Uday Rathod On 5 Things You Need To Be A Highly Effective C-Level Leader Of A Fintech Company

An Interview With Kieran Powell

Social Skills: Effective leadership hinges on strong communication and social skills. We encourage collaboration, innovation, and a socially responsible culture by fostering open communication channels within our organization, such as our forum for leaders and team members. These platforms provide valuable insights and cultivate a cohesive team dynamic essential for success in fintech.

The fintech industry is rapidly evolving, blending technology and finance innovatively. 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 Uday Rathod.

Uday Rathod, the Co-Founder & CEO of TOTL, a Dubai-based FinTech startup, is a visionary entrepreneur with a diverse family background in manufacturing, trading, investments, and IT services. His journey began with the establishment of Znap in 2017, which later transformed into TOTL, offering innovative cashback solutions. With resilience and adaptability, Uday navigated challenges, leading TOTL to significant success, garnering over $1 million in investment and aiming for further expansion in the global fintech market.

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?

Absolutely, I’d be happy to share a bit about my backstory and journey. My entrepreneurial journey began with a deep-seated passion for innovation and a desire to create something impactful. Coming from a family background steeped in diverse businesses, including manufacturing, trading, investments, and IT services, I was exposed to various facets of entrepreneurship early on.

Despite the security of having a well-established family business to rely on, in 2017, I was consumed by an undeniable urge to forge my own unique path and enact meaningful change. That’s when I co-founded Znap, now known as TOTL, a Dubai-based FinTech startup. It was a leap of faith, stepping out of my comfort zone to pursue my vision of revolutionizing the cashback industry. Despite encountering challenges, including the unexpected curveball of the COVID-19 pandemic, I remained steadfast in my determination to innovate and adapt. This led to the transformation of Znap into TOTL, offering a comprehensive suite of services that benefit users and local businesses alike. Our journey has been filled with learnings, resilience, and an unwavering commitment to driving positive change in the fintech landscape.

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, I assumed that simply having a team in place would magically make everything fall into place, which is funny if you think of it. I believed that by hiring a few people, the company would start running smoothly on its own. However, I quickly learned that people are not robots and that a team needs guidance, direction, and a shared vision to function effectively.

My takeaway from that illusion was the importance of leadership and communication. As a CEO or entrepreneur, it’s crucial to define your vision clearly, train your team accordingly, and provide ongoing guidance and support. Employees may feel lost or directionless without these elements, leading to frustration and inefficiency.

It wasn’t enough to hire talented individuals; I needed to actively lead and inspire them to work towards our common goals. By taking the time to communicate my vision, provide guidance, and foster a positive work environment, I saw a significant improvement in team performance and overall company success.

Are you working on any exciting new projects now? How do you think that will help people?

Yes, we’re embarking on an incredibly exciting project in payments and cashback. We’re leveraging the power of open banking to revolutionize the way payments are processed and settlements are made within our industry. The goal is to streamline the entire payment process, ensuring that our partners receive their settlements within 24 hours of a consumer transaction. This rapid settlement timeline is a game-changer for our partners, who rely heavily on daily cash flow to keep their businesses thriving. By providing this quick turnaround time, we’re helping our partners maintain healthy cash flow, enhancing their profitability and overall business success.

This project benefits our partners and has a direct positive impact on consumers. With faster settlements, our partners are more inclined to utilize our platform for transactions, which means consumers can enjoy the convenience of seamless payments and even earn cashback rewards in real time.

Our project aims to create a win-win scenario for our partners and consumers. By harnessing the capabilities of open banking, we’re paving the way for a more efficient and rewarding payment experience that ultimately benefits everyone involved.

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?

In the fast-paced world of fintech, leading a team through constant change requires adaptability and resilience. At TOTL, we prioritize listening to feedback from merchants and consumers, shaping our products based on their needs. This means our focus, features, and even the app’s appearance evolve regularly. We’ve learned from past challenges, like navigating the uncertainties of 2020 and building a solid foundation of confidence and adaptability within our team. During times of disruption, open communication and transparency are key. Our team ensures that everyone understands the reasons behind changes and feels supported in implementing them. Regular check-ins, celebrating small wins, and fostering a culture of continuous learning help maintain morale and productivity. By embracing change as an opportunity for growth, we keep our team motivated and our product innovative in the dynamic fintech landscape.

How do you come up with goals for your area of responsibility within the organization?

Setting goals for my area of responsibility is a dynamic process rooted in our commitment to innovation and customer satisfaction. Firstly, we deeply engage with our customers and partners, listening to their feedback to understand their challenges and evolving needs. This forms the foundation of our goal-setting, ensuring alignment with delivering tangible value.

Secondly, we foster a culture of collaboration, leveraging diverse perspectives within our team to brainstorm innovative solutions. Our open dialogue encourages every team member to contribute ideas freely, recognizing the richness of varied viewpoints.

Thirdly, we maintain flexibility in our approach, acknowledging that innovation requires adaptability. We continuously reassess our goals based on feedback, market shifts, and emerging technologies, ensuring relevance and effectiveness.

Lastly, we measure success by achieving milestones and the ongoing progress and adaptation indicative of innovation. Our goals reflect our dedication to driving meaningful change and delivering exceptional value to our customers and stakeholders, making innovation a continual journey rather than a destination.

How do you manage reporting to your board?

Reporting to our board is a quarterly ritual we approach with clarity and transparency. We understand their expectations and what they value in our updates. Our reports follow a simple yet effective structure:

1. We highlight our achievements during the quarter, focusing on key milestones and successes.
2. We address areas where we fell short of our goals, providing clear explanations for shortcomings.
3. Most importantly, we’re not afraid to ask for help when needed. This honesty fosters growth and enables us to leverage the board’s collective expertise.

Our approach is straightforward: be transparent, open, and willing to seek assistance when necessary. We’ve found that by being frank and putting our needs out there, we can amplify our potential for growth. We’ve learned that until you ask, you won’t receive a definitive answer. This openness and comfort in asking for help have made our reporting process simple and effective, ensuring that our board is fully informed and engaged in our progress.

Do you have any specific strategies that you use to manage your teams?

In my experience, delegating and simply having an opinion work best when managing a team. This might sound a bit cliche, but a CEO needs to learn how to delegate tasks.

Delegating tasks to the right people is essential, but it doesn’t stop there. From personal experiences, I’ve learned that engaging in open discussions about how things will work, potential challenges, and innovative solutions is key to fostering a cohesive and high-performing team.

Rather than simply assigning tasks and moving on, it’s important to prioritize open dialogue with team members. This approach allows us to explore ideas collaboratively, address any obstacles, and leverage each other’s strengths. By encouraging open communication without fear of judgment, we create an environment where everyone feels empowered to share their perspectives and contribute to our collective success.

This combination of delegation and open discussion not only ensures that tasks are completed efficiently but also strengthens our team’s cohesion and adaptability. It enables team members to understand each other’s roles and responsibilities, fostering a culture of mutual support where anyone can assist if needed. Ultimately, this approach leads to a more resilient and tightly-knit team capable of overcoming challenges and achieving our goals together.

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?

Definitely! Prioritizing customer experience is essential, given TOTL’s unique position as a business that caters to consumers and partners. Recognizing the importance of understanding and meeting the needs of both sides, we embarked on a customer-centric initiative to enhance our platform’s usability and functionality.

Upon discovering that our app fell short of user expectations regarding design, processes, personalization, and accessibility, I assumed responsibility for addressing these concerns comprehensively. We meticulously analyzed customer feedback and identified areas for improvement, focusing on creating a more intuitive interface and introducing features that would streamline user interactions.

Our efforts culminated in a significant overhaul, marked by a cleaner design, simplified processes, enhanced personalization options, and the introduction of payment QR codes to facilitate cashback transactions without necessitating mobile app usage.

The impact of this initiative was substantial. Customer acceptance soared, validating the effectiveness of our approach in aligning with their needs and preferences. By prioritizing customer-centricity, we enhanced our platform and strengthened customer loyalty and satisfaction, positioning TOTL as a leader in delivering exceptional fintech solutions tailored to diverse user segments.

Decision-making in fintech involves assessing various risks, including technological, financial, and security risks. How do you approach risk assessment in your role, and can you give an example of a tough decision you made that involved a significant risk?

In my role, I approach risk assessment methodically, considering technological, regulatory, and security aspects. For instance, I lead a thorough evaluation process when considering launching a new AI-driven product. This involves collaborating with experts from diverse fields to assess risks related to technology complexity, regulatory compliance, and data security. We weigh potential benefits against these risks, ensuring alignment with organizational goals and risk tolerance.

One tough decision involved evaluating a partnership with a third-party payment processor. Despite promising benefits, the partnership posed risks due to its limited security measures. After careful assessment, we decided against it, prioritizing customer data protection. This decision required strategic thinking and collaboration to safeguard our reputation and customer trust, demonstrating our commitment to prudent risk management in fintech innovation.

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?

From my experiences, I’ve learned firsthand the indispensable qualities needed to thrive in financial technology’s fast-paced and ever-evolving landscape. Here are the five key elements that have been instrumental in shaping my journey as a highly effective C-level leader:

1. Self-Regulation & Self-Awareness: maintaining composure and sound decision-making is crucial in turbulent times. Self-regulation and self-awareness enable me to navigate challenges with clarity and resilience. During the onset of the COVID-19 pandemic in 2020, our company faced uncertainty like never before. However, by staying self-regulated and self-aware, we steered through the storm and capitalized on the opportunity to pivot our product offerings, ultimately propelling us to greater heights.
2. Social Skills: Effective leadership hinges on strong communication and social skills. We encourage collaboration, innovation, and a socially responsible culture by fostering open communication channels within our organization, such as our forum for leaders and team members. These platforms provide valuable insights and cultivate a cohesive team dynamic essential for success in fintech.
3. Positive Mindset: Maintaining a positive mindset is paramount, especially in adversity. Celebrating small wins and embracing challenges with optimism has been instrumental in guiding our company through various obstacles. When confronted with the need to pivot our product, our collective positive mindset enabled us to seize the opportunity and chart a new course toward success.
4. High Tolerance towards People and Situations: Recognizing and embracing diversity is fundamental to effective leadership. We empower our diverse team to thrive and contribute their unique perspectives by fostering an inclusive and welcoming environment. We navigate conflicts constructively through tolerance, diplomacy, and empathy, fostering collaboration and driving organizational growth.
5. Problem-Solving and Decision-Making: Problem-solving and decision-making skills are the bedrock of effective leadership in fintech. By soliciting input, weighing options, and making informed decisions, we drive innovation and strategic initiatives within our organization. Strong problem-solving abilities enable us to identify opportunities, address challenges, and drive sustainable growth.

At TOTL, we take help when needed, opinions, suggestions, and recommendations, and then try to make the best-informed decision to move forward or solve a problem. Problem-solving abilities are critical for driving innovation within organizations. Leaders with strong problem-solving skills can identify areas for improvement, encourage experimentation, and foster an innovative culture.

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?

I firmly believe that the fintech industry’s future will be shaped by the convergence of AI, Blockchain, and payment systems. These transformative technologies hold immense potential for innovation, particularly when combined to revolutionize daily transactions. At TOTL, we recognize the significance of this convergence and are actively preparing to adapt to these key trends. We’re investing in research and development to harness the synergy of AI and Blockchain within payment spaces, aiming to enhance security, efficiency, and transparency in financial transactions.

As a leader, I see my role as pivotal in driving this adaptation process. I’m committed to fostering a culture of innovation within our organization, empowering our team to explore new ideas and technologies, and guiding our company towards embracing these trends to stay ahead in the rapidly evolving fintech landscape.

You are a person of great influence. If you could start a movement that would bring the most amount of good to the most amount of people, what would that be? You never know what your idea can trigger. :-)

That’s a very interesting question. If I could start any movement, I think I’d work on empowering every child.

I have two kids of my own, a son and a daughter, and I’m convinced that the only way to progress globally is if our next generation is empowered. I believe that every child should have the opportunity and exposure to a good education, regardless of their socioeconomic status, location, or any other barrier.

By advocating for education as an inalienable human right, we aim to ignite a transformative ripple effect. Our mission extends beyond imparting knowledge; it’s about empowering individuals, fortifying communities, and laying the foundation for a world where opportunity knows no bounds.

At the core of our ethos lies the liberation of young minds. By nurturing an environment that fosters uninhibited thought, we cultivate a generation of bold thinkers, perpetual seekers of wisdom, and architects of societal change. Through the cultivation of free thinking, we embolden children to embrace autonomy, fuel their curiosity, and become catalysts for progress in an ever-evolving landscape.

Together, let’s unleash the power of education to mold not just minds but futures — where every child’s boundless potential flourishes and every corner of society resonates with the echoes of innovation, inclusivity, and compassion.

How can our readers further follow your work online?

People can follow my work on my LinkedIn Profile — https://www.linkedin.com/in/uday-rathod-95073112b/

This was very inspiring. Thank you so much for joining us!