Global Fintech Interview with Manan Vora, SVP of Strategy & Business Operation at Liminal

Can you tell us a little about yourself, Manan?

My expertise lies in helping early-stage startups in the crypto and blockchain space to set up their operations and build a strong foundation. I have experience in managing and leading different functions within an organisation – Strategy, Business Development, Corporate and Marketing Strategy, Project Management, Accounting and MIS, HR, Legal and Compliance, Investor Relations, Internal Audit and Core Operations. My previous experience has been in strategy and international business development for ZebPay and internal audits and risk assurance with PwC and Genpact. This allows me to set policies and procedures to ensure scalability and bring order within early-stage startups.

How, according to you, will emerging tech play a key role in finance and fintech as a whole?

Emerging technologies have already begun to transform the financial industry, and their impact will only increase in the future. Technology will play a critical role in shaping the future of finance and fintech in several ways.

Firstly, emerging technologies such as artificial intelligence (AI), blockchain, and the Internet of Things (IoT) enable financial institutions to improve their efficiency, accuracy, and speed of operations. For example, banks are increasingly using AI-powered chatbots to provide customer service and support, thereby reducing the need for human intervention. Similarly, blockchain technology is being used to facilitate faster and more secure transactions. At the same time, IoT enables banks to collect and analyse real-time data on customer behaviour and preferences, which can be used to provide personalised services.

Secondly, emerging technologies are also helping to democratise access to financial services. The rise of fintech has already enabled individuals and small businesses to access financial services that were previously out of reach. For example, peer-to-peer lending platforms provide alternative funding sources for small businesses. At the same time, mobile payment systems allow individuals to make transactions and access financial services using just their smartphones.

Thirdly, emerging technologies are also leading to the creation of new business models and revenue streams. For example, the rise of digital currencies and blockchain-based assets enables new forms of investment and trading, while the use of data analytics is helping financial institutions identify new market opportunities and develop targeted marketing campaigns.

Emerging technologies are set to play a critical role in the future of finance and fintech, enabling financial institutions to improve their efficiency, expand their reach, and create new revenue streams. As such, financial institutions need to stay abreast of these technological advancements and incorporate them into their business strategies to remain competitive and meet the changing needs of their customers.

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While crafting strategies and a sound digital experience for your customers/prospects, what are some of the top observations you’ve had in terms of what works best for this segment?

Crafting a sound digital experience for customers and prospects is critical for the success of any fintech business. Over the years, I have observed that several factors contribute to creating a positive digital experience for customers and prospects. Below are some of the top observations that I have had in terms of what works best for this segment:

1. Personalisation: Customers and prospects expect a personalised experience tailored to their specific needs and preferences. Fintech companies can achieve this by using data analytics to gather insights on customer behaviour, preferences, and needs and then using this information to provide personalised recommendations and offers.
2. Ease of use: Customers and prospects expect a seamless and intuitive user experience. This means that fintech companies need to invest in designing user-friendly interfaces, minimising the number of steps required to complete a task, and providing clear and concise instructions.
3. Security: With the rise in cyber threats, customers and prospects are increasingly concerned about their personal and financial information security. Fintech companies need to prioritise security by implementing robust authentication, and encryption mechanisms, monitoring for fraud, and keeping their customers informed about any security incidents.
4. Transparency: Customers and prospects expect transparency in their financial dealings. Fintech companies can achieve this by providing precise and concise information about fees, charges, and terms of service and by being transparent about how customer data is being used and protected.
5. Omnichannel presence: Customers and prospects expect to be able to interact with fintech companies through a variety of channels, including mobile apps, websites, social media, and chatbots. Fintech companies must have an omnichannel presence, providing a consistent experience across all channels and enabling customers to switch seamlessly.

Crafting a sound digital experience for customers and prospects requires a customer-centric approach, prioritising personalisation, ease of use, security, transparency, and an omnichannel presence. By focusing on these factors, fintech companies can build trust, loyalty, and long-term relationships with their customers and prospects.

When it comes to strategising a young fintech product or innovation, what, according to you, should marketing and sales teams in newer fintech startups be focusing on more, given that they do have interesting products and ideas in the pipeline?

When strategizing a young fintech product or innovation, marketing and sales teams in newer fintech startups need to focus on building a strong brand and establishing a solid reputation in the market. While having exciting products and ideas is essential, having a well-crafted marketing and sales strategy to promote and sell these products to the target audience is equally crucial. Below are some key areas that marketing and sales teams in newer fintech startups should focus on:

1. Target audience identification: The marketing and sales teams should identify the target audience and understand their needs and pain points. This will help them create tailored messaging and campaigns that resonate with the audience and address their specific needs.
2. Value proposition: The marketing and sales teams should clearly define the unique value proposition of their product or innovation. This should be communicated through all marketing and sales collateral, including the website, social media, and sales pitches.
3. Thought leadership: The marketing team should establish the startup as a thought leader in the fintech space by creating and sharing valuable content on topics related to the product or innovation. This could include blog posts, whitepapers, and webinars.
4. Partnership building: The sales team should focus on building partnerships with other companies in the fintech ecosystem, such as banks, payment processors, and other fintech startups. This can help expand the reach of the product and open up new sales channels.
5. User experience: The marketing and sales teams should work closely with the product development team to ensure a top-notch user experience. This includes designing a user-friendly interface, providing clear instructions, and minimizing the steps required to complete a task.

Marketing and Sales teams in newer fintech startups should focus on building a solid brand, understanding their target audience, clearly communicating their value proposition, establishing thought leadership, building partnerships, and creating a seamless user experience. By focusing on these areas, fintech startups can establish themselves as leaders in the market and drive long-term growth and success.

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With the world going totally on the web, we have concerns about data being compromised; what are your takes on cybersecurity issues?

As the world becomes increasingly digital, cybersecurity has become a critical concern for individuals and businesses alike. Cybersecurity issues can lead to data breaches, identity theft, financial fraud, and other damaging consequences. Here are my takes on cybersecurity issues:

1. The threat landscape is constantly evolving: Cybersecurity threats are constantly evolving, and attackers are becoming increasingly sophisticated in their tactics. It is essential to stay up-to-date on the latest threats and implement security measures accordingly.
2. Prevention is key: While it is important to have strong detection and response capabilities, prevention is always the best approach. This includes implementing strong security controls, such as firewalls, intrusion prevention systems, and antivirus software, and regularly updating and patching systems and software.
3. Human factors are critical: Human factors, such as weak passwords, social engineering, and phishing attacks, are often the weakest links in the cybersecurity chain. It is important to train employees and users on best practices for cybersecurity and create a culture of security awareness.
4. Collaboration is essential: Cybersecurity is a team effort, and collaboration is essential to mitigate and respond to cyber threats effectively. This includes collaborating with partners, vendors, and other stakeholders to share threat intelligence and best practices.
5. Continuous improvement is necessary: Cybersecurity is not a one-time effort but a continuous process of improvement. It is essential to regularly assess and test security controls, review and update security policies and procedures, and continuously monitor systems and networks for vulnerabilities and threats.

Cybersecurity is a critical concern in today’s digital world. To effectively address cybersecurity issues, it is important to stay up-to-date on the latest threats, implement strong security controls, train employees and users, collaborate with stakeholders, and continuously improve security measures. By taking a proactive approach to cybersecurity, individuals and businesses can reduce the risk of cyber-attacks and protect their sensitive data and assets.

Would you like to share specific finance or business tips for Marketing and Sales teams?

Certainly! Here are some finance and business tips for marketing and sales teams:

1. Focus on revenue growth: Marketing and sales teams should focus on generating revenue for the business. This includes identifying and pursuing new business opportunities, optimizing pricing strategies, and developing strong customer relationships to maximize sales and retention.
2. Manage cash flow effectively: Cash flow is critical to the success of any business, and marketing and sales teams play an important role in managing cash flow effectively. This includes ensuring timely collections from customers, managing inventory levels, and optimizing expenses to improve profitability.
3. Leverage data and analytics: Marketing and sales teams should leverage data and analytics to make informed decisions about their strategies and tactics. This includes using data to identify and target high-value customers, optimize pricing and promotions, and measure the effectiveness of marketing campaigns.
4. Align with finance and accounting: Marketing and sales teams should work closely with finance and accounting to ensure alignment on business goals, financial performance, and compliance with regulations. This includes collaborating on budgeting and forecasting, managing expenses, and ensuring accurate and timely financial reporting.
5. Embrace innovation: Marketing and sales teams should embrace innovation and be open to new ideas and technologies that can help improve business performance. This includes exploring new sales channels, adopting new marketing technologies, and experimenting with new business models.

Marketing and Sales teams play a critical role in the success of any business, and by focusing on revenue growth, managing cash flow effectively, leveraging data and analytics, aligning with finance and accounting, and embracing innovation, they can help drive business growth and profitability.

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What are your predictions for the crypto industry for 2023-2024?

Here are my predictions for the crypto industry for 2023-2024:

1. Continued growth and mainstream adoption: The crypto industry is likely to continue its growth trajectory and gain further mainstream adoption as more businesses and individuals embrace digital currencies and blockchain technology.
2. Increased regulatory scrutiny: As the crypto industry continues to mature and gain mainstream adoption, it is likely to face increased regulatory scrutiny from governments and financial authorities around the world. This could lead to greater regulatory clarity and stability for the industry, but it could also result in some market volatility and uncertainty in the short term.
3. Emergence of new use cases and applications: As the crypto industry continues to evolve and mature, we are likely to see the emergence of new use cases and applications for blockchain technology beyond just digital currencies. This could include applications in supply chain management, identity verification, and other areas.
4. Consolidation and maturation of the industry: The crypto industry is likely to experience further consolidation and maturation over the next few years as weaker projects and players exit the market and stronger players emerge. This could lead to a more stable and mature industry in the long run.
5. Integration with traditional financial services: As the crypto industry gains more mainstream adoption, we are likely to see greater integration with traditional financial services, such as banking, payments, and investing. This could lead to new opportunities for collaboration and innovation between the crypto and traditional financial industries.

The crypto industry is likely to continue its growth trajectory and gain further mainstream adoption over the next few years, but it could also face increased regulatory scrutiny and volatility in the short term. We are likely to see the emergence of new use cases and applications for blockchain technology beyond just digital currencies, as well as the consolidation and maturation of the industry. Finally, we could see greater integration between the crypto and traditional financial industries as the industry continues to evolve and mature.

Thank you, Manan! That was fun and we hope to see you back on globalfintechseries.com soon.

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