Mind over matter...

“Change is inevitable, don’t just embrace it but thrive in it” - commented a friend of mine around this time last year. And that got me thinking. I had been in my role for a few years now and though I was adding value, I was not sure I was having fun or developing professionally. So I thought- "I have to take the plunge" -- but it was also a scary thought. I was in a comfort zone - good job, steady paycheck, good work-life balance, a happy family - so why disrupt it all. It’s like that feeling you get when you stare at the water in the pool - you want to jump in but you're also scared. You don’t know how the cold water would feel - but almost always when you muster up the courage to jump in, your body adapts and guess what, you end up having a blast. Mind over matter - they say!

Ok, so now what - you’ve decided you want a change, but you are not sure how to go about it. So here's a little bit of what I learnt through my journey. You obviously don't want to jump at the first opportunity that comes your way. Before you start looking ‘out’ start by looking ‘in’. Create the “what am I good at..” and “what do I have fun doing..” 2 X 2 matrix - you will be surprised how often those two things are not the same! Be authentic. Find your spot and then lift it up by a couple of notches to challenge yourself appropriately! Create your ‘elevator pitch’ - a short and pithy summary of your interests and strengths. Next, work on that resume, dust it off and polish it - have at least 3-4 versions. Start networking. Talk to friends, previous managers, colleagues, mentors, recruiters. Understand the market, what skills are in demand, identify the areas where you will need to upskill- read up. Even do a couple of rounds of interviews to get that rust off- people may have a different opinion on this one but I personally think it never hurts to interview- helps you practise and expands your network. Update your linkedin. Don’t be tempted to jump at the first offer. Be patient and be ready to turn down offers if they don’t match your criteria.

In my case, the journey took about 5 months. After searching both internally and externally, I came across my current role through a referral from a mutual friend. There was an instant connection with the hiring manager and a mutual admiration for each other’s skills and personality - I cannot emphasize more the importance of working for someone that you can trust and respect. The role also fit perfectly with what I wanted to do while allowing me to build the skills I was trying to develop. Hellalujah!

Fast forward 6 months and it’s been a blast. I am working almost twice as much as I was in my previous role but I am enjoying every bit of it. A few key learning for me - In any new role, have the humility to accept what you don’t know and learn, build relationships and new skills quickly, be ready to deliver some quick wins while setting the foundation for that home run. In my case I learnt python, dabbled with GBM using XGBoost, picked up Snowflake (similar to teradata sql) - I am learning something new almost everyday, I have a great team to lean on and a manager I trust and respect. All this while trying to massively disrupt the student banking and credit card business. Hindset, I feel like I waited a bit too long to take the plunge but I am glad I did. So next time you see that pool and are tempted, take the plunge (just make sure to check the depth first ;-))

To wrap up this post and the year, I want to leave you all with a short list of trends I will be keeping an eye on in 2020 and beyond:

• The battle for the paycheck has started - There is a lot happening in this space. ADP, the leading payroll processor, is enabling ‘access to the paycheck' to various 3rd party platforms allowing services like auto-debit for savings or debt payoff, student loan payoff, payday advance etc possible pretty seamlessly directly from the paycheck.
• The ibuyer trend is picking up - The Redfins, Zillows, Opendoors of the world are using fancy ML algorithms to price properties and make cash offers site-unseen making life significantly simpler (and happier) for sellers.
• Rent is the new mortgage - New business models and products that finance rent payments and/or build towards homeownership are on the rise. With the millennials choosing 'experience' over 'material possessions', it's something worth keeping an eye on.
• Ant financial and Tencent expansion (or explosion) - These two behemoths have taken over Asia with ownership stake in almost every noteworthy financial entity. Expect them to start making their presence felt in the west.
• The NeoBank Invasion - The British/European invasion of NeoBanks started this year. I will keep a keen eye to see if any one of them - Revolut, N26, Monzo etc along with the homegrowns Chime, Robinhood etc- gets traction beyond the 3rd or 4th account!
• Banking as a Service (BAAS) will level the playing field - What allowed the NeoBanks to flourish after all is the combination of BAAS and 'Rent-a-charter' that allows new entrants to bypass the cumbersome process of getting a banking charter and building core banking services. Expect that trend to accelerate further into other areas of financial services.
• Marcus will make a few more 'bold' moves - Marcus was in the news quite a bit this year - mostly good but some not so good! With its extremely strong balance sheet, they are here for the long-haul. I expect them to enter some new markets and products.
• And finally, some cool things in the students credit card and banking business!