The two-day event gave leading lights from across the fintech industry an opportunity to showcase their latest strategies, projects and innovations, while attendees soaked up valuable insight and expertise.
In our penultimate session on Stage 1 of day one, Vice President for Business Agility Lead at Elavon Europe, Jan Otterbach, discussed the complexities and nuances of delivering cultural change in financial services companies.
While changing culture to become more technologically focused, or to have strong ESG drives is often spoken about, actually delivering that change and the processes involved have not been so widely detailed.
Elavon: Lifting the lid on culture shift & change management
While agility may be a part of Otterbach’s job title, for him, the word “mystifies a process that is painfully simple”.
Instead, Otterbach sticks to the mantra of “focus, customer and collaboration”. He continues: “What that means is I try to get Elavon to be more focused on a few things and get them done, rather than trying to do everything at once. I am working to make us think about and collaborate with our customers first and the solutions that we produce.
“Collaboration sounds so obvious,” adds Otterbach. “But in large matrix organisations, really working together isn't as easy as it may seem on the surface.”
So, how does Otterbach manage change at Elavon by focusing on his three core tenants?
Firstly, it’s about identifying the challenges that exist and driving solutions from there. In fintech, the most obvious challenge Otterbach sees is that companies “have too much, and want to do too much with the technology at hand”.
He adds: “At Elavon, we work with major airlines, we work with the flower shop next door in a couple of different countries. And just the sheer demand of all these companies for the latest in payments is huge.
“Payments aren't what they used to be years or a decade ago. The payment almost needs to be integrated to the point that it disappears – that’s really what many clients want. That itself comes with technology challenges, process challenges, etc.
“So as a fintech, you think there is so much you need to be doing at any one time, which takes up a lot of time and can leave you stretched. It's really about doing the best you can with the capabilities you have. I think that’s the key to sustained success.”
For more from Otterbach on managing change, you can click on the video link at the top of this story.
Want to see more from FinTech LIVE London 2023? Stay tuned to our website for more content, which will be coming your way very soon.
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