The millennial turning the cogs at Beem It - the insta-payments app loved by young Aussies
Jason Backhouse is the Head of Operations at Beem It, a payment transfer app that enables users to pay, request, and split money in real-time! As a millennial himself, Jason began his career at Commonwealth Bank, where he worked his way to Senior Management in 8 years. We asked Jason about his experience in the banking and finance sectors, including his all-important role at Beem It.
What does fintech mean to you? What fintech problem is Beem It trying to solve?
Fintech is used quite broadly, but the original definition still probably holds in that it is a tech-based company which has something to do with finance. It’s all about trying to create something of value for customers as part of the financial process. This goes beyond just day-to-day transactions, including wealth management, insurance, etc.
Beem It looks at the money transfer and payments experience. Sharing and giving money between people is a very social thing, so it’s good to make sure this is reflected in the experience and it’s as hassle-free and fun as possible.
Beem It is not quite a fintech startup - it’s got the user experience of a startup but it’s actually owned by banks. Are banks adapting to the startup game?
I think generally banks are adapting to the start-up game, at varying degrees. A number have started working with smaller players, or have neo bank offshoots. But I think they are yet to revolutionise themselves fully in the way they deliver end-to-end value to the customer, partly because they are involved in so much of that journey already so it’s hard to change the whole system in one go
The Australian environment is unique though — banks were always quick to adopt digital transformation to begin with (think PayWave, cardless withdrawal, etc). So the need for change hasn’t been as great as we’re seeing in some other economies, but that’s partly because banks are pretty tech-savvy already here.
You spent 8 years at CBA working your way up to a Senior Manager. Why did you jump out and work at Beem It?
I started in the local branches of CBA, which was great because if you’re working in the customer-facing divisions, bank staff really do try and put the customer first. The experience in a customer focused role was invaluable.
When I was given the opportunity to join Beem It I saw it as an extension of my customer-focused skills as the app merges this philosophy with exciting areas of the digital world.
So I went from a national mega-corporation to a relatively small company of 30 people which was really cool! At Beem It we really do function like a startup, you aren’t pigeonholed into doing one thing so you naturally have a tonne of responsibility and the freedom to work things out yourself because no one else will come over and tell you what to do or how to do it.
As the current Head of Operations at Beem It, what does your job entail?
I love operations (laughs), you always get all the work that no one else wants! But honestly I do love that there is a huge amount of variety. In general I look after the business processes. I focus on things like business management and product delivery, as well as the key processes we as a business use, from regulation compliance, right down to how we respond to customers. I’m there keeping the lights on at every step.
Product and strategy team members look at the big picture and decide where we’re headed next based on what the customer needs or what the market is telling us. I then help to work out how we are going to do it, make sure we’ve got the right checks and balances in place, and that we’re in a good position to measure and fix things if they go wrong. Everyone has an impact on the company in a small team, so it’s great to be able to help drive the direction.
What practical advice would you give to university students interested in finding a role within the start-up space?
Find something you’re interested in and take a risk! When you’re young and without a mortgage and 3 kids what have you really got to lose?
The biggest challenge is going to be actually finding a fintech to go and work for. They’re naturally small businesses, so you’ve got to go in with a clear idea of the value you can add and find a spot for yourself. I’d say there are probably three important skills that start-ups (or anyone) are looking for: ability to solve problems, ability to deliver, and an enthusiasm for technology.
Some practical ways to get involved as a student are hanging out at places like incubators or reaching out to startups you are interested in p.s. I’m generally happy to have a chat to any student!
If you were stuck on a deserted island, what are three things you would bring?
- Unlimited supply of Post Its (practical and oh-so startup)
- My dog to keep me company
- A really long book
Which tech business/company do you look up to and why?
I think out of the big players, it’s the ones constantly innovating like Atlassian and Google — they have a user-centric approach which allows them to test and get feedback so customers actually direct the end product.
In our space though, you’ve got to be impressed by some of the Nordic fintechs (Tink, Izettle etc.) not only for their market penetration, but their ability to break down some of the traditional barriers in the industry, like having multiple bank accounts in the one app!
This piece was written by Visakhan Vythilingam of Textbook Ventures — we organise startup events, write newsletters and cater exciting activities for student entrepreneurs across NSW (sign up to our weekly newsletter and check out our Facebook to stay in the loop!)
