Graham Self, Principal Enterprise Architect at Axiologik: “Fintech companies excel in embracing innovation and thinking outside the box”

We love strategic thinkers here at TechFinitive, which is why we were delighted that Graham Self, Principal Enterprise Architect at Axiologik, could spare time to share his thoughts on fintech. This is part of our Breakthrough series of interviews, where we shamelessly mine the minds of thought leaders for their insights.

Safe to say that Graham’s mind is packed full of such insights. We were particularly persuaded by the lessons he takes from fintechs. “Fintech disruptors prioritise user-centric design and seamless interactions, setting a high bar for customer satisfaction,” he told us. “Traditional firms can learn to centre their strategies around enhancing the overall customer journey.”

But that’s not the sole learning, as such firms can also learn from fintechs and “break free from entrenched ways of working and cultivate a culture of innovation to offer new, cutting-edge services that meet evolving customer needs.”

As these thoughts hint at, Graham says his “passion lies in business architecture” – the strategic bridge between a business strategy and its actual execution. As a Business and Enterprise Architect at Axiologik, his aim is to engage with individuals and companies at the forefront of the “second digital revolution”.

Connect with Graham on LinkedIn and read his full fintech thoughts below.

Could you please introduce yourself to our audience and share how you ended up working in fintech?

I’m Graham Self, principal enterprise architect at Axiologik with 21 years in financial services technology. My journey into fintech began at a global bank where I partnered with providers, witnessing their transformative impact. Now, I leverage my experience to drive innovation at Axiologik, ever passionate about using technology to revolutionise finance.

In what ways is artificial intelligence impacting the fintech sector?

Artificial intelligence (AI) is transforming the industry in several key ways.

Firstly, it enables hyper-personalisation, tailoring solutions to individual customer needs and circumstances. This includes offering bespoke rates and experiences and enhancing customer satisfaction.

Secondly, AI contributes significantly to fraud reduction by predicting and detecting potential fraudulent behaviour. When combined with modern cloud data practices, fintechs can develop deep learning algorithms for real-time fraud detection.

Lastly, AI facilitates financial education and advisory services through automated conversational financial advisor solutions. These tools offer products and services while providing valuable advice, and empowering users to make informed financial decisions.

Recommended reading: Accelerating RegTech adoption is a gamechanger for the UK’s financial sector

What are some of the biggest regulatory challenges affecting the fintech sector?

The fintech sector faces significant regulatory challenges that impact its operations and growth. Operational resilience regulations, such as those proposed by the FCA, are expanding to include scrutiny of third-party suppliers to financial organisations. This could catch some fintechs unprepared for heightened levels of oversight.

Also, navigating cross-border regulations presents a hurdle for those aiming to develop globally connected propositions while complying with local regulations. Additionally, cyber security remains a pressing concern, requiring robust measures to safeguard sensitive information.

Furthermore, fintechs must prioritise compliance with data protection regulations like GDPR in Europe and data residency rules to ensure privacy and regulatory adherence.

What are your top three fintech predictions for the upcoming years?

My top three fintech predictions for the future are hyper-personalisation, connected global propositions and accessible trading integrated with wealth propositions.

As consumer demand for personalised financial support grows amidst economic shifts, banks will intensify competition by offering highly tailored products and services. Through partnerships with fintechs, banks will be seeking solutions that leverage AI-driven insights to hyper personalise their offerings, positioning themselves as trusted advisors and rebranding branches as specialist hubs supporting financial wellbeing.

Next, I think that the finance industry will accelerate in offering global connectivity services and strive to enhance cross-border banking experiences by offering connected global propositions. This trend will enable seamless integration of financial products into diverse applications beyond traditional banking settings, catering to customers’ evolving lifestyle needs.

My last prediction is that neobanks will diversify their product portfolios by integrating lending, wealth management and trading services. Their agility will make wealth management and trading more accessible to a broader audience, while legacy banks will also compete by incorporating self-service features and focusing on personalised care during economic challenges.

Related reading: Patric Glassell, Head of Sales at Kwanti: “Aspiring fintech professionals should embrace risk and uncertainty”

What are some of the biggest challenges the fintech sector is experiencing as a whole?

The fintech sector faces several tough challenges.

Firstly, intense competition pervades the industry, driving companies to innovate continually to gain market share.

Secondly, market fragmentation is prevalent, with numerous fintech firms competing for small segments, complicating efforts to secure widespread adoption.

Thirdly, regulatory hurdles loom large, particularly with the extension of operational resilience regulations to all service providers, entangling more fintechs in compliance requirements.

Lastly, integrating with or re-architecting legacy infrastructure presents a significant obstacle, hindered by interoperability issues and complex workflows.

Overcoming these challenges demands strategic planning, innovation, and adaptability from fintech companies.

What advice do you have for aspiring professionals wanting to work in fintech?

I’d say you need to be customer-obsessed – understanding their needs is key to success. Keep the customer’s voice front and centre in every conversation and decision.

Also, don’t shy away from questioning the status quo. Challenge why things are done the way they are. Fintech thrives on innovation, so your fresh perspective could spark real change.

And take the time to really grasp the banking model. Dive deep into how financial institutions work, what they offer, and where they’re headed. This knowledge will be your compass as you navigate the fintech landscape.

What do you think traditional finance and banking companies can learn from disruptors in the fintech space?

One crucial lesson is the importance of customer experience. Fintech disruptors prioritise user-centric design and seamless interactions, setting a high bar for customer satisfaction. Traditional firms can learn to centre their strategies around enhancing the overall customer journey.

Moreover, fintech companies excel in embracing innovation and thinking outside the box. They challenge conventional norms and are quick to adapt to emerging trends. Traditional firms can break free from entrenched ways of working and cultivate a culture of innovation to offer new, cutting-edge services that meet evolving customer needs.

Fintechs also operate with agility, unburdened by hierarchical structures and legacy systems. They optimise team dynamics for efficient delivery and rapid iteration. Traditional companies can reorient their teams for flexibility and speed, fostering an environment where ideas flow freely and solutions are implemented swiftly.

By internalising these principles, traditional finance and banking companies can revitalise their approaches, staying relevant in an ever-changing landscape and delivering exceptional value to their customers.

Recommended reading: Top ten breakthrough fintech companies