Transformation (personal and business) in times of change

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Lead: The Covid 2019 pandemic, a threat to the economic and food-supply security of Europe – the events of the past few years have become a serious challenge for owners and top management of companies almost all over the world. What kind of transformation is Ukrainian business going through, where are the leaders of companies looking for growth points for themselves and their teams – in an interview with the CEO of a Ukrainian FinTech company Alena Andronikova.

– Tell us using the example of your company, what in difficult times allows you not only to stay afloat, but also to maintain leadership?

I would highlight two key conditions. The first is to initially build the right values ​​in the corporate culture of the company. This allows you to maintain the right mood and efficiency of the team even in the most turbulent of times. The second condition is to always be a few steps ahead of the competition. In everything – in technology, communications, product line, service, etc.

For example, Moneyveo was the first in the FinTech market to take the necessary measures to ensure compliance with the requirements of international payment systems regarding the information security of payment card data. In 2020, the company received a certificate confirming the highest level of payment card security – PCI DSS Service Provider Level.

At Moneyveo we are constantly working on improving the product line, creating proposals for the real needs of different stakeholders of the target audience. For example, Veomini is the company’s first mobile application designed specifically for a young audience, while Comfort and Smart loan products are more in demand by an audience aged 35 and over.

In 2021, in partnership with major players – the IBOX BANK transaction bank, the Visa international payment system and the national logistics operator Nova Poshta – Moneyveo issued the first payment card on the non-banking Ukrainian market. In essence, we have provided our clients with a loan instrument available 24/7 anywhere in the world. In addition, our Veocard can be used as a debit card for various small payments.

Thus, we are constantly working to offer our customers the very best.

– As practice shows, even competent planning is not always the key to success, as is the case with the COVID-19 pandemic. How did Moneyveo get through the pandemic?

For us, this period has become the verification of our decision-making processes and the efficiency of implementation. On the one hand, the number of applications for online loans increased significantly, on the other hand, the company was forced to revise its scoring models and reduce lending volumes in order to reduce the likelihood of non-repayment of loans. The pandemic has significantly accelerated the digitalization of many areas. And we once again made sure that the Digital 360 strategy we have chosen is effective and efficient. Our scoring model is automated, built on artificial intelligence and machine learning technologies. Thanks to this, in 2020 we were able to improve the dynamics of loan repayment and reduce the share of bad debts. The discrepancy between expected and actual figures in this context was less than 0.5%.

As for organizing remote work, Moneyveo, thanks to the well-established processes and technologies in the company, was able to implement the entire process of moving online in less than 2 days. Subsequently, we decided to share our successful experience with everyone who faced such a need. Together with the Ministry of Digital Transformation of Ukraine, the Moneyveo team launched an educational series for private entrepreneurs “Transferring business processes online”. This is a practical case study on how to set up remote working.

– Could you share any unsuccessful/difficult company cases

In mid-2016, when the company issued more than 780,000 loans to 200,000 Ukrainians, it was decided to enter the Mexican market. At that time, Europe needed an order of magnitude more capital than America and Asia, whose markets were less saturated. But the volume of necessary investments was underestimated, as a result, Moneyveo Mexico lasted less than a year and it was decided to sell the business.

Four years later, Moneyveo continued its international expansion by launching online lending in Vietnam. Today we can already say that the business there is gradually increasing its volumes, increasing the customer base.

In my opinion, it is the desire to be mobile, flexible, to develop, and to not be afraid to try new things or transform and introduce innovations into your business processes – that is the key to leadership.

– What are the next steps in the company to stabilize activities.

As market leaders, we have always been drivers of innovation and positive change in society. Currently we maintain the same chosen values, focusing on corporate social responsibility and loyalty programmes for consumers of our services. Since the end of February, Moneyveo has stopped accruing all interest on loans for its customers for two months. This was solely the decision of the owners and management of the company, since borrowers are legally required to service their loans. To restore the state economy, Ukrainian businesses must continue to carry out economic activities. This is difficult for lending companies: investments in business are needed, the level of returns has dipped and yet now we are starting to make the first gains in this new mode of operation. The company has developed very lenient loan repayment conditions: at first there were 90% discounts, then 70%, and today there is an opportunity for customers to fulfil their obligations on conditions that are convenient for them.

– What would you advise other companies following a similar path of change, based on your own experience?

First of all, you need to test the demand for your products in the new realities and make adjustments to the portrait of the target audience. In the case of online lending, attention should be paid to scoring in order to exclude any fraudulent activities.

Of course, it is also worth identifying the blockages in the work processes in the company. It is worth finding an opportunity to focus on processes that will help minimize losses and costs. I would also recommend reviewing the restrictions and regulations, as some of them may prevent you from implementing new, more effective tools to add value to the company.

It is also necessary to remember the important role of employees, because it is thanks to their interest in finding cost reductions and improvements in the value of the product for the consumer, that lead to the increase in number and satisfaction of customers.

In order for organizational change to be successful in a company, management needs to create an environment by providing employees with the necessary resources to achieve the desired results.

As a leader, I see my task as inspiring and motivating all team members, finding the right resources, giving professional advice and encouraging the desire for growth and development of employees.

– Can you share some personal lessons and insights gained over the last period

Previously, my main focus, as a top manager, was the achievement of business results and motivation of the team, creating a culture of constant self-development in the company. I have always studied a lot and consider this the basic conditions for the development of an employee, so it was so important for me to create a platform for innovation within the company, stimulating the growth of professionalism of colleagues.

Now the priority for me is the “state” of the team. This applies to both the physical and emotional, psychological aspects of the life of colleagues. I believe that in a period of change, the manager must first of all take care of the employees. It is very important to inform them on time, and it is better to proactively inform them about any changes. It is necessary to review all processes in the company and remove all unnecessary things that hinder and burden the life of the business.

Do not be afraid to create new values, even if they are not yet popular or being followed in other companies. Trust me, when your competitors see your results, your ideas will become trends. And, of course, the leader always takes responsibility for the decisions made and the results achieved.

When leading a business, think about how to create a green and at the same time productive environment around you. That is why I pay so much attention to mentoring and coaching. I enjoy sharing my knowledge, experience and seeing how it works and helps others. For several months now, I have been conducting free coaching sessions for Ukrainians aimed at finding a resource that is now urgently needed by people.

And yet, no matter how difficult the period of life is, it is always important to stick to your own values ​​​​and follow your goals. I have long nurtured the idea of ​​creating an exclusive platform for the education of managers and I managed to create a new school of kinesthetic business education – Growth School. Yes, I had to make adjustments to the implementation of the project, but I did not abandon this idea, because I believed in its relevance and benefits. As its founder and ideological leader, I am glad that Growth School is now working for both Ukrainian consumers and managers from other European countries. This is a unique combination of classical business education and student coaching throughout the course. And this is where we train managers to be leaders capable of managing change effectively and efficiently.

Therefore, my main insight: under any circumstances, you must remain true to yourself, your convictions and work on what is useful to people.

Alena Andronikova is the CEO of the Ukrainian FinTech company Moneyveo and co-founder of the company in Vietnam. She is also the ideological leader and founder of Growth School, the first kinaesthetic business education and coaching school in Ukraine. The success of the educational project fully justified its entry into new territorial markets and plans for its international expansion.

Alena is an expert in the development and integration of strategies, process reengineering in accordance with the Lean concept and profit maximization.

She has three higher educations, additionally she has studied at Krakow University of Economics, London Business School, as well as the European IE Business School (Executive MBA). The Group CEO of Moneyveo is a certified auditor and expert in Six Sigma and ACCA DipIFR methodology.

Alena has over 22 years of experience in the financial market, including about 14 years in business management. Her expertise in the financial market is confirmed by a number of successful cases, in particular Moneyveo, a recognized leader in the online lending market in Ukraine. While working for Moneyveo, Alena Andronikova has developed an innovative strategy that led to the scaling and growth of the business. Over the past few years, under the leadership of Alena, the company has grown 10-fold, entered the international market, expanded its portfolio of credit products, introduced technological innovations, and issued the first payment card, Veocard, in the non-banking market. Moneyveo also developed and implemented an Employer Value Proposition (EVP) and employee talent ecosystem, which in turn increased employee engagement and satisfaction.

Under the management of Alena Andronikova, the company has received many prestigious national and international awards including: The best company in the country in the field of non-bank online lending, Star of Quality, Best Online MFI, Best MFI in terms of customer service quality and others. Moveyveo annually wins national ratings for Brand of the Year, Choice of the Year, Ukrainian People’s Award and Financial Oscar.

Alena significantly increased and transformed the level of social responsibility of the company. Today, these are already 3 fully-fledged areas: educational projects, financial assistance and the internal CSR program. Moneyveo was also included in the TOP 25 best CSR programs according to the business publication Power of Money, won the 25th prestigious business rating Financial Oscar in the nomination for Best Loyalty Program – for creating the most successful program to attract and retain customers. The rating was compiled by the magazine Business.

Alena Andronikova is one of the most influential top managers in the field of FinTech in Ukraine, and Europe as a whole. She is the only representative from Ukraine included in the top 25 best female FinTech leaders in Europe. The Top 25 Women Leaders In Financial Technology Of Europe For 2021 was ranked by The Financial Technology Report, an American publication specializing in research and financial market news. The final top 25 was formed by the editors of The Financial Technology Report on the basis of experience, career and professional achievements, as well as the depth of specialized knowledge of the applicants. It includes women leaders who have been able to lead change in companies in the face of accelerated digitalization of the financial industry, an increasingly complex regulatory landscape, increased global competition and increasing consumer demand for digital products. At the same time, the professionals represented in the top 25 used their experience in product strategy, marketing, talent acquisition, risk management and business development to drive the growth of their companies and expand financial inclusion.

Alena Andronikova is included in the list of TOP-50 most influential women in FinTech. During the study, hundreds of applicants involved in the development and popularization of the Ukrainian FinTech sector were selected. The project was created by the Ukrainian Association of FinTech and Innovative Companies with the support of the USAID Financial Sector Transformation Project and the EFSE Development Facility.

According to the Vlast Deneg magazine, Ms. Andronikova entered the Top 25 Most Successful Women in Ukrainian Business in 2021, winning in the Leader of Transformation nomination.

The expert jury of the business publication TOP-100 Ratings of the Largest Companies included Moneyveo CEO among the most authoritative leaders in the financial industry in Ukraine.

WoMo magazine recognized Alena as a manager who successfully leads the changes and transformation of the company during the period of adaptation to new conditions, awarding her in the nomination Shine Lady IN Financial Market, in the rating Shine 2021 – the best business ladies of Ukraine.

Thanks to her expertise, leadership and managerial qualities, Alena won one of the most prestigious national FinAwards competitions, becoming the Best CEO of the financial sector.

According to the results of the PaySpace Magazine Awards, Group CEO Alena Andronikova entered the top three in the FinTech Expert of the Year category. Alyona received a similar award at the All-Ukrainian competition Leaders Fintech & Digital Banking – 2021, organized by the International Financial Club – Banker.

For leadership and business achievements, Alena Andronikova was awarded the Order of Queen Anne, Honor of the Fatherland. This is an award for the Leaders of the 21st Century program, which is given for merits in bussiness, government, scientific and other fields.