8July 2021NAVIGATING THE RISE OF FINTECH:OPPORTUNITIES, CHALLENGES, AND THE IMPORTANCE OF THE CFOI began my career almost 20 years ago at GE. GE has long been known for building some of the best finance and executive talent in the world. Through intense academy training and various financial leadership programs, associatesare taught to understand how to use KPIs, data, and analytics to make critical decisions to move the business forward. Successful associates become managers, rise the ranks quickly, and take on key executive positions at a young age. I was fortunate to be part of this group which helped me prepare for the opportunities and challenges for today's CFO role.After almost a decade at GE, I joined HSBC Bank as the CFO of the US and Canadian Commercial Division. Leading finance for a $40B asset and deposit portfolio was incredible, however, like most large banks, HSBC carried a heavy regulatory agenda on the back of post-crisis Dodd Frank regulation. This was stifling innovation and creativity in the financial sector. With large bank budgets limited to remediate regulatory infrastructure and capital reserves, very little investment was made in evolving digital consumer needs. Recognizing this one-way migration to digitization of consumer finance, I joined Fintech Start-up Avant. The company's missionwas to lower the cost and barriers of borrowing for consumers. As the company's CFO, I oversaw its growth from 30 employees to over 1,000, helping raise over four billion in capital, which awarded the company the unique designation of a FinTech "Unicorn."Seeking further opportunities to capitalize on the growth in FinTech and consumer innovation, I joined Guaranteed Rate in July of 2019, one of the largest and fastest growing mortgage originators in the country, dedicated to providing the best mortgage experience for its customers. The mortgage industry is by far the largest vertical in financial technology, and by making key investments in product and technology to further enhance the customer experience, Guaranteed Rate is quickly on its way to achieve the goal of becoming the number onemortgage provider in the country.By Suk Shah, CFO, Guaranteed RateIN MY OPINION
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