Following is an Interview between The Business Fame Magazine and Michelle Beyo, who shares her journey and contribution through FINAVATOR.
- Being a successful business leader, what difficulties and challenges do you face? What keeps you motivated?
The biggest risk that I have taken was to leave the corporate world after over 20 years to start my own company, FINAVATOR, just after building my confidence to combat imposter syndrome and apply to the Money 20/20’s RiseUp program. In July 2019, I was fortunate to win one of only thirty global spots to join Money 20/20’s RiseUp program in Las Vegas; Money20/20 is renowned for organizing the largest global events enabling payments and financial services innovation. Therefore, winning as one of the two Canadians selected worldwide was a dream come true for me. But I also viewed this opportunity as a big responsibility, as I wanted to give back and use my knowledge and incredible network to push FinTech companies forward. Building a company overnight with no funding was far from an easy task. Even though I had always wanted to be a CEO, taking this risk was a particularly hard decision because, at the time, my family lived on only one income. Then, three years ago, when my best friend passed away after a 4-year battle with colon cancer, I knew that life was too short to not take risks and follow my dreams. This pivotal moment serves as my daily dose of motivation. As the CEO of FINAVATOR, I use my knowledge to help FinTechs expand faster, help banks drive innovation and help move the open banking discussion forward. I believe that open banking is critical to empowering consumers, competition, and innovation as well as helping Canada stay globally competitive as the world moves towards open finance.
- Brief us about the CEO/Founder of the company.
Michelle Beyo is the CEO & Founder of FINAVATOR. She is also a strategic advisor to multiple Fintechs, a Money 20/20 RiseUp alumni, a Global Council Member for Women in Payments, the Membership Chair at Canadian Prepaid Providers Organization (CPPO), a Payment Advisor for National Crowdfunding and Fintech Association (NCFA), as well as a Board Member at Open Banking Initiative of Canada (OBIC). Passionate about enabling financial inclusion, faster payments, and driving Open Banking forward in Canada, Michelle started FINAVATOR. With over 20 years of extensive industry experience driving innovation across the retail and payments industry, Michelle was named a “Rising Star” by Women in Payments 2018, and one of the “Top 30 Best CEOs of 2021” by The Silicon Valley Review. FINAVATOR was awarded “Most Influential Leader in Fintech Consulting – Canada” in 2020.
- What are the different products and services offered by Company?
FINAVATOR is an award-winning strategy consultancy that specializes in bridging the gap between FinTech and traditional banks. It helps traditional banks assess Fintechs and choose the best innovation partners to help them expand their client base. Conversely, it stands behind Fintechs, assisting them in developing innovative products, marketing strategies, and enterprise alliances in order to reach new client segments. Its extensive experience in FinTech Marketing, Open Banking, Payments & Prepaid Solutions, Challenger Banks, Micro Loans, Rewards, and Loyalty backs its expertise. FINAVATOR specializes in two particular areas: Open banking and payments. It partners with clients to develop innovative payment and digital services that help businesses stay competitive, provide customized solutions, and pursue additional revenue streams.
- Tell us about the notable milestones in the company’s journey.
At FINAVATOR, we have always held the belief that the achievements of one of us are the achievements of the whole team, because all our success is due to the hard work that we put together every day. With our team, FINAVATOR has been able to achieve “Top 30 Best CEOs of 2021” by The Silicon Valley Review and was awarded “Most Influential Leader in FinTech Consulting – Canada” in 2020. As we move forward into the future and continue to help FinTechs and incumbents, our team looks forward to achieving more incredible milestones.
- What is your opinion regarding the current landscape of the market your company caters to?
The financial industry landscape has seen a lot of changes ever since the COVID-19 pandemic. First, the pandemic accelerated innovation, customer adoption of new technologies, and evolved customer behaviour. Innovation and change that would have taken ten years to see now took place in a matter of months. It was exciting to see the creative and innovative solutions that companies implemented to continue to connect with their customers and employees, and how their product offerings evolved to fit the digital shift that took place during the pandemic. As more and more of the world gets vaccinated, I am interested to see which new consumer behaviours stick and what pandemic innovations will become the new normal. The second and more disheartening piece that I observed was how the pandemic highlighted the ways in which Canada is dangerously falling behind other countries regarding open banking. First to market players, such as the UK, were able to leverage their open banking framework to support small businesses and consumers and jump-start their recovery from the pandemic. Over the past few months, we have heard stories of Canadian small businesses struggling and feeling confused, and frustrated Canadians trying to access unemployment insurance. There needs to be a better solution in place for Canadian consumers, and that Canada needs to move forward today with open banking. With the release of the Final Report from the Advisory Committee, there is still a lot of work to be done to modernize the Canadian financial services sector. I look forward to continuing advocating for open banking through my position in OBIC, and simultaneously, helping Banks and FinTechs to navigate the new environment to come through FINAVATOR.
- How do you motivate your team to be innovative and productive at work?
Creative thinking is essential in the work that we do at FINAVATOR, and we have a flat company structure that really enables it. I try to nurture an open-minded and collaborative environment where all my team feels free to speak their minds, pitch their ideas and propose any changes or improvements. I always give my employees a lot of autonomy in their work and allow them to attempt solving problems the way they see fit first because I
appreciate learning from their perspectives. Encouraging people to learn from their mistakes is also part of the process. I think it is equally important to show trust in my employees as I have great confidence in my team and their capabilities.
- How do you maintain a productive work culture at a company while motivating your
employees?
It was my enthusiasm, passion, and two decades of extensive experience in driving innovation across the retail and payment industry that made me start FINAVATOR in the first place. Within two years, my fervour outshined as I placed FINAVATOR in a unique position within the Canadian financial space. I am lucky to have a team that shares the same vision and follows the same Golden Rule of treating people as you would like to be treated. This enabled me to build a flexible culture and a nimble workforce dedicated to problem-solving in their own unique style.
- What are your future plans for the company? Where do you see the company in the
years to come?
FINAVATOR has always been a strong advocate for Open Banking in Canada as well as payments modernization. As a board member for the Open Banking Initiative of Canada (OBIC), FINAVATOR is one of the trailblazers and thought leaders when it comes to advancing an Open Banking framework that is inclusive of all industry stakeholders. Over the past few months, we have seen a lot of movement and discussion across both the US and Canada with regards to the implementation of Open Banking. As industry players and government bodies begin to move forward with having a realized Open Banking framework, there will be many regulatory, educational, and cybersecurity-related issues faced by many across the Canadian financial services industry. During this time, FINAVATOR will hold a unique place in the market as an expert of Open Banking and will be distinguished in the market by being able to help FinTechs, Banks, and other stakeholders adapt to the changing landscape.
- What is your advice to budding and aspiring entrepreneurs?
Building a start-up is always a huge endeavour that comes with a lot of risks. Make sure that it is something you’re passionate about. Think big, keep looking for the right avenues and view obstacles as opportunities. More importantly, get yourself a good mentor and grow your network – learning from other experiences as well as mistakes can help you make better-informed decisions while exchanging knowledge will make networking more purposeful, and open more future opportunities for your business.
Headquarter In: Toronto, Canada
Founded in Year: 2019
Employees Headcount: 04
Your Tagline/Quote: “FINAVATOR Accelerate & Innovate”
