“Get early versions of products into the hands of customers and get feedback because there is no point building something if it isn’t going to be used,’’ advises Jerome Gudgeon, Chief Technology Officer at Global Processing Services while sharing a few thoughts on the future of fintech and tips for fintech innovators in this chat with GlobalFintechSeries. Catch the excerpts: ____ Originally a developer and a technical architect, I’ve always been passionate about technology and how it can revolutionise finance. I’ve been in fintech from when it was called dot.com! Back in 1999, I started an online stock brokerage called Sharepeople, raising $35m from Goldman Sachs, GE Capital and Accenture. Not long after launch, we were acquired by American Express and I was fortunate to have been able to further develop my career at Amex, having been responsible for international online development. After 8 years at Amex, I then had senior roles at a Swiss Bank and then in the UK with TD Bank. Before joining GPS, I co-founded a secure payments start-up called Shieldpay, which was in both the Barclays Techstars accelerator and the Mastercard Start Path scale-up programme. All these experiences were hugely enjoyable and useful, having experienced working in both big and small companies and navigating the challenges. I would sum it up by saying choice and convenience. Before, a customer’s only real option was to use their bank and accept that level of service and price. There are more and more ways of making payments and because of this the costs are reducing. When you add in new technology, then the transparency and the convenience of the payment process improves massively. This will continue as the experience around payment apps and networks evolve. AI and ML have an obvious but vital role in improving the detection and prevention of fraudulent and money-laundering transactions. The uptake of AI/ML is only going to increase as the availability of skilled talent increases. There is a difference, AI/ML can augment existing capabilities and processes. Blockchain is probably more fascinating as it is fundamentally a replacement for existing processes and networks, but the flipside of that means adoption will be slower especially in the non-crypto finance world. It’s got to be a fair partnership with each understanding the abilities and limitations of the other. Sure, big banks have the financial firepower and the addressable customers, but fintechs have an inherent ability to execute and innovate more easily. I’ve seen many examples of big organisations and fintechs each struggling with their partnerships simply because they assume they are alike. It’s a mindset change that’s required which often is impossible unless you have been in the other person’s shoes. I’m hugely fortunate to work with so many exciting fintechs at GPS, and before then at Barclays Techstars and with Mastercard’s Start Path. The list is huge and ones that mix Open Banking with payments like sync. or Currensea are particularly exciting to me as they make great products that are so usable. I also really like Ziglu for making crypto accessible. Read More: GlobalFintechSeries Interview with Rob Rosenblatt, CEO at Behalf Inc. I personally think it’s the key benefit of the fintech community to be adaptable and be able to quickly overcome challenges. Without the legacy business models or technology, there should be the inherent ability to react quickly and to make a difference to people’s financial lives. The increased drive to online due to Covid-19 will only increase take-up of existing fintechs and create further opportunities. Global Processing Services (GPS) is a go-to payments processing partner for some of today’s leading challenger brands, including Revolut, Starling Bank and Curve. In his capacity as Chief Technology Officer, Jerome Gudgeon spearheads the technology strategy and delivery for the business, which includes overall responsibility for the development and day-to-day technology operations of the GPS Apex platform. Having held senior technology and leadership positions at American Express, TD Bank, Fidelity and a Swiss Private Bank, Jerome brings more than 25 years’ experience in payments, investments and banking technology. Alongside this, he also founded two fintech start-ups in payments and investments.Can you tell us a little about yourself Jerome and your journey in fintech? We’d love to hear about your biggest moments in the story…
How have you observed payment processing platforms evolve the last few years and what do you feel the road ahead looks like for this niche?
In what ways have you seen technologies like AI and Blockchain impact global finance services and offerings?
As fintech solutions and capabilities evolve to transform the way banks and financial institutions function, how will this partnership relationship between banks/fintechs grow in the future? Can you share a few thoughts on the biggest fintech-bank partnerships?
We’d love to hear your thoughts on the most innovative fintech / payment innovators from the global marketplace that you’ve come across? And some new fintech /payment startups to watch out for!
As global fintech trends change and the market shifts due to business environments (and also Covid-19), what are your comments on the state of fintech in 2021 and beyond?
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Global Fintech Interview with Jerome Gudgeon, Chief Technology Officer at Global Processing Services
