A conversation with Matt Mobbs
There’s more need than ever to reduce the cost of doing business and provide safe and affordable finance to all New Zealanders. P^werFinance COO Matt Mobbs explains who P^werFinance will help, why its platform is unique, and how it can help Kiwi businesses become the hero in the finance story.
What’s different about PowerFinance from a typical finance company or bank you’ve worked at before?
Matt: Many financial businesses talk about putting the customer first, but in over 20 years working in financial services, I have seen very few real cases where those businesses are fully equipped to meet their customers’ real needs.
Because we’re building a whole new platform from scratch, not tied to legacy systems that are difficult to change, we have a real opportunity to put our customers’ needs at the heart of everything we do.
We believe that through the deployment of superior technology we can reduce operating costs and pass the benefits directly to our partners, who in turn can deliver better outcomes for their customers.
Is there a demand for this kind of service in New Zealand?
Matt: Absolutely. The responses we’ve received from the public are overwhelmingly positive. On the face of it, we’re simply making it easier and cheaper for New Zealanders to access the financing they need; in the current environment that’s more important than ever.
And businesses are really excited by the opportunity to partner with P^werFinance to help address their challenges. The pace at which we can accommodate their customers’ needs really makes our partners the hero of their own story.
What have businesses been telling you about the challenges they’re facing?
Matt: Recent events have escalated the need to deliver cost advantages to customers. Our partners tell us based on conversations with their own customers that they are bracing for further economic challenges. This only increases our desire to support our partners to deliver superior customer experiences that help them win in their own markets.
We feel a real urgency to deliver scalable technology solutions at pace and we’re excited about helping our partners achieve their goals.
What sort of customers do you cater for? Can anyone use the PowerFinance platform?
Matt: Whether our customers are corporate or commercial businesses, FinTech’s or community groups, they all have one thing in common: their customer’s experience is important to them. They recognise the opportunity to deliver finance options to their customers that align with their values and brand.
P^werFinance is all about making our partners the hero in their own story. So while we’re focused on delivering superior technology solutions to our partners, everything we do is designed to help them deliver better experiences for their customers. Together we can enable more New Zealanders to realise their goals by offering simpler and more equitable access to finance.
How are you going to create better access to finance for all New Zealanders?
Matt: Access to finance is currently dominated by a handful of major players, which limits customers’ choice of financial products and services. Offering finance solutions traditionally involves high operating and compliance costs. These barriers to entry have ultimately reduced competition and innovation.
By decentralising financial offerings and using technology to engineer more personalised financial products, P^werFinance can deliver better outcomes to a wider range of customers. This could be home buyers borrowing to build new homes or hapū borrowing to build on communal Māori land. The opportunity to play a pivotal role in the success of our diverse communities is really exciting.
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Building a technology platform from scratch that allows businesses to craft their own financial structures to better support their businesses is a big undertaking. P^werFinance Development Team Lead Isuru Palliyaguru discusses the process for building a unique platform from the ground up, developing software in the fintech space, and why P^werFinance presented an opportunity too good to pass.