This leading fintech professional has made major contributions across the industry.
Financial technology – aka fintech – is a rapidly expanding field. The forecast for the fintech market suggests an annual growth rate of 16.8% from 2024 to 2032, with its valuation expected to hit approximately USD 917.17 billion by the end of 2032.
Fintech encompasses a broad range of technological innovations designed to streamline, enhance, and disrupt traditional financial services. This includes everything from mobile banking and peer-to-peer payment platforms to sophisticated blockchain and cryptocurrency solutions, robo-advisors for investment management, and advanced data analytics for personalized financial services.
To make all these moving parts come together in ways that make sense for users and financial organizations, it’s imperative that the industry has access to experienced professionals who have the expertise to keep pushing fintech forward.
Balasundaram Subbusundaram is one such individual. He has an enviable skill set and is known for his many contributions to product management, financial technology innovation, and entrepreneurial ventures. He has a reputation for efficiency, security, and customer-centricity in financial services, and he’s working to make financial transactions more accessible, efficient, and secure for both individuals and businesses.
“One of the big focuses of fintech is democratizing access to financial services and empowering users with greater control over their financial lives,” Balasundaram explains. “Fintech drives changes in the way financial institutions operate. It challenges conventional business models and pushes a more inclusive financial ecosystem globally.”
Balasundaram’s work focuses on innovation and customer-centric solutions, and his efforts in fintech are reshaping the financial industry and raising the bar for the delivery of financial services in our increasingly digital world.
So what does that look like? Balasundaram has worked for some of the biggest names in the industry, creating strategic initiatives like Walmart’s Merchant Cash Advance program and LendingClub’s high-yield savings accounts. He’s determined to improve the consumer finance sector, and he’s leaving a major impact on the competitiveness and innovation of the US financial sector.
“I believe in using technology to solve real-world financial challenges,” says Balasundaram. One of those challenges was Walmart’s efforts to support small and medium-sized enterprises (SMEs) on the Walmart marketplace. Balasundaram spearheaded the Merchant Cash Advance program, which was born from a recognition of the critical role of SMEs in economic growth and job creation.
“The program provided these businesses with the liquidity they needed to facilitate their expansion efforts and contribute to the broader economic ecosystem,” says Balasundaram. “The project took a lot of foresight. But my team and I were dedicated to helping create a future where businesses of all sizes can thrive. In my opinion, it says a lot about Walmart, that a giant corporation would be willing to back our efforts to help smaller companies.”
Balasundaram also applied his creativity to solutions at LendingClub, the leading digital marketplace bank in the US. LendingClub connects investors with borrowers, and has helped nearly 5 million users achieve personal loans. Here, Balasundaram introduced a high-yield savings account, marking a pivotal moment in the company’s evolution from a peer-to-peer lending platform to a full-fledged neo-bank.
“The product offers consumers an attractive savings option with competitive interest rates that are significantly above the national average,” says Balasundaram. “There are also no maintenance fees. Our goal was to provide value to consumers in a crowded marketplace.”
The program attracted deposits and funded LendingClub’s lending operations. This would serve to bolster LendingClub’s position in the financial services industry while adding to the democratization of high-yield savings products, making them accessible to a broader audience.
But Balasundaram’s body of work goes beyond these product launches, as exciting as they are; in fact, he approaches the fintech sector in a holistic manner, and has a vision for a more efficient, secure, and customer-centric financial services landscape.
“I strive to look toward emerging tech and have been working on integrating blockchain and AI into fintech,” says Balasundaram. “I firmly believe in the adoption of blockchain technology for transparency, security, and efficiency in financial transactions, from remittances to supply chain finance.”
He adds that AI (artificial intelligence) and machine learning (ML) have massive potential for developing personalized financial services, fraud detection systems, and operational efficiencies. This cutting-edge technology can elevate the overall customer experience and safeguard the integrity of financial systems.
Balasundaram’s skills in product management and development are characterized by a rigorous focus on validated learning and experimentation. His data-driven decision-making process ensures that new products and services are aligned with customer needs and positioned for market success. His leadership in this area has nurtured continuous improvement and innovation within the organizations he has served, driving them towards market leadership in their respective domains.
Balasundaram’s work in fintech has had a profound impact on the US economy, as he helps America’s corporate giants like Walmart to boost their competitiveness and innovation of the financial sector.
“Adopting tech-driven solutions improves the efficiency and security of financial services,” Balasundaram affirms. “And it expands access to financial products for both consumers and companies.”
And it’s that inclusivity that Balasundaram believes in, and which has been instrumental in elevating economic participation and growth, as more individuals and enterprises gain access to the tools and resources needed to manage their finances effectively. Balasundaram’s work is making it possible for a wider spectrum of the population to engage with the financial system in ways that were previously unimaginable.
“The future of fintech isn’t about waiting to see what happens; it’s about making it happen with audacious innovation and unyielding adaptability,” says Balasundaram. “Innovation is where the sparks of creativity collide with the demands of necessity, igniting a trailblazing path toward progress.”
