“Digital Transformation And Financial Inclusion” — Why I Joined The Finastra Leadership Team
From fighting financial crime to making a dent in financial inclusion with the digitization of financial services, I’m thrilled to begin my next chapter as Chief Operating Officer of Americas for Finastra, the third largest Fintech in the world.
It is a journey that I am excited to embark on, particularly as I got to learn more about the vision, ethos and culture of Finastra, and the overall strength of their extensive portfolio.
One question that has been asked a lot of me recently is how I reached a decision upon where to commit to for the next chapter of my career. And to fully answer that question, there are a number of important factors to take into account.
Prior to joining Finastra, for over 15 years I was a leader within the RegTech industry from when it was but a fledgling area within Financial Services.
My roles in this space were full of purpose, and I knew that each day when I stepped into the office, I was having a direct impact on fighting the bad guys — combating everything from human trafficking, terrorism financing, insider dealing and fraud-attacks.
While I was proud of all that I achieved during that time in helping Financial Services firms change their regulatory landscape, there came a point where I realized that after all the early mornings, late nights, weekends at work and sacrifices I had made for my career, that it was time to change course.
I wanted some time for reflection; to be there for, and to share quality experiences with my young family while I could. And realizing that I was in a fortunate position to be able to avail of such opportunities, I made a decision that was almost as challenging as jumping into the new RegTech world — and that was to take a sabbatical.
So, my family and I decided to embark on the trip of a lifetime — visiting 4 continents, 30 countries and 124 cities. We traveled across some of the most developed countries in Europe, Asia, Africa, and North America — from the sophistication of Shanghai and Singapore to smaller developing nations like Laos, Nepal, Cambodia, and Indonesia.
It was an incredible trip, and we returned to New York with a lifetime of memories.
But I also returned with a much greater insight into the inequality that separates the ‘haves’ from the ‘have nots’.
One memory in particular stands out to me from my time abroad was in Bali, Indonesia.
We were visiting a famous temple, the Tirta Empul, and as soon as we parked the car, a young girl came running towards us.
She was 7 years old; her shoes were torn, and she was selling small handmade bags to earn some much-needed income for her family.
We later learned that her family was working tirelessly on the streets to save enough money to open a small shop — a feat that would be extremely difficult due to their lack of legitimate access to credit, not to mention the fact that Indonesia has the world’s fourth largest unbanked population with about 95 million adults without a bank account.
If only they could participate in a more mature financial eco-system they would have the opportunity to have a stable business, earn a better living and subsequently invest in their child’s education, which would allow her access to the same opportunities as my own children.
These opportunities are something we sometimes take for granted — and as I reflected on this family’s situation it really struck a chord with me, as I have a daughter of similar age.
While on our travels we witnessed many such examples of poverty and other daily struggles, we also saw things that gave us hope.
Ten years ago, it would have been unimaginable that even the smallest of street vendors in developing economies would be equipped to receive payment using their mobile phone but now they can, without having proper credit or a bank account.
That is definitely progress — and as a technologist, it is promising to see the role that technology is playing in enabling this type of financial inclusion, bringing more people around the world into the global financial eco-system.
While global financial inclusion I feel passionate about, we do not need to look too far from home to see the financial challenges that face people in under-represented communities here in the US and in the Global North.
During this global pandemic, where the whole world suddenly became virtual with almost zero warning, we have all been faced with several new realities.
As large corporates, small business owners, professionals, parents, educators, students, etc, we have all experienced major shock to the status quo and had to immediately transform our “normal” routines.
It is times like this when real leadership shines through, and actions speak louder than words, promises, or visions.
When I saw that within days of the government announcing the CARES Act that Finastra not only quickly developed software that made it easy for smaller banks to submit loans to SBA — but also donated the money earned to food banks across America — it strengthened my resolve that this was going to be the right organization for me.
With 25% of all U.S. households falling into the unbanked or underbanked category, and with two-third of Americans unable to grasp basic financial literacy — there’s clearly a lot more to do on our home front.
It is clear to me that Finastra is going to play a pivotal role in financial health for all, with their industry leading solutions and services to the largest global institutions and their support of the smaller community markets such as credit unions — bedrocks of communities all over the world.
And as I reflect on my journey to date while beginning my new chapter, I am proud to say that I am joining a team who conform my own personal ethos of doing all I can in terms of leveling the playing field across the world, of spreading wealth despite socio-economic status.
To the Finastra team, partners, clients, and prospective clients — I’m grateful to have found an opportunity where I can again, pursue my passion of doing well, by doing good!
