Digital Payments Product leader with 15+ years of experience in financial services industry with complete product life cycle and P&L responsibility.
Established a multi-million dollar remittance business in 18 months from scratch, catapulting RAKBANK in to the Top 3 remitting banks in the UAE.
Disrupted competition by winning back 40% of existing customers in the first year through the unique product and price mix proposition – ‘RAKMoneyTransfer’.
Turned around the newly acquired business by 360 Degree in 4 months with 200% growth in transactions, Trustpilot Score from 1 to 4 star and abandon rate for call center from 70% to under 6%, improved STP ratio from 40% to 70% and reduced marketing cost by 70% in 2nd month, a Digital media award & nomination at Seamless. Key Skills: Product Vision, Positioning & Management, Business Strategy, Ecosystem & Partnerships including Open API, Data driven decision making, CXO communication, Design Thinking, Leveraging Emerging Technologies such as Blockchain/Distributed Ledgers, Biometrics, etc. Experience
UAE Exchange Holding Gr. Commercial Director and Oct’18 – Present Remit2India Associate Vice-President Abu Dhabi, Mumbai RAKBANK Retail Payments Head Feb’15 – Sep’18
Operational Risk May’13 – Jan’15
Investments & e-channels Dec’10 – Apr’13
Barclays Bank PLC Sr. Assets & Investment Officer Jul’07 – Nov’10 Dubai, UAE
ABN AMRO Bank Sr. Executive Feb’06 – Jul’07
E-Funds Sr. Executive Nov’05 – Jan’06
New Delhi, India
Standard Chartered Bank Asst. Team Leader Nov’03 – Aug’05 New Delhi, India
Design thinking: Championed frictionless customer journey for blue-collar customers using C3’s mobile app, first of its kind solution in the industry, seamless paperless on-boarding, Open API based integration with bank’s systems, rules-based payment routing, auto reversal and 60-second guarantee for mass on boarding of 200K customers in the first year of business, reducing cost of acquisition from 3mio to 600k. Product strategy and direction: Conceptualized a unique real-time digital payment offering in the UAE market across both white-collar and blue-collar customer segments including first-in-market features such as distributed ledger / Blockchain, behavior-driven risk management, etc, along with an ambitious roadmap to achieve 100%+ CAGR for 3 years in a hyper-competitive market.
Strategic partnerships: Established a scalable and sustainable payment ecosystem by leveraging partnerships with fintechs such as Ripple, C3, etc as well as remittance providers such as XpressMoney, InPay, Mastercard, UnionPay, etc in order to expand global coverage, improve topline through significant repeat business, and reduce time-to-market. Extended the global partnership network from 3 to 30 within 2 years. Product management: Managing full product life-cycle of real-time cross-border remittance
“RAKMoneyTransfer” to acquire new-to-bank customers, create stickiness through superior experience, managing product roadmap, listening to customer pain-points, and enhancing product offering with value-added features. Achieved higher than industry loyalty and return customer rate of 20+ transactions per annum. Hacking growth: Experienced with full-product life-cycle of real-time cross-border remittance – RAKMoneyTransfer – with average 100+% growth and $1.2 billion transaction value in the first full year of operation making the bank 2nd largest in UAE retail payments market. Negotiations: Identified win-win opportunities with various partners to improve bottom line by 5%, while strengthening long-term relationships to achieve business sustainability. Digital acquisition: Conceptualized an app to increase market share to 5% within 2 years by acquiring new-to- bank customers through a differentiated cross-border remittance experience using digital on boarding with OCR based ID verification, facial authentication, and behavioral analytics. Fintech collaboration: Established an ecosystem of partners such as C3 to not only drive acquisition of about 1 million blue-collar customers, but also contribute towards financial inclusion in UAE. Business efficiency: Reduced cost by 35% by implementing 100% STP through Robotic Process Automation
(RPA) in Operations and Compliance functions, and re-engineering processes based on time and motion study. Entrepreneurship: Took ownership by not only driving product vision and strategy, but also evolving a successful business model through collaboration with various business lines, digital channels, branches and marketing to break-even in the first 8 months of business.
Continuous improvement: Drove agility, innovation and customer delight by imbibing a continuous improvement approach, thereby creating a culture where teams are encouraged to take calculated risks and learn from successes as well as failures.
World’s Most Influential 50 Payment Professionals, World Payments Congress 2019 Best use of Digital Media in Marketing, Global Digital Marketing Awards 2019 Best Technological Innovation B2C (nomination), Seamless Awards 2019 Best Technological Innovation in Payments - B2C, Seamless Awards 2018 Best Blockchain Initiative Application or Program for Middle East (Ripple), Asian Banker 2018 Best API Platform Initiative Application or Program for Middle East (C3), Asian Banker 2018 The Executive Mentoring Program, RAKtalent 2017
Best Remittance Product in the Middle East, Asian Banker 2017 Outstanding Performance in Mortgage support Award, Barclays Bank 2009 IAS 39 (International Accounting Standards), Standard Chartered Bank 2005 PGDBA, Business Management & Marketing, Symbiosis institute of Management Studies 2003 - 2005 Bachelors’ in Commerce, Delhi University 1999 – 2002