First of all, how are you and your family doing in these COVID-19 times?
Dmitry Norenko: Everything is great, and we are lucky enough to avoid COVID by this moment despite our recent relocation from the West Coast to the East Coast.
Tell us about you, your career, how you founded Upswot.
Dmitry Norenko: I am one of the founders who has been working in the company starting from day one.
We have been growing tremendously fast for the last 2 years, and we now serve banks and other FI in 6 countries.
How does Upswot innovate?
Dmitry Norenko: We helped 9 Lenders with SMB/Mid-Market liquidity and grow their business-focused-products with 15% with cash flow predictions, AR/AP, business insights into QuickBooks, Xero, Amazone, + 119, and other apps.
Upswot is a white-label platform available both on-prem/private cloud and through a single RESTful API/SaaS.
The platform is an add-on to online banking and on-boarding that motivates 74% of SMBs and Mid-Market companies to provide API-enabled, opt-in, continuous access to the financial, sales, and marketing data within the apps they regularly use to run their businesses.
All the raw data shared is turned into standardized data that is continuously re-assessed to provide risk, marketing, and business insights for the benefit of both the Bank and the Bank’s Client.
That means that we created the technology that delivers the value both to businesses and FI serving them.
While FI needs more data for scoring underwriting and marketing to make more accurate loan decisions and personalize relationships with their clients, businesses need insights into their cash flow, sales, marketing, and process to survive, grow and become more efficient.
How the coronavirus pandemic affects your business, and how are you coping?
Dmitry Norenko: Actually, it helps. Banks and other FI need to change faster right now. They need to make processes paperless, switch online, and support their clients even better than before. This is when Upswot comes on the stage to help with their challenges.
On top of that, businesses need more support than ever to help them adjust their processes and needs to the current environment. Covid-19 speeds up the needs of moving online and becoming more innovative for both sides.
Did you have to make difficult choices, and what are the lessons learned?
Dmitry Norenko: We had to make the decision if we are ready to lose part of the team in order to reduce our burn rate and have more time to grow, but our team is the most important in our company, and we could avoid this negative step and even enhanced our company with new professionals.
How do you deal with stress and anxiety? How do you project yourself and Upsot in the future?
Dmitry Norenko: Family is the only solution for me personally.
Who are your competitors? And how do you plan to stay in the game?
Dmitry Norenko: Our competitors are the companies that use external apps as the tools to enhance underwriting, while we are mostly focused on marketing automation and delivering visualized insights for banks and their clients.
On top of that, our closest competitor has dozens of apps, while we have 120+. We are moving in different ways, solving different problems but with very similar tools. And actually, that proves that there is a huge demand for utilizing the API-enabled data in various ways.
Your final thoughts?
Dmitry Norenko: COVID is changing everything now – and the question is how fast large institutional players are ready to change.
Our company is happy to help them follow the current environment’s demands with opt-in, API-enabled data from hundreds of apps directly or through partners like Mphasis (press-release) and Temenos.
Top of the month
Resources2 years ago
TOP 135 Niche Sites to Submit a Guest Post for Free in 2022
Resources6 months ago
How to Restore WhatsApp Backup from Google Drive to iPhone?
Resources4 months ago
5 Best sites to Buy Twitter Followers (Active & Real)
Resources3 months ago
The Top 5 Websites To Buy Instagram Likes In 2022 (Quality And Price)