In this 165th episode of Fintech Impact, Jason Pereira, award–winning financial planner, university lecturer, writer, and host interviews Meenaz Sunderji, the Executive VP at Zafin. Zafin is a banking software platform that helps financial institutions personalize their services for their customers!
Episode Highlights:
- 0:31 – Meenaz Sunderji introduces Zafin and its services.
- 1:32 – What led to the creation of Zafin?
- 4:31 – Meenaz and Jason dive into what Zafin does for its clients.
- 6:11 – How many different Legacy COBOL systems was Zafin dealing with to create a unified view?
- 8:33 – Did any financial institutions come up with a long–term strategy before Zafin came into the picture?
- 9:50 – Jason and Meenaz explain the difficulties of putting multiple product lines into one framework.
- 15:00 – How has Zafin dealt with financial restrictions and regulations around the world?
- 18:19 – Meenaz breaks down how a large publicly-traded company re-engineers its incentive program for the longer term.
- 20:43 – Jason and Meenaz discuss the opportunities and worries for banks and fintech companies.
- 23:30 – Meenaz explains how focusing on the customer can build lifelong relationships.
- 24:27 – Jason and Meenaz dive into infrastructure and the future of embedded finance.
- 27:19 – What would Meenaz change about the banking industry?
- 28:00 – Meenaz shares Zafin’s biggest challenge to getting where it is today.
- 28:37 – What excites Meenaz about his work today and in the future?
3 Key Points
- Zafin monitors a variety of financial information to personalize customer pricing and create customized incentive programs.
- Silos of customer incentive programs are breaking because banks realize that they are going to lose money if they continue to group customers like that.
- Jason and Meenaz believe that old institutions will provide the infrastructure for new financial institutions to move into the future of embedded finance.
Tweetable Quotes:
- “You are a next–best–action engine that sits over top of their banking system in between the client and their offering.” – Jason Pereira
- “With competition, like we have in our space, it drives to become better, otherwise you won’t survive.” – Meenaz Sunderji
- “The traditional banks stand a chance of losing the customer relationship but still handling the plumbing.” – Jason Pereira
Resources Mentioned:
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