Building the blocks of digital finance with Kelvin Tan from audax | Fintech Daydreaming S08E01
Pål Krogdahl
Executive Banking Consultant & Director of Advisory Services @ Samlink | Co-host @ Fintech Daydreaming Podcast | Keynote Speaker and Author (All views expressed are my own and do not represent those of my employer)
Welcome back to a brand-new season of Fintech Daydreaming ! In this exciting Season 8 premiere, my co-host Ville Sointu and I had the privilege of engaging in an enlightening conversation with Kelvin Tan , the CEO of audax . Kelvin shared his invaluable insights on digital banking, the intriguing realm of banking as a service, and the transformative role technology plays in reshaping the financial sector.
Exploring Kelvin Tan's Journey and audax
Our discussion kicked off by delving into Kelvin's illustrious background. Armed with extensive experience in the digital banking landscape, Kelvin has been a driving force behind groundbreaking digital transformation initiatives at major financial institutions, including the esteemed Standard Chartered . Presently, he leads audax, a fintech powerhouse that specialises in delivering a unified digital banking platform tailored for banks and financial entities.
Navigating the Landscape of Digital Banking
Our conversation started by dissecting the ever-evolving world of digital banking. Kelvin aptly underlined the paramount importance of grasping the intricacies of banking operations, especially within the context of traditional banking norms. While technology boasts the potential to disrupt and innovate, Kelvin stressed the significance of balancing innovation with an in-depth understanding of banking's core fundamentals.
Kelvin articulated the challenges digital banks grapple with, including the intricate regulatory landscape, the shifting habits of consumers, and competition posed by well-established banks. He emphasised that amidst the surge of digital bank launches, long-term success rests on the ability to forge a scalable business model capable of ensuring sustained profitability.
Dissecting Banking as a Service and Embedded Finance
Next, we dived headfirst into the realms of banking as a service and embedded finance. Kelvin unveiled his company's unique approach to these dynamic concepts. He expounded on how audax offers a holistic platform that seamlessly integrates diverse banking functionalities, spanning from the front-end user interface to the comprehensive back-end data management and reporting. This cohesive strategy empowers banks to swiftly introduce digital banking propositions with efficiency and precision.
Kelvin underscored that, while numerous players in the market proffer specialised solutions for distinct segments of the banking framework, audax stands out by providing a full-stack solution that streamlines the entire process. He illuminated the challenges linked with managing multiple vendors within a composable banking model and elucidated the merits of employing an integrated stack.
Unearthing Lessons from Crafting Digital Banking Platforms
Drawing from his extensive journey, Kelvin graciously shared the invaluable lessons he's garnered in constructing digital banking platforms. He underscored the essence of resilience when grappling with the risk-averse nature inherent to the banking industry. Kelvin articulated the necessity for individuals to genuinely listen, assimilate information, and comprehend before formulating responses. This capacity, he emphasised, can be a powerful catalyst for meaningful discussions and effective transformative change.
The Magic Wand Experiment: Crafting a New Banking Narrative
When prompted with the hypothetical magic wand scenario, Kelvin divulged his wish for individuals to cultivate the ability to genuinely listen and understand before responding. He highlighted the tendency to react to keywords rather than digesting underlying concepts, leading to misinterpretations and breakdowns in communication.
Peering into audax's and Digital Banking's Future
Gazing into the horizon, Kelvin divulged audax's forthcoming ventures and his outlook on the digital banking arena. He revealed the company's ambitions of securing new collaborations beyond Standard Chartered, continuing to nurture ongoing implementations, and exploring potential investment avenues. Kelvin's ardor for aiding banks in achieving their digital banking aspirations and attaining true independence through his platform shone through vividly.
As our riveting dialogue drew to a close, Villa and I expressed our eagerness to chart audax's progress and stay abreast of the latest strides in the digital banking universe.
In Closing
Kelvin Tan's illuminating perspectives cast a spotlight on the dynamic landscape of digital banking and banking as a service. His extensive experience underscores the importance of harmonising technological innovation with a profound comprehension of banking intricacies, resulting in potent solutions that reshape the financial realm. As audax continues to drive innovation, the future of digital banking promises to be marked by efficiency, scalability, and enriched customer experiences.
To delve deeper into audax and Kelvin Tan's journey in the fintech arena, visit www.audax.io or reach out to Kelvin via email at kelvin@audax.io.
Be sure to stay tuned for more captivating conversations and illuminating insights into the world of fintech innovation in the upcoming installments of Fintech Daydreaming. Don't forget to subscribe, like, and share to be part of the ongoing discourse!
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