FinTech is not the future of the global finance industry. FinTech is now.
The progressive change that FinTech has imposed upon all aspects of the finance sector has irreversibly shifted the global landscape.
The FinTech start-ups of today will be the financial institutions of the future. Privalgo has propelled itself to the front of the financial technology revolution, leading the FinTech charge to a more efficient, smarter, and inclusive culture.
With careers in finance that collectively span decades, Privalgo’s directors could always see the huge flaws within the industry. Outdated and lacking in technology, much of the sector is consumed with the business of mergers, private equity acquisitions and the constant chase for bigger and more impressive investment deals.
The client and their experience are, at best, a second-place afterthought. On the other ‘progressive’ end of the sector, there are the first-generation FinTech companies who seek to solve every problem with technology. Brilliant at first glance, but upon analysis, it again becomes evident that the client’s best interests are not front and centre.
Too often, FinTech companies push clients through a digital-only service model.
In late 2017, disillusionment reached its peak — there was no point of return. It was time to act. For the first time in 15 years, Privalgo’s future directors could finally take an objective view of their industry. They recognised that together they had a real opportunity to offer something that had not yet been done.
They knew that the way forward was to combine the outstanding features from the old and the new. This combined the very best customer service the sector has to offer, an experience that held the client at the very heart of everything, and the most cutting-edge technology.
The future directors committed to step away from their individual career paths and spend the summer of 2018 combining the best of their knowledge and experience. Six months later, Privalgo was born.
Since its inception, Privalgo’s Directors have worked hard to build a strong FinTech brand, one recognised for its excellence in every aspect of the business. They are leading the way in creating a new breed of FX companies. A type that places equal emphasis on the traditional values of client experience and outstanding customer service, while offering the latest and best FinTech solutions.
Team Privalgo believe that the rapid sprint of technology must continue. But to achieve genuine longevity, FinTech companies should place emphasis and value on the personal relationships between client and institution.
While Privalgo have harnessed the know-how of their IT Department to develop and imbed their own market-leading technology solutions, they’ve united it with a client-focused Front of House team. This means there is talent and technology in every transaction. Privalgo’s directors believe that technology should enable ever-improving client experiences without eliminating human interaction. Tech should enable our team to deliver the best possible service.
Privalgo have a passion for doing things differently. Not for the sake of it but to bring authentic change to an industry long overdue a shake-up. They want to ring the changes in all parts of their business.
Within the Team P office (or home office!), the focus had been on creating an atmosphere of freedom. Yet, responsibility means team members are encouraged to work smarter, accomplish more and feel part of something that is collectively owned.
The team are the lifeblood of the company and Privalgo is dedicated to developing its people. To see this in action, look no further than the Privalgo Academy — a project to recruit and nurture recent A-level and university graduates. The plan is to bring up and create future leaders in the company and the industry more widely.
So far, Team P have hit some powerful milestones, including over three billion worth of sterling transactions, 98% positive client Feefo reviews, and a team that has grown to over 35 in just over two years. Privalgo have been nominated for several industry awards and are fast becoming a beacon of good practice in the new world of FinTech FX.
The eminent British economist John Mayard Keynes said, “The difficulty lies not so much in developing new ideas as in escaping from old ones”. Privalgo recognise that the sector stands at the tipping point of the new financial world. Change is always a challenging process. Privalgo is committed to leading the way towards the future of FinTech.