FinnoLux assists companies in embracing the digital revolution. It makes sure they are at the top of their game and helps them maximize their potential in the digital world. We met with Leen Cuypers and Matt Elton, two of the co-founders of FinnoLux, to understand how they enable companies to take full advantage of the digital revolution.
(Featured Image: Matt Elton and Leen Cuypers, two of the co-founders of FinnoLux / Image Credit: Anna Katina)
“Technology is the enabler, while the people and the environment in which they interact – the culture – are the drivers of change and innovation.”
How did you come up with FinnoLux idea?
FinnoLux is the result of the culmination of many years of being at the intersection of business and technology; seeing that customers want to interact with suppliers on their own terms. Furthermore, customers increasingly prefer to use these new means of interaction. We saw and still see clear opportunities in assisting traditional companies embrace new opportunities and sell in this new digital world. We also help our clients deepen customer loyalty, as embracing digital enables companies to create a customer relationship built on understanding. From the customer perspective, we understand that digital transformation is not just about technology, but rather that it’s about making the whole organization digital. Technology is the enabler, while the people and the environment in which they interact – the culture – are the drivers of change and innovation. Timekeeping and the hierarchical structure are examples of management tools still currently used in traditional organizations. These tools date back to the first industrial revolution! At the time of the first revolution, which was focused on manufacturing, value was created by producing. In this digital era, the value of employees is in thinking, a shift that also corresponds to a different style of leadership.
“Startups differentiate themselves from traditional companies by their flexibility and speed.”
What services do you offer?
FinnoLux is a digital enabler and assists companies in becoming digitally fit for the future. We not only help companies in being able to identify opportunities, but also in realizing such opportunities. We have four key areas of activities: Digital Transformation, Innovation Management, Digital Solutions and International Growth.
Digital Transformation focuses on enabling organisations to adapt to the constant change by focusing on customer centricity. . Innovation Management is about idea discovery, enrichment and realization. Here we use several techniques to qualify ideas in the most time and cost efficient way possible. Digital Solutions focuses on solving real industry problems; we have, and continue to create, a portfolio of building technologies, which can be developed into a full integrated solution or can be directly applied to real use-cases. International Growth is focused on helping other companies grow, by providing them different services and knowledge. With our global scan, we offer a tool that maps a company’s strengths and weaknesses regarding its expansion. We also help to define the best method to get market access and to find the route to take in order to be compliant.
We furthermore provide bootcamps and workshops regarding business culture and language, which helps startups understand the cultures they want to sell to. Startups differentiate themselves from traditional companies by their flexibility and speed. Once they want to sell their product into the traditional world, it is key to have a deep understanding of this traditional world and ‘to speak the same language’.
FinnoLux takes different roles in its activities: being a catalyst, a trainer or expert, depending on the situation and assignment.
Speaking about culture, company culture is as important for small companies to achieve for their growth aspirations as for big companies, even if they face different challenges. They both have growth aspirations to achieve..It is also important that they create an environment where people continuously want to contribute.
“The programme consists of modules capturing vital topics, each one of them highlighting a specific effect Digital has on the financial industry.”
What type of clients are interested in those services? What regions are your clients in?
We target traditional as well as growth-stage companies with our services. Small as well as incumbent companies all can benefit from the different services we provide.
Region-wise, our hub in Luxembourg targets the Benelux and the DACH regions, from the hub in Toronto, we cover the Canadian market. In addition, we are actively developing the Balkan region.
What are the next steps of your strategy? Firstly, we are launching a training programme, aimed at to helping your employees, supervisors, managers and executives get set for the Digital world. Customer empathy is considered the key to excellent customer experience and results in increasing loyalty from new as well as existing customers.
The programme consists of modules capturing vital topics, each one of them highlighting a specific effect Digital has on the financial industry. The areas covered can include Digital Customers and Banking, Retail Banking, Asset and Wealth Management, Credit Sector, Impact of technology on Banking, RegTech and Regulatory Solutions, PSD2 and API driven services, Crypto-currency in Banking, Blockchain Technology and Distributed Ledger technology.
Secondly, we are putting our focus on expanding our solution development capability. Utilizing our tools and methodology, to identify and develop solutions to real business problems found in the industry. Here, we use our deep subject matter knowledge, coupled with our creativity, to develop identified solutions into working prototypes and proof of concept implementations which, when proven, can be taken and developed into stand-alone businesses. In this way, we are able to put our unique blend of knowledge and skills to use creating products which will, ultimately strengthen the industry.
“2017 will be a pivotal year for Luxembourg companies to prove to the world their capabilities by channeling the enthusiasm into delivery.”
How do you differentiate from other consulting firms/organizations?
We don’t sell theory – we are focused on delivery, providing real solutions to real problems.
We are also very proud of our culture. We have built an international team with members who have different yet highly complementary backgrounds. All of us share a passion for challenging the status quo, by looking beyond the obvious. This enables us to put together the right blend of expertise for each client and each project.
What do you think about Luxembourg’s fintech ecosystem?
Luxembourg, with its 65,000 workers in the financial sector, has no shortage of ideas or use-cases around. It’s encouraging that so many people in Luxembourg are pushing the fintech agenda. 2017 will be a pivotal year for Luxembourg companies to prove to the world their capabilities by channeling the enthusiasm into delivery.
This article was first published in the Spring 2017 issue of SILICON magazine. Be the first to read SILICON articles on paper before they’re posted online, plus read exclusive features and interviews that only appear in the print edition, by subscribing online.