How this fintech leader’s work is shaping industry trends
Balasundaram Subbusundaram is an experienced professional in the sectors of fintech and payments, and there’s good reason why there’s more and more buzz around his work. His work epitomizes empathetic leadership and a profound ability to discern emerging industry trends and capitalize on them effectively. He’s famous for his strategic initiatives in digital payments, blockchain technology, and the development of digital wallets – all essential components of an economy striving toward digital transformation.
Balasundaram has a keen understanding of the nuanced shifts in financial technology and consumer behavior. And in his expert opinion, digital payments are integral in the modern financial ecosystem.
“What I do may seem complex – and it is – but it boils down to creating a more accessible and secure financial ecosystem,” Balasundaram explains. “My work is focused on boosting inclusivity and bolstering economic growth.”
The financial technology (fintech) industry is on the brink of a significant expansion, with forecasts suggesting its worldwide market value could exceed $258.83 billion by 2025, demonstrating an impressive compound annual growth rate (CAGR) of about 25.18%.
The McKinsey Global Institute predicts that, across various industries worldwide, general artificial intelligence could contribute an annual value increase ranging from $2.6 trillion to $4.4 trillion, based on its analysis of 63 use cases. The banking sector stands out with one of the most significant opportunities: an estimated annual potential of $200 billion to $340 billion, which translates to 9 to 15 percent of operating profits. This substantial gain is primarily attributed to enhanced productivity.
The rise in digital payment solutions means that worldwide volumes of cashless payments are expected to rise by over 80% between 2020 and 2025. In the same timeframe, the blockchain and cryptocurrency sectors are expected to see considerable growth, supported by greater institutional adoption and wider acceptance.
So what does that look like in action? Balasundaram leads teams that offer solutions allowing companies to introduce and refine payment solutions. This caters to a growing demand for speed, convenience, and security.
For example, Balasundaram has worked with Walmart Financial Services to develop a comprehensive payments platform that seamlessly integrated various payment methods, including Automated Clearing House (ACH) transactions, payment service providers (PSPs), and traditional card payments. “It was an exciting initiative that allowed us to streamline the transaction process for millions of customers,” says Balasundaram. “It also showed off the vast potential of digital infrastructure to improve the retail experience.”
Then there’s blockchain – which, to the casual observer, seems labyrinthine in its complexities. For Balasundaram, it’s like second nature. That’s how deep his skill set goes. He sees the ascent of blockchain technology as a transformative force in finance. He recognized early the potential for blockchain to revolutionize financial transactions through enhanced security, transparency, and efficiency.
“It’s important to integrate this technology within the operational frameworks of major financial services providers,” Balasundaram explains. “I’ve been privileged to contribute to demystifying blockchain for a broader audience. Understanding is the first step toward the adoption and then the integration of emerging tech, after all.”
Balasundaram says that the future of payments, financial services, and fintech is on a trajectory of profound change, primarily steered by the pervasive influence of artificial intelligence (AI). “AI will revolutionize these sectors by driving innovation, enhancing efficiency, and reshaping customer experiences,” he says. “AI algorithms power advanced analytics and machine learning models, so financial institutions can expect unprecedented capabilities in fraud detection, risk assessment, and personalized services.”
AI in financial services means major changes in credit scoring, for more accurate assessments of creditworthiness. AI analyzes diverse data sources beyond traditional metrics, and AI-driven predictive analytics upgrade investment strategies and portfolio management as well. This empowers financial institutions to make data-driven decisions and capitalize on market opportunities. Regtech solutions powered by AI will streamline compliance processes and ensure adherence to regulatory standards in an increasingly complex regulatory landscape.
Balasundaram’s efforts have paved the way for blockchain adoption across various financial applications, from payment processing and fraud prevention to smart contracts and decentralized finance (DeFi). Through strategic blockchain initiatives, Balasundaram has refined the integrity and efficiency of financial transactions. He has also played a pivotal role in establishing the United States as a leader in the global fintech arena.
Under Balasundaram’s guidance, digital wallets have been developed and proliferated, making a step toward financial inclusivity and convenience. “Digital wallets offer a smooth and secure method for conducting transactions, storing digital currencies, and managing personal finance,” Balasundaram states. “A cashless society is the way of the future. Digital wallets help make that happen, and they can also extend financial services to underserved populations.”
Balasundaram is focused on reducing barriers to entry for financial participation. And he says that digital wallets have become instrumental in broadening access to financial services, thus contributing to a more inclusive economic landscape. Balasundaram believes strongly that technology can and should be used to democratize financial access and empower consumers.
“In order to advance financial inclusivity, I’ve led teams to develop new types of payment solutions,” says Balasundaram. “I try to design our initiatives with a keen focus on security. My goal is always to protect consumers from threats that are rising as we go more digital.”
Balasundaram utilizes intricate security strategies within the complex frameworks of digital payment systems and blockchain applications. His adept approach lets him address critical vulnerabilities, safeguard user data, and fortify transactions against fraudulent activities and cyber intrusions.
In addition to his technical and strategic contributions, Balasundaram’s leadership has been characterized by a holistic approach to fintech innovation. “Regulatory compliance and ethical considerations in the deployment of new technologies are key,” he says. “I engage with policymakers, regulatory bodies, and industry stakeholders.”
The goal of this, he explains, is to promote a regulatory system that supports innovation while protecting consumer interests. Balasundaram advocates for transparent and fair financial practices because he believes that ethical leadership is what will change the future of finance for the better. “Tech advancements should contribute to a more equitable and sustainable economic system,” he stresses.
It’s clear why Balasundaram Subbusundaram has had such a meaningful impact in finance, from fintech to payments. As an industry leader, he handles the complications of the digital economy so the rest of us can rest easy, with our data and assets protected. His work, his foresight, and his clever solutions have propelled the US forward in fintech.
But for Balasundaram, the most important aspect of his work is promoting a shift toward financial inclusivity, while also championing security and regulatory compliance. We need a more accessible financial ecosystem, and Balasundaram is a key architect of the future of finance.
