Staying focused during difficult times can be extremely powerful for FinTech startups
We caught up with Rise Mumbai resident Kashinath Katakdhond, MD India at MonetaGo, to hear how they have been innovating in the face of the COVID-19 crisis, whilst keeping their employees motivated and maintaining a sense of community.
What would you like to say to the FinTech community at this time as words of encouragement?
"During such a difficult time for the entire FinTech community, we think that is is important to stay focused. As much as possible, try to conserve your cash reserves."
How do you manage to navigate your business through these challenging times by adapting, pivoting, transforming and future-proofing your business?
"We believe that a cloud-based data organisation is critical to success in the current climate. This approach has helped us at MonetaGo to adapt to the new ways of working. We have also focused on approaching existing customers for growth, deepening the relationships we have with them. In addition we have ensured our value proposition is suitable for the current climate to attract new customers."
How are you helping your community/user base to tackle the crisis?
"At MonetaGo, our fraud prevention solutions can help companies’ digital drive with straight-through-processing. This enables customers to get a better financing rate due by lowering risk and mitigating systemic risk through robust authentication processes."
Any creative examples of how you've been motivating your team in these uncertain times? What has been effective?
“We have been trying to motivate our team through a number of different methods. Firstly, we have ensured salaries are paid early. We have also been very open in communicating and giving updates on our business and our revenue generation.
New initiatives undertaken globally; like partnership with Finovate Capital to prevent invoice fraud and involvement of teams in these new initiatives."
How did you make remote working engaging for your team and customers/clients?
“We have been leveraging Webex and online video calls as much as possible with customers and periodic conference calls with the team. We believe face-to-face interaction is important right now – even if that involves a screen!"
What does ‘Resilience’ mean to you?
“We’re using new tools and extra forms of communications that allow us to buck the trend and ensure a truly employee and customer-first approach."
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