From black and white to technicolour: A journey from the world of corporate banking to a FinTech start-up
Posted on the 14th December 2016 by Carol Allwood in Team blog
It’s been just over six months since I joined Money Mover as an Operations Executive having previously spent over 35 years working for a large high street bank. My most recent role in the bank was as a Relationship Manager for a portfolio of private banking customers. That meant I was their go-to person for all financial and banking queries, from resolving debit card issues to dealing with inheritance tax planning.
After leaving the bank, I took the plunge to join Money Mover – a much newer and more dynamic business. It’s fair to say that Money Mover has an entirely different culture and ways of doing things. It took me a little while to get the hang of things initially but I’ve really enjoyed adapting my own style to that of a FinTech start-up. So here is my summary of the key differences.
Computer says No!
During my time at the bank I was used to paper-heavy and time consuming processes. I once noticed that a box on an online application form was incorrect and needed to be changed. I filed a report to IT to arrange the change and was told it would cost £40,000 and take 6 months! Fortunately, at Money Mover, we are much nimbler than that and our in-house teams can resolve most issues immediately (without it costing £40,000!).
Not just a cog in the wheel
At a vast organisation like a bank it’s easy to feel like just a number rather than a valued individual. There were departments I’d never met, doing jobs I’d never heard of. Here at Money Mover we are a much smaller team and even as we grow, each and every one of us has an important contribution to make and is valued as such. On a weekly basis we share our achievements and challenges. This means we know exactly what each other is doing and how we all fit in to the big picture.
Each client counts
In the bank, it was very difficult to act on any feedback and although it was noted it was immediately sent to another department for review. It was then assessed by category and level of seriousness before deciding whether it was to be acted on or filed. The complete opposite is true for Money Mover. As an early stage business, any feedback is invaluable, whether it’s about what we are doing well or what we could do better. We often speak directly to our customers and act quickly as needed.
Mismatched priorities
Due to creaky legacy systems and archaic ways of doing things, life at the bank often moved at a snail’s pace. It also relied on colleagues having the same priorities as you which almost never happened. Tasks often had to be signed off in triplicate and agreed between departments. So that contract you needed signing off, or business loan you needed approving – forget it. You’d end up going round in circles.
At Money Mover we have just one priority – to provide a quality, efficient and timely service to our customers. And we are all on the same page.
Size doesn’t matter
For any bank, the bigger your business, the more important you are and so the service level you merit is greater. Within Money Mover all of our customers are treated the same regardless of size. And our service with a smile is just the same for everyone. It's great to work with some smaller companies who wouldn't normally have access to a bespoke solution such as if they went through their bank.
Where everyone knows your name
I really enjoy the fact that our customers know me by name and will call and ask for me. I have a great relationship with all of them and they know I can resolve all of their queries without having to pass them on to colleagues or different departments and without them having to speak to someone who doesn’t know their history. Within the bank there were a multitude of different departments and hundreds of people on different shift patterns answering calls. This meant that customers were unlikely to ever speak to the same person more than once.
Jeans and t-shirts reign supreme
The banking world is a formal, suited and booted one. We generally addressed customers as Mr or Mrs, had to dress formally at all times and would be expected to behave in a certain way. When I joined Money Mover it was obvious that there was a completely different atmosphere. It took me a while to adapt, but I have fully embraced the jeans and t-shirt world of FinTech and am thoroughly enjoying it!
Despite many happy years working in the banking world, I feel I have settled into the FinTech way of things and am much happier in the technicolour world of Money Mover where the customer is king.
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