Commerce Interviews

Global Fintech Interview with Alessandro Onano, CMO at Tymit

Global Fintech Interview with Alessandro Onano, CMO at Tymit

Hi, Alessandro. Welcome to our Fintech interview Series. Please tell us about your tech journey and your story behind joining Tymit.

I have more than 20 years of international marketing experience and am passionate about innovative business models and digital marketing. I’ve been part of the internet since the mid-90s, dabbling in web design and community management. In the early 2000s, I had the chance to develop the online gaming community Sport4Fun in Paris.

From 2005 to 2013, I was Head of Marketing in London and later in Milan, where I played a pivotal role in launching the Betclic gambling platform, one of the pioneers in the online gambling industry, in the Italian market. As Chief Marketing Officer at Moneyfarm since 2013, I’ve been overseeing and coordinating the marketing and communication strategy for one of the first World’s Digital Wealth Managers. After 8 years of consistent brand growth and an expanding customer base, including through European expansion, I embarked on a new adventure at Tymit where oversaw the transition from a purely B2C brand to our current B2B2C positioning.

What does Tymit offer? What is its USP?

At Tymit, we offer a unique credit card solution that provides flexibility and control features for cardholders. Our users can customize their credit card experience by splitting payments into monthly installments, which gives them greater control over their finances. Additionally, we provide real-time spending insights and categorize expenses to help users manage their budgets effectively. Depending on the payment plan chosen, cardholders can also enjoy an interest-free period on their purchases. Furthermore, Tymit cards have no foreign exchange fees, which makes them ideal for international travel.

As a B2B2C company, we also offer our business partners (such as merchants, financial institutions and brands in general) full ownership of customer data, seamless UX and free-of-charge services.

In what perspective are you leveraging artificial intelligence? How is it beneficial?

As far as we are still at an early stage of AI adoption, Tymit leverages artificial intelligence in several ways to enhance its credit card offering and provide benefits to its users:

Risk Assessment: AI algorithms are used to assess an applicant’s creditworthiness by analyzing various factors, such as credit history, income, and spending patterns. This enables Tymit to make more accurate and efficient lending decisions.

Fraud Detection: AI-powered fraud detection systems continuously monitor transactions for unusual patterns or suspicious activity. This helps protect cardholders from unauthorized charges and enhances the security of Tymit cards.

Personalized Offers: AI algorithms analyze cardholder spending patterns and preferences to provide personalized offers and rewards. This enhances the overall user experience and encourages responsible spending.

Transaction Categorization: AI automatically categorizes transactions based on merchant information, making it easier for cardholders to track their expenses and create budgets.

Recently, Tymit collaborated with Visa to empower FI’s and Merchants with white-labelled Installment Credit Solutions. What are the strategies?

With this partnership, Tymit can offer now an almost plug-and-play white-label installment credit solution to financial institutions and merchants in the VISA ecosystem. With this service, they can provide installment credit solutions to their customers under their own brand. This approach allows FIs and merchants to use Tymit’s technology and expertise to attract new customers, increase customer loyalty, and drive higher sales volumes while keeping their brand identity intact.

Tymit’s solutions are highly customizable, enabling FIs and merchants to adjust the installment credit offerings according to their customer’s needs and preferences. This includes setting specific parameters such as the payment schedule and interest rates. Tymit can also ensure that the solution complies with financial regulations, which is crucial for FIs and merchants to operate within the legal framework and maintain trust with customers.

As one of the pioneering installment credit card services, what technology are you leveraging?

API Integration: Tymit offers API integration for partner institutions, enabling them to seamlessly incorporate Tymit’s installment credit solutions into their existing systems and processes.

Payment Processing Infrastructure: Tymit relies on advanced payment processing infrastructure to handle transactions efficiently and securely. This includes integration with major payment networks like Visa.

Mobile App and Online Platforms: Tymit’s services are accessible through a mobile app and online platforms. These platforms are designed for user-friendly navigation, allowing customers to manage their accounts, track spending, and set up installment plans easily.

Artificial Intelligence: Tymit uses AI algorithms for various purposes, including credit risk assessment, fraud detection, and personalization. AI helps in making more accurate lending decisions, ensuring the security of transactions, and tailoring offers to individual user preferences.

Data Analytics: Data analytics plays a crucial role in understanding user behavior and spending patterns. Tymit uses data analytics to provide insights to users and partner institutions, helping them make informed financial decisions.

Customer Data Security: Security technologies, such as encryption and secure authentication methods, are employed to protect customer data and ensure the confidentiality and integrity of transactions.

User Interface (UI) and User Experience (UX) Design: Tymit invests in UI and UX design to create user-friendly interfaces that make it easy for customers to manage their accounts and make payments.

Global funding for payments startups fell 49% last year, what cautious approach needs to be taken care of?

In an uncertain funding landscape, financial prudence becomes a vital principle. It’s important to use resources wisely and take a lean approach. This not only helps during tough times but also shows potential investors that the startup is responsible with money.

Collaborating with established financial institutions, other startups, or technology firms can be a great strategy to share risk and gain resources and expertise that may not otherwise be available.

Diversifying funding sources is also crucial, as relying on one source can be risky. Exploring venture capital, angel investors, crowdfunding, or strategic partnerships can provide stability and resilience.

Lastly, startups need to a long-term vision and not be deterred by short-term setbacks. Staying committed to the mission, being adaptable to changes, and prioritizing sustainable growth can pave the way for success even in difficult times.

In 2023, regulatory scrutiny and product innovation will broaden consumer payment choice, intensifying competition among providers.

What are your comments?

In today’s payment industry, there is a significant shift happening. Regulatory authorities are increasingly focused on ensuring consumer protection, data privacy, and fair competition. This represents both a challenge and an opportunity for payment providers to demonstrate their commitment to transparency and security.

Consumers are now presented with a wider range of payment options than ever before. This not only makes payments more convenient but also empowers them to choose what suits their preferences and lifestyles. From traditional credit cards to mobile wallets and cryptocurrencies, the expansion of payment choices is fostering more personalized experiences.

However, this expansion also means that payment providers face greater competition. With increasing regulatory scrutiny, there is also room for innovation. Payment providers who can navigate this landscape while delivering inventive product offerings, seamless user experiences, and heightened security measures will stand out.

In this era, focusing on the customer journey is key.

Every interaction matters, from the initial touch-point to the completion of a transaction. Payment providers who can create meaningful experiences will gain a competitive edge. Trust, which has always been a cornerstone of financial services, is now more important than ever.

Collaboration is also becoming a strategic imperative. Partnerships with fintech startups, e-commerce platforms, and tech innovators can create ecosystems that extend beyond mere payments. These ecosystems can integrate services, enhance convenience, and tap into emerging trends.

Can you please throw some light on – Installments are the future!

Imagine a future where you have the power to shape your financial destiny piece by piece, without being held back by lump-sum payments. This future is made possible by installments, which redefine financial freedom by breaking down barriers and offering flexibility to individuals in pursuit of their aspirations. Installments enable students to pursue higher education, families to plan dream vacations, and entrepreneurs to invest in business ventures. With each installment payment, you move one step closer to achieving your goals and fulfilling your promises.

The beauty of installments lies in their ability to adapt to individual circumstances, offering not just convenience but also hope.

Most importantly, installments promote financial literacy by encouraging individuals to engage more intimately with their finances and become more responsible stewards of their economic well-being. In this future, every purchase becomes an opportunity for personal growth, milestones are celebrated, and dreams are transformed into reality, one payment at a time.

Could you tell us about any one of your online next-generation integrated global payment financial products which you think as the best for your clients?

What are your predictions for the pay tech domain for the next couple of years?

When we think about innovation in various fields, it’s difficult to avoid mentioning AI. Even the payment industry can benefit from artificial intelligence and machine learning to create personalized payment experiences. This includes customized payment recommendations, fraud detection, and customer support. Additionally, even if is “old news”, also Open Banking is an important aspect that, when combined with AI, can lead to new use cases and advancements in risk assessment.

Finally, regulatory changes such as BNPL, consumer duty, and privacy regulations will impact how payment services are provided and accessed.

Please suggest one fintech based book for our readers.

If you’re interested in fintech, I highly recommend the book “Democratizing Finance: The Radical Promise of Fintech,” co-authored by Marion Laboure and Nicolas Deffrennes.

The book delves into the revolutionary impact of fintech on the global financial landscape. While acknowledging the current changes catalyzed by fintech, the authors argue that they represent just the tip of the iceberg, and they trace the origins of recent financial innovations, showcasing their role in enhancing accessibility, reducing costs, and increasing efficiency across financial services. However, they go beyond these achievements, highlighting the potential for broader societal transformation through fintech.

The book intertwines economic theory with real-world case studies, demonstrating how fintech innovations have benefited individuals across economic strata and regions.

The book also tackles challenges and offers recommendations to ensure fintech’s lasting positive impact, emphasizing fintech’s significance while addressing potential hurdles and suggesting ways to overcome them.

Thank you, Alessandro! That was fun and we hope to see you back on Global Fintech Interview Series.

[To share your insights with us, please write to  psen@itechseries.com]

Alessandro Onano is the Chief Marketing Officer at Tymit.

Tymit is a credit card company with all its products, capabilities, and solutions revolving around the concept of installments. The company’s mission is to empower individuals with the self-confidence to effectively manage their finances by offering installment-based payment and credit propositions. Through this approach, Tymit provides customers with transparency, flexibility, and control over their financial decisions.

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