David Csiki Of INDATA On 5 Things You Need To Be A Highly Effective C-Level Leader Of A Fintech Company
An Interview With Kieran Powell
The Fintech space is constantly changing and requires one to have a curious mind with regards to technology and how best to apply it to business problems, thus intellectual curiosity is a key trait required by business leaders in the Fintech space.
The fintech industry is rapidly evolving, blending technology and finance in innovative ways. This evolution demands leaders who are not only tech-savvy but also adept at navigating the unique challenges of the financial sector. Effective leadership in this dynamic environment is crucial for success. What does it take to excel as a C-Level leader in a fintech company? What are the skills, mindsets, and strategies required to lead a fintech organization to new heights? As part of this series, we had the pleasure of interviewing David Csiki.
David Csiki is the Managing Director and President of INDATA, a leading industry provider of software and services for buy-side firms including trade order management (OMS), compliance, portfolio accounting, and front-to-back-office technology solutions. Prior to joining INDATA, Csiki was Manager of Marketing and Investor Relations at NYFIX, Inc. and was instrumental in developing the product concept and planning the successful launch of the company’s flagship product, NYFIX, a FIX broker network.
Thank you so much for your time! I know that you are a very busy person. Our readers would love to “get to know you” a bit better. Can you tell us a bit about your ‘backstory’ and how you got started?
I got started in fintech after graduate school having relocated from the northeastern part of Connecticut in the USA where I grew up to Fairfield County CT to be closer to New York City and Wall Street in particular. I had spent the previous summer in Washington DC and was interested in pursuing a career in international relations. A friend of mine then invited me to New York City and I took a tour of the New York Stock Exchange (NYSE) and immediately thought it would be more exciting to work in the financial industry.
I then switched my focus and started looking for open positions. It was tough going at first as I did not have the typical Wall Street background but I was lucky enough to find a company in the fintech space serving Wall Street firms that was hiring and I ended up interviewing directly with the CEO who appreciated my international relations background having come to the US from Scandinavia. I ended up working directly for the CEO.
It has been said that our mistakes can be our greatest teachers. Can you share a story about the funniest mistake you made when you were first starting? Can you tell us what lesson you learned from that?
When I first started out I thought I would have a more gradual transition into my job and that I would be able to use some of my educational background in my position. Boy was I wrong! I was immediately thrown into the deep end of the pool so to speak and the pace was extremely fast and I had to adapt constantly to keep up with the pace of change. It was then I realized that the biggest skill that I had taken from graduate school was being taught how to think critically and apply that to the various business challenges that come up constantly in the world of fintech.
Are you working on any exciting new projects now? How do you think that will help people?
We are always working on new projects and currently AI is a key area of focus for us and how to practically apply AI based approaches to our SaaS offering.
Thank you for that. Let’s now shift to the central focus of our discussion. The fintech industry is known for its fast-paced and ever-evolving nature. How do you lead your team through periods of significant change or disruption? What strategies do you use to maintain team morale and productivity during such times?
We try to tackle change and disruption in our organization head on and I try to impart an entrepreneurial spirit to my team and also give them the latitude to apply their own critical thinking to situations that come up. An oft-used maxim in the business world is that every problem is an opportunity. I truly believe that, and in the fintech world new and disruptive tech is the way we find better solutions for existing problems, which then become the opportunity.
Fintech companies often disrupt traditional financial services by focusing heavily on customer experience. Can you describe a customer-centric initiative you spearheaded at your company and the impact it had on your business?
Fundamentally, AI is shifting the customer experience in traditional financial services by changing the way end users interact with their software away from pointing and clicking towards using language to interrogate data and generate results. This is ongoing and we were an earlier adopter of AI which has given us a competitive advantage in our business.
Based on your experience and success, what are the “5 Things You Need To Be A Highly Effective C-Level Leader Of A Fintech Company?” How have these 5 things impacted your work or your career?
I believe 5 things that one needs to be a highly effective C-level leader of a Fintech company are intellectual curiosity, strong work ethic, a hand-on approach to tackling business challenges, adaptability, and the ability to motivate employees by cultivating the first four traits in order to build a culture of excellence.
1. The Fintech space is constantly changing and requires one to have a curious mind with regards to technology and how best to apply it to business problems, thus intellectual curiosity is a key trait required by business leaders in the Fintech space.
2. It often goes without saying, but having a strong work ethic is also required since Fintech is an industry that demands long hours and employees that lack this work ethic face burnout more quickly than others.
3. Additionally, a hands-on approach to solving problems and business challenges is essential and Fintech leaders need to be able to work closely with diverse teams of experts and specialists in servicing clients. I believe that the best approach is to get into the details of a given problem and not accept the conventional wisdom that starts to become the norm in groups.
4. Similarly, a very important trait is adaptability since difficult technical challenges need to be tackled quickly and the ability to change tact at any one moment can result in breakthroughs and innovations that can be applied to future situations.
5. Lastly, to be a highly effective C-level leader of a fintech company requires one to have the innate ability to effectively motivate employees and I have found that by cultivating the first four traits in employees that this results in having a foundation for success going forward.
Looking ahead, what do you believe are the key trends that will shape the future of the fintech industry? How are you preparing your company to adapt to these trends, and what role do you see your leadership playing in this adaptation?
AI is one such key trend that is shaping the future of fintech. It continues to evolve and we are applying the knowledge that we have gained from our early adoption of AI to yield ever more practical and transparent results for our clients in subsequent versions of our SaaS offering for global investment firms.
How can our readers further follow your work online?
https://www.linkedin.com/in/david-csiki-0a59799
This was very inspiring. Thank you so much for joining us!
About The Interviewer: Kieran Powell is the EVP of Channel V Media a New York City Public Relations agency with a global network of agency partners in over 30 countries. Kieran has advised more than 150 companies in the Technology, B2B, Retail and Financial sectors. Prior to taking over business operations at Channel V Media, Kieran held roles at Merrill Lynch, PwC and Ernst & Young. Get in touch with Kieran to discuss how marketing and public relations can be leveraged to achieve concrete business goals.
