Open Banking To Play A Significant Role In The Fintech Landscape
Mohammed Shazzaib talks about his new venture Beep, and gives advice on how teams should align people and processes to get the most from the technology.
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“In the evolving landscape of financial technology, I anticipate a significant presence of open banking, AI & ML, and Blockchain and Distributed Ledger technology. At Beep, our vision is centred on realising a decentralised payment system, enabling seamless transactions and money transfers between users,” said Mohammed Shazzaib, Founder and CEO of Beep.
A CX Innovator, Shazzaib has successfully scaled startups, implemented effective strategies, and utilised customer insights to drive product innovation. With extensive experience spanning telecom, banking, luxury ecommerce, fintech, health tech, and his most recent ventures in Web3 start-ups.
Ahead of his session at CX NXT BFSI Summit in Dubai, we spoke to him about his new company, Beep, and asked him for his advice on how teams should align people and processes to get the most from your technology.
Excerpts from the interview:
Can you provide an overview of Beep's flagship product or service? How does it address a specific need or problem in the market?
The platform is designed to make money movement effortless, indicating a user-friendly interface and streamlined processes for transactions. Beep emphasises instant transactions, providing users with quick access to their funds. It also prioritises openness and clarity in financial transactions, ensuring users have a clear understanding of their money movements. With global capabilities, Beep aims to eliminate barriers related to money, with a commitment to inclusivity and accessibility in the digital banking space. Overall, Beep’s flagship product aligns with the vision of creating a world where everyone can bank digitally hassle-free, with a focus on breaking down money barriers and enabling transparent, instant, and effortless money movement.
Are there any emerging technologies that you see as particularly impactful for the future of your industry?
In the evolving landscape of financial technology, I anticipate a significant presence of open banking, AI & ML, and Blockchain and Distributed Ledger technology. At Beep, our vision is centred on realising a decentralised payment system, enabling seamless transactions and money transfers between users.
How can CX leaders choose the best solution for their stack?
CX leaders should align with business objectives, conduct a comprehensive needs assessment, prioritise integration capabilities, focus on scalability, ensure a user-friendly interface, address data security and compliance, emphasise analytics and reporting, consider vendor reputation and support, conduct a cost-benefit analysis, and explore trials or pilots for real-world testing.
How do brands measure success when it comes to CX technology investments?
Brands can measure CX technology success through key metrics like Customer Satisfaction (CSAT), Net Promoter Score (NPS), Customer Effort Score (CES), conversion rates, retention rates, Average Handling Time (AHT), First Contact Resolution (FCR), Customer Lifetime Value (CLV), churn rate, social media sentiment, and operational efficiency. These metrics collectively gauge customer satisfaction, loyalty, and the operational impact of CX investments.
What advice would you give teams to align people and processes to get the most from your technology?
To align people and processes effectively with technology:
- Define Objectives Clearly: Communicate the goals and expected outcomes to create a unified vision.
- Involve Stakeholders Early: Engage key stakeholders from the start for input, addressing concerns, and fostering collaboration.
- Provide Comprehensive Training: Offer thorough training to ensure teams have the necessary skills for effective technology use.
- Encourage Open Communication: Foster a culture of open communication to share updates, progress, and feedback.
- Align Processes with Technology: Adapt existing processes to maximise the benefits of the new technology.
- Establish Clear Roles and Responsibilities: Define roles clearly to ensure everyone understands their contribution to success.
- Promote Collaboration Across Teams: Encourage collaboration between departments to facilitate information sharing.
- Measure and Analyse Performance: Implement KPIs to measure the impact of technology and regularly analyse data for improvement.
- Adaptability and Flexibility: Cultivate an adaptable mindset within the team to adjust to evolving technology landscapes.
- Prioritise User Experience: Consider the end-user experience to ensure technology adoption and success.
- Incentivise Adoption: Offer incentives and recognition to motivate teams to embrace and use technology effectively.
- Continuous Improvement: Foster a culture of continuous improvement, where teams actively seek ways to optimise processes using technology.
Catch Shazzaib at the CX NXT – Customer Experience BFSI Summit in Dubai on February 27. For more details and registration visit CX NXT – Dubai Summit.
