the rise of AI, there will be new demands for more flexible platforms. Additionally, real-time processing has already begun replacing batch processing as the default. Branch networks have become less competitive, which means digital incumbents are increasingly challenging traditional institutions. Lastly, regulatory changes add complexity and risk, diverting time from innovation.

Functionalities of Next-Gen Processing Platforms
Next-generation processing platforms offer several key functionalities that address these challenges. Cloud-native solutions provide significant advantages over cloud-based ones. An API-first approach ensures easier implementation and faster development. Real-time data access is ranked as the top benefit by bankers. Low-code/no-code design enables staff to develop solutions without technical expertise, while a microservices architecture increases flexibility, scale, and speed to market. Modern user interfaces reduce training needs with intuitive navigation, and modern programming languages address the shortage of COBOL programmers. Broad card program controls allow issuers to make in-house changes, minimizing change requests and enhancing control over the product roadmap.

Initiate the Modernization Journey
Modernizing card programs is a complex but necessary journey for financial institutions to remain competitive and meet evolving consumer demands.
  These four stages of modernization serve as a roadmap for issuers to navigate this transformation, leveraging modern technology to enhance customer experiences, improve efficiency and stay ahead in a rapidly changing landscape.

Staying at the initial stages poses significant risks, including the inability to handle diverse payment types and compliance challenges. The frustration of migrating between legacy platforms and the limitations they impose underscore the need for comprehensive modernization. But as financial institutions move through this journey, each stage unlocks significant benefits.

Fintechs are using modern issuance platforms to innovate by reimagining cards as products, business models and data engagement layers. Additionally, banks in the corporate card space are embracing modern technology to stay competitive, allowing fintechs to develop capabilities around their cards.
This decentralized innovation enables rapid iteration and interaction with other systems, providing significant benefits.

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In the fast-evolving landscape of wealth management, artificial intelligence (AI) is poised to be the next game-changer. It promises not just incremental improvements but a profound transformation of how wealth management firms operate, attract clients, and deliver services.

Attracting Ideal Clients
One of the most compelling benefits of AI in wealth management is the ability to attract clients that align with a firm’s ideal profile. By leveraging sophisticated algorithms, AI can analyze vast amounts of data to identify potential clients who fit specific criteria, such as investment preferences, risk tolerance, and financial goals.

How AI Achieves This:

• Data Analysis: AI can scan through social media profiles, financial transactions, and other relevant data points to build a comprehensive profile of potential clients.
• Predictive Analytics: Using prospect information and existing client profiles, AI can predict which prospects are more likely to engage with a firm’s services.
• Targeted Marketing: AI can help by crafting personalized marketing messages that resonate with the identified target audience, thereby increasing conversion rates.

Providing Personalized Service
Personalization is no longer a luxury; it’s a necessity. Today’s clients expect services tailored to their unique needs and preferences. AI enables wealth management firms to offer a highly personalized experience, enhancing client satisfaction and loyalty.

How AI Achieves This:

• Meeting Preparation: AI Copilots can review all your prior meetings with a client to determine key themes and questions to explore in your next client meeting. The Copilot can create a custom meeting agenda for your next client meeting based on this information. Copilots soon will also compare information across your clients to determine agenda topics based on similar client profiles.
• Personalized Communication: AI can analyze client interactions to determine the best times and channels for communication, ensuring timely and effective engagement. They can analyze information in your CRM about your client to create hyper personalized communications for each of your clients saving your team hours of time creating personalized emails.
• Customized Investment Strategies: AI can create bespoke investment plans based on individual client profiles, considering their financial goals, risk appetite, and investment preferences. Your financial planners can review this output to determine if it aligns with your firm’s investment thesis.

Conclusion
Artificial intelligence is set to revolutionize the wealth management industry by attracting ideal clients, offering personalized services, and enabling firms to service more clients efficiently. For C-Suite executives in wealth management, the integration of AI is not just an option but a strategic imperative for staying competitive in a rapidly changing market.

The Oasis Group identified 55 leading firms that specifically service the wealth management industry. The firms in our AI WealthTech Map are not existing wealthtech solutions that are developing AI capabilities – these firms are AI first and were built to support the wealth management industry.

The AI Map follows the sales cycle of a wealth manager by starting with prospecting, followed by writing assistants, note takers, proposal generation, AI assistants, investment research, next best action, and compliance solutions.

Ready to transform your wealth management firm with AI? Stay ahead of the curve and explore how AI can help you achieve unparalleled growth and client satisfaction.

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Tell us about your background and what inspired you to become an accountant?

What inspired me to become an accountant initially, actually stemmed from the idea that numbers are universal across a global scale. When I immigrated to the US from Kazakhstan, I was just 20 years old. I hadn’t learned English at that point, and was working odd jobs before falling into the path of becoming an accountant. My parents told me accounting was “easy” because it was universal/the same in every country, and could be taken everywhere, so from there, I went on to earn a degree in finance management. After working in the field for a few years, I began to gain the confidence I needed to go off on my own and create my own company. I bootstrapped AG Accounting, for venture-backed start-ups in Silicon Valley, which oversaw 800+ start-ups – and that’s where the idea and seed for JustPaid was born.

When you say accounting is universal across a global scale, what does that mean?

Numbers are the same everywhere, so there’s no barriers in accounting like there are with other language-based fields. Unlike marketing, which varies between cultures, accounting has no variation – numbers are numbers, it’s black and white.

Why do you believe there is a global accounting issue?

There are so many small businesses and not enough accountants to help with their finances. Not to mention, there’s not enough accountants that would be able to plow through thousands of data points and financials quickly and efficiently to get founders what they need when they need it. JustPaid solves this issue by giving users a 24/7 accountant right in their back pocket – to be able to ask the most specific or general questions you may need quick answers to in order to keep your business running as efficiently as possible – all powered by a proprietary AI financial co-pilot.

How does JustPaid seek to address the problem?

I realized that billing is solved on the engineering side, but there wasn’t a solve-all for finance. That’s initially what inspired me to look into the idea of using AI to create JustPaid. I connected with Daniel Kivatinos (my co-founder and previously at DrChrono) and Vinay Pinnaka (our third co-founder who helps on the dev side), and since then, we have been solving a massive issue for thousands of businesses globally.

How else can small businesses benefit for JustPaid?

They don’t have to pay an accountant or accounting team to do comprehensive accounting work for them. They save money, time, AND can even be proactive in their work, given that JustPaid is available 24/7 to answer any finance-related questions they can think of.

What’s next for you and the brand?
We are excited to continue developing the product, and most recently, we integrated Avalara into the platform to automatically calculate sales tax, VAT, GST, and other transactional taxes in real-time across multiple jurisdictions. We are also integrating with Common Paper, to provide a seamless end-to-end contract workflow for customers.

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Banking ‘marketplaces’ have been on the cards for a while but they need to be balanced with financial responsibility, such as the ability to set limits or be removed from targeting. One of the latest initiatives of this kind, is from Chase Bank. The company recently introduced a new tactic to offer marketers direct access to the first-party financial data of its 80 million customers. Coined as Chase Media Solutions, the initiative is gaining traction for its innovative spirit, as well as the potential it has to revolutionize digital marketing.

Rather than selling cookie-based targeted ads on a website, Chase will use its deep knowledge of consumer buying habits and preferences to display targeted retailer offers that match an individual’s interests. Essentially, Chase is monetizing its first-party data and moving into walled garden territory. But what does this mean for consumers – and how does it benefit Chase? Let’s dive in.

Bank data is a gold mine
The financial services industry has long been in possession of incredibly valuable purchasing data. And access to these treasure troves of data would enable marketers to reach new levels of personalization, honing in on buying behaviors that a client may want to be kept private. Just think: a bank knows when you take out a loan for a car, when you apply for a mortgage and when you make a large deposit in your bank account – all of which is incredible telling to an advertiser who is looking to sell you a car, a house or another big-ticket item.

Through data sharing with affiliates, joint marketing agreements, cross-context online advertising, and outright data sharing, banks and credit card companies have worked within a highly regulated environment to successfully monetize their special knowledge. However, with new technologies and regulations, the efforts have become less lucrative for both financial institutions and their marketing customers.

This development comes at a critical time in digital marketing’s history, as research from Simplicity DX suggests that customer acquisition costs are increasing at a staggering rate – 222% between 2013 and 2022. As regulations tighten and consumer privacy concerns grow, finding effective, ethical ways to leverage data for marketing purposes becomes increasingly challenging.

But what does this all mean for the financial industry?
Chase – along with other banks that will undoubtedly follow suit – can now use its deep knowledge about consumer purchasing behavior to present targeted, customized offers from paid advertisers on its platforms. Visitors will only receive paid offers that match their interests. For example, if a visitor has purchased luxury home furnishings on multiple occasions, a bank may present to that visitor a special offer for high-quality couches through the platform on behalf of an advertising customer. Other visitors who do not have a luxury home furnishing buying pattern will not see that offer.

The value proposition is a powerful one as the bank is able to monetize its personal data twice. First, the bank makes money from marketers. Then, the bank also takes a transaction fee for the offer purchase itself. This dual revenue grab enhances the bank’s bottom line significantly, turning what was previously considered passive data into an active, income-generating asset. This model also creates a win-win situation: customers receive targeted offers that align with their interests, enhancing their overall banking experience, while marketers gain access to highly qualified leads, increasing their chances of conversion.

Reward does not come without risk
While there are undoubtedly positive customer experiences that could stem from this initiative, it doesn’t change the fact that 59% of consumers report that their concerns about data privacy have increased over the last 12 months – and a big part of this is due to a lack of understanding on how and what data is actually being tracked. For instance, consumers will frequently consent to data collection based on vague terms and service agreements, not actually knowing the true extent to which their information is being harvested and shared.

What’s more, a significant 68% of consumers would like the ability to control the types of data collected; they want to be able to say no about their personal data being used for secondary purposes and have their wishes respected. They also want to be able to say no to some things and yes to others, and then change their mind later. Granular preference controls can help build trust and enhance engagement.

In other words: Chase must balance a very delicate line of providing relevant ads without encroaching on consumer privacy. And the success of this program will hinge on what boils down to a yes or no answer from consumers. Either consumers will use Chase products and visit the platform to get suggestions… or they won’t. Achieving this balance will be critical for maintaining customer trust and loyalty in the long term, and determining whether Chase’s advertising strategy will be sustainable.

But is that enough?
While consumers should certainly further educate themselves about their data privacy rights, as well as actively advocate for greater transparency and accountability from the companies they frequent, the responsibility for protecting consumer data ultimately falls to businesses.

There is no doubt that managing consent is a complicated job. But given there are consent management platforms to help navigate that complexity, this challenging activity can become routine, allowing organizations to shift focus to other consumer needs while still honoring granular preferences. With the right tools and practices in place, businesses can demonstrate their commitment to privacy and build stronger relationships with their customers.

Consumer data can provide valuable insights that enable highly personalized outreach that ultimately drive business growth and innovation. However, it’s critical that this innovation is balanced with respect for consumer privacy. While financial institutions are seeking new ways to disrupt the financial marketing industry, they also have a moral obligation to adopt ethical frameworks, advocate for comprehensive legislation to be enacted, and empower consumers.

As the technology around us continues to advance at a rapid pace, we must do what we can to ensure our digital ecosystem prioritizes both innovation and individual rights. Striking this balance will foster trust and pave the way for sustainable and responsible data practices.

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With UK Finance recently sharing that a staggering 93% of card transactions in the UK are contactless payments, it’s clear that a robust digital payment infrastructure is no longer a luxury for merchants; it’s a necessity. But what happens when the chip and pin devices we’re familiar with malfunction? 

We all remember the chaos caused by recent tech outages at major retailers like Tesco, Sainsbury’s and McDonald’s, with limited payment options frustrating customers and in some cases, forcing temporary closures. These outages highlight a critical vulnerability: a reliance on traditional payment systems which can leave businesses exposed to significant financial losses. Downtime caused by malfunctioning hardware translates to lost sales and potential reputational damage, which can take years to be resolved.

This is where software point of sale (SoftPoS) shines, offering a simple, fast, and more convenient way to accept payments using the NFC-enabled smartphones or tablets we have in our pockets. SoftPoS is set to play a pivotal role in shaping the future payments landscape, but by offering a suitable backup solution for when hardware payments fail businesses, it truly carves out a niche for itself in the evolving world of payments.

The importance of having an alternative solution

The IT disruptions faced by a number of prominent UK businesses earlier in the year serve as a stark reminder that existing systems are not infallible. These businesses face a pressing decision; invest in alternative payment methods to safeguard the customer experience and revenue of the business, or continue to provide a traditional payment solution and risk facing the costly disruptions associated with unexpected tech failures.

While traditional point-of-sale systems have served as the backbone of payment processing for decades, they are not without their vulnerabilities. Security breaches involving compromised card data are a persistent concern for businesses and consumers alike. 

Skimming devices attached to card readers can steal sensitive information during transactions. SoftPoS technology, by leveraging secure mobile device technology and tokenisation of sensitive data, can potentially mitigate these risks. Additionally, cloud-based security features and regular software updates offered by SoftPoS providers can further enhance the overall security of a business’s payment infrastructure.

SoftPoS solutions can serve as a safety net in situations where the primary card machine breaks down, whether due to a malfunction, battery issues, or technical problems that are beyond the immediate expertise of employees. By having an implemented SoftPoS solution, businesses can avoid lost sales and maintain customer trust during outages.

Cost-effective maintenance

Traditional payment methods, while familiar, often rely on expensive hardware that requires ongoing maintenance. This can be costly, and hardware malfunctions can lead to additional service call fees and downtime. 

SoftPoS, on the other hand, offers a more cost-effective solution. Updates can be delivered online, minimising downtime and making it perfect for fast-paced environments. Additionally, SoftPoS eliminates the need for costly terminals, streamlining the payment process and reducing operational costs associated with payment processing and reconciliation. 

Established companies can realise significant savings by implementing SoftPoS across their stores, removing the sole reliance on expensive point-of-sale hardware at each location. This frees up capital for other business investments and simplifies the management of their payment infrastructure.

A flexible future for omnichannel businesses

While traditional payment methods struggle to adapt to diverse business models, SoftPoS thrives. Pop-up shops, service providers, and smaller retailers can leverage existing smartphones and tablets, eliminating the need for dedicated hardware. This flexibility, coupled with its ease of setup, makes SoftPoS a convenient and cost-effective solution for businesses of all sizes.

Looking ahead, SoftPoS holds immense potential to transform the future of payments. As consumer preferences shift towards contactless transactions and mobile wallets, SoftPoS is well-positioned to become a primary payment method. Its inherent flexibility can cater to a wide range of businesses, from established retail chains to on-the-go operations and service providers. 

Furthermore, seamless integration with loyalty programs and real-time sales data empower businesses to optimise operations and enhance customer engagement. With continuous advancements in mobile technology and growing consumer demand for secure and convenient payments, SoftPoS is poised to play a central role in shaping the future of secure and adaptable payment solutions across all industries.

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In 2005, my partner Stephen and I ventured into the used/pawn space, primarily trading on eBay. Recognizing the high demand for used electronics, which recent data shows that the second-hand electronics product market size was valued at $222 billion in 2023 (GMI), as well as the need to reduce environmental impact by diverting them from landfills—where 85% of our E-Waste are sent to landfills and mostly incinerators, which release harmful toxins (The World Counts)—we founded PayMore. Our goal? To make a dent in those staggering statistics. Already, with nearly 1.5 million devices traded in and well over 15,000 pounds of tech recycled, PayMore is making strides in both meeting consumer demand and promoting environmental sustainability. Among that, a key focus was addressing a critical gap in the industry: safety. This led us to maintain physical storefronts, because current online selling options lack transparent data wiping processes, and platforms like Facebook Marketplace or Craigslist can be extremely unsafe and unreliable. Just look at recent data for Facebook Marketplace: from January 2022 to November 2023, the Better Business Bureau’s scam tracker logged more than 1,200 reports that mentioned Facebook Marketplace in the US and Canada (Wired). People need a safe, secure, real-life business to go to – and that’s what PayMore is.
We’ve implemented proprietary technology for secure data wiping and theft prevention. Developing our Point of Sale (POS) system was crucial in overcoming startup challenges. Over 13 years, we’ve refined this system, leveraging my IT background to tailor a solution to our needs. We’re continuously updating and advancing the system to enhance customer safety and streamline operations. Soon, we’ll launch the PayMore POS 2.0 with significant updates and advancements, all proprietary and built from the ground up.
Ensuring accuracy and care in evaluating traded-in products was essential to our mission of repurposing electronics while averting e-waste crises. The positive response from our Massapequa location in 2012 underscored community support for our eco-conscious initiatives, setting us apart in the market.
At PayMore, our staff undergo training in data wiping, guaranteeing customer data security. Our latest innovation, the PayMore PayStation, represents a significant milestone what I like to call our ‘iPhone’ moment. This interactive kiosk completely changes our current transactions, minimizing cash handling risks through QR code payments, digital currency options, and charitable donations.
The PayStation enhances safety for employees and customers by minimizing cash handling. Access to any cash in the building requires a specific QR code generated from a transaction, ensuring secure access. As we continue to evolve, we’re committed to making significant advancements, providing a safe, seamless experience for customers while championing environmental sustainability in the electronics industry.

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Rafael Gallardo CPO & Co-founder Weecover
The insurance landscape is undergoing a seismic shift, driven by technological advancements and evolving consumer expectations. At the heart of this transformation is insurtech, a vibrant sector breathing new life into an industry often perceived as stodgy and slow to adapt to new technologies. One of the most exciting developments within insurtech is the emergence of embedded insurance—a model that seamlessly integrates insurance products into non-insurance purchase processes. However, the true magic happens when insurtech companies form strategic partnerships with channel partners to deliver these embedded solutions.

The Essence of Embedded Insurance
Embedded insurance, at its core, aims to meet customers where they are, offering them cover at the point of need, without the friction of traditional insurance processes. Imagine purchasing a car online and getting a motor insurance policy bundled into the same transaction. Or booking a holiday and receiving travel insurance as part of the package. These examples illustrate how embedded insurance can provide a frictionless customer experience while enhancing the value proposition of the primary product or service. In essence, embedded insurance is an industry game-changer, where customers no longer seek out the right insurance product, but the product seeks the customer at the point of need.

Leveraging Advanced Technologies
The insurtech companies driving these innovations are leveraging advanced technologies like artificial intelligence, machine learning, big data analytics, and specific tech platforms. These tools enable them to offer personalised, real-time insurance solutions that are not only more convenient but also more relevant to the customer’s specific needs. However, technology alone isn’t enough to revolutionise the insurance industry. This is where the power of strategic partnerships with channel partners comes into play.

The Role of Channel Partners
Channel partners—whether e-commerce platforms, tech manufacturers, or fintechs—hold the key to accessing a vast and diverse customer base. By collaborating with these partners, insurtech firms can embed their insurance offerings directly into the purchasing journey of consumers, effectively meeting them at the point of sale. This not only simplifies the buying process but also enhances the overall customer experience, creating a win-win situation for both the insurance provider and the channel partner.

Building on Existing Trust
One of the key advantages of such partnerships is the ability to tap into the existing trust and relationship that the channel partner has with its customers. Customers are more likely to purchase insurance when it is offered by a trusted entity as part of a broader transaction. This trust transfer can significantly increase the uptake of embedded insurance products, driving growth and scalability for insurtech companies.

Adding Value to Channel Partners
Ultimately, channel partners benefit from offering embedded insurance as it adds value to their primary product or service. It differentiates them in a competitive market by providing an additional layer of convenience and protection to their customers. For instance, an online retailer offering embedded insurance for electronic devices can enhance customer satisfaction and loyalty by ensuring that their purchases are protected from damage or theft. This creates a more comprehensive and appealing customer proposition, separating the retailer from its competitors.

Harnessing the Power of Data
Data is another critical component of these strategic synergies. Insurtech companies excel at using data analytics to understand customer behaviour, predict risks, and tailor insurance solutions accordingly. When they partner with channel partners, they gain access to a wealth of customer data that can be used to further refine and personalise insurance offerings. This data-driven approach not only improves the accuracy and relevance of insurance products but also helps in identifying new opportunities for innovation and growth.

Navigating Challenges
However, these partnerships are not without challenges. Aligning the interests of insurtech firms and channel partners can be complex, requiring careful negotiation and collaboration. Both parties must be committed to a shared vision of enhancing customer experience and delivering value. Additionally, regulatory compliance is a significant consideration, as embedded insurance models must adhere to stringent insurance regulations in different jurisdictions.

The Future of Insurance
Despite these challenges, the potential benefits of strategic synergies between insurtech companies and channel partners are immense. As the insurance industry continues to evolve, these partnerships will play a crucial role in shaping the future of insurance. By leveraging the strengths of both insurtech innovations and established customer relationships, embedded insurance can deliver unprecedented value and convenience to consumers.

Conclusion
In conclusion, the power of insurtech partnerships with channel partners in embedded insurance lies in their ability to seamlessly integrate insurance into everyday transactions, enhancing the customer experience and driving growth for both insurers and their partners. As these partnerships continue to develop and mature, they will unlock new possibilities and set the stage for a more dynamic, customer-centric insurance industry.

The future of insurance is not just about protection—it’s about convenience, relevance, and strategic synergy. And that future is being built today, one partnership at a time. Collaborations with fintech companies like BNPL services and neobanks are revolutionising how insurance products are distributed and accessed, ensuring they are more convenient and relevant to modern consumers.

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The fintech market has been, and continues to be, highly competitive and dynamic. For companies in this space, success hinges on the critical balance between people, product or service, and customers. Assembling a team of talented and driven individuals that bring a diverse range of skills and experiences to the table fosters an environment that emphasizes creativity, problem-solving, and innovation. Whether they’re founders, engineers, or marketers, each member plays an important role in steering the startup towards its goals. Cultivating a culture of collaboration and adaptability empowers these individuals to collectively navigate the challenges and seize the opportunities that come their way.

Equally as important is developing a product or service that resonates deeply with a company’s target audience. This requires a thorough understanding of customer preferences, behaviors, and trends in the fintech space. This knowledge is often attained through market research, user testing, and iteration. By continuously refining their offerings based on customer feedback and market insights, companies can ensure that their products or services remain relevant and competitive in an ever-changing landscape.

Companies must also pinpoint and cultivate the right customers by identifying the ideal customer profile using more than just demographic data. Companies must understand what motivates their customers—understand their pain points and purchasing behaviors on a deeper level. By tailoring marketing strategies and messaging, and the customer experiences to resonate with these target segments, companies can forge meaningful connections and foster long-term relationships that drive sustained growth and success.

In this article, we will delve into these factors that catalyze the growth of a fintech company. From using the EIEIO hiring method, to strategic decision-making to operational excellence, and from customer acquisition to product innovation, we will explore the multifaceted dynamics that underpin a company’s journey from inception to expansion.

The Right People

The people are the lifeblood of any company—they’re the driving force behind the company’s success. When a company has the right people in place, it fosters a culture of excellence and collaboration and employees are motivated to perform at their best while also supporting each other.

When it comes to building teams, hiring managers should use the acronym EIEIO.

The first E stands for Energy. Does the person you are meeting have the energy to do the job? The I stands for IQ (or EQ). Does the person listen and can the person ask really good questions and engage? That’s really important when you are considering someone for an outward-facing role (such as sales or customer success). The E stands for experience. From an academic standpoint, does the person have relevant education and training, as for a CPA for example. And then, what is their “life experience”—this could be more important and relevant than their formal training background.

The first three letters—EIE— are all negotiable. For example, sometimes you meet someone that you like and they have very little, relevant experience, but you may want to take a chance on them.

The last two letters are I and O. I stands for integrity. HR managers should ask themselves, will the person be accountable to meet specific deadlines and deliver on a certain project when it’s needed? The final O for organizational fit. Do we connect and can we have a conversation? An example of this is the airport test. If the plane is delayed, is the person going to want to go to the lounge, grab a cup of coffee and start talking about a project and engage with me for a couple of hours or are they going to disappear and read a book. This can give a hiring manager a good gut-feel for how this person will fit culturally and organizationally, how they’ll respond to situations.

EIEIO is a really good and simple method for employers looking to hire and invest in someone.

The Right Product or Service

The concept of offering the right product or service cannot be overstated for any company as it directly impacts the company’s competitive edge in the fintech space. Companies must clearly state what the business problem is that they are trying to solve, and they do their due diligence to ensure there IS a problem to be solved with this product (product market fit). Sometimes the ideal solution may take a while to get there, but companies should first try to solve something today and get on a journey, because not everything can be done at once. Companies need to pick and choose what to get started on and the rest will take care of itself.

Companies can then begin to foster loyalty with early adopters/early customers and attract new customers through positive word-of-mouth. Conversely, a mismatched offering can lead to customer dissatisfaction and erosion of market share. Understanding and delivering what customers really want or need ensures longevity and sustainability in a competitive marketplace.

The right product or service must also align with the company’s core values and business objectives. When customers associate the product or service with positive attributes such as quality, reliability, or innovation, it enhances brand reputation and credibility. This alignment also facilitates strategic growth and expansion, as the company can confidently leverage its brand equity to explore new markets or diversify its offerings.

Choosing the right product or service will also maximize profitability and operational efficiency. By focusing resources on developing and delivering offerings that resonate with the target market, companies can optimize their return on investment. This includes streamlining production processes, minimizing waste, and effectively allocating marketing resources. A well-received product or service often commands premium pricing, increasing profit margins, which leads to investments and prosperity for the company in the long term.

The Right Customers

Identifying and targeting the right customers is paramount for the success of a fintech business. Understanding the demographics, psychographics, and behavior patterns of the target audience allows companies to tailor their products or services to meet specific needs and preferences. In order to do this, companies need to make it personal for the customers. The customer must be able to answer why it is a problem and why your solution is unique and more different than anyone else and ultimately going to make the customer’s life better.

By focusing on the right customers, businesses can allocate resources more efficiently, whether it be marketing efforts, product development, or customer service. A loyal customer base tends to generate repeat business and referrals, reducing the cost of customer acquisition and increasing customer lifetime value. Satisfied customers are more likely to provide valuable feedback and insights, enabling continuous improvement and innovation.

Having customers serve as brand ambassadors will also amplify the company’s reach and influence within their networks. Peer recommendations and online reviews can significantly impact purchasing decisions, especially in today’s interconnected digital landscape. This organic growth not only expands the customer base but also enhances brand reputation and credibility, further reinforcing the company’s position in the market.

By addressing this critical balance between people, product or service, and customers, companies will be able to provide valuable insights and actionable strategies to help both start-up and incumbent fintech organizations.

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