The Covid-19 pandemic has been an unprecedented time for many. Despite this, and that many businesses are struggling to get by, the fintech industry has proved itself to be particularly resilient this year, taking advantage of the opportunity to grow and prove itself as a vital sector. In light of this, The Fintech Power50 has conducted a survey of its members earlier in the year asking how their business was fairing during the pandemic to help support a community sentiment.
Salt Edge is a global fintech company offering a range of open banking solutions to banks, lenders, credit bureaus, finapps, and other financial companies that want to join them in building financial services of tomorrow. Here Salt Edge CEO, Dmitrii Barbasura, tells the Power50 about their 2020 experience.
What was the main challenge as a result of the pandemic for your company, and how did you work to overcome this?
Covid-19 put us on a journey where we’ve created a firmer bond with our clients, discovered our strong points and which ones we need to strengthen. One of the challenges for our company was the travel restriction. Salt Edge is a young and dynamic company that participates in many conferences, workshops, and field-specific meetings to promote open banking. Due to Covid-19 pandemic and social distancing practices we’ve started focusing on maintaining an efficient remote communication at the highest level. Another challenge was to help our clients and the whole market participants understand that business during and after a pandemic is possible and open banking coupled with digitalisation are the keys to success. We’ve revised our business and marketing strategy, exploring new channels to continue delivering high-quality products and services. Covid-19 crisis has shown that the future is on the digital side. We have an optimistic view toward the future and we are sure that the open banking market will come out of the crisis even stronger.
What measures have you put in place to ensure the safety of your staff?
At Salt Edge, we have a people-first mindset. During the Covid-19 pandemic, we put strict measures in place to keep our employees safe. The whole team switched to remote work. Here at Salt Edge, we have established pandemic-specific policies and procedures, focusing on technology and infrastructure to support remote work and virtual collaboration capabilities within the company. We share the most up-to-date and relevant information about Covid-19 symptoms and disease prevention recommendations among company staff. We have updated our travel and meeting policies, and have decided to call off our physical participation in several conferences and awards.
What was your main focus when navigating through these uncertain times?
Salt Edge’s main goal is to create a safe environment where team members and our clients can effectively collaborate and achieve the common objectives. The financial services industry is undergoing a revolution in how software solutions are manufactured and delivered to the market and one of the most important digital transformations is the concept of open banking that matures and flourishes very fast. The major focus of Salt Edge is to immediately find new ways to help our current clients and other financial institutions via open banking technologies. We want to show that open banking gives the possibility for businesses not only to remain afloat but even to skyrocket achieving their timely development goals like building new services and adapting to the digital acceleration.
What are your plans moving forward to ensure a successful operation as the pandemic continues?
Every company strives to reduce the impact of the pandemic on the business, its performance results, and, most importantly, on employees. We believe that if there is disruption, there will also be recovery, that is why we stand to find useful ways how open banking can be put to good use. Learning and analysing the actual needs of financial institutions and businesses, we are proactively seeking for applicable solutions. Here at the Salt Edge we look to the future with optimism, adjusting and developing new products and services to meet the current demands of customers during these uncertain times.
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