Get to know Dr. Boris Diakonov
1. Tell me about ANNA Money and what is your role?
ANNA.MONEY (Absolutely No Nonsense Admin) was created to make the life of business owners easier by streamlining payments, simplifying daily admin, getting paid and sorting out taxes. My role at ANNA as co-CEO is seeing to the success of our clients and to see ANNA as a strong and profitable company in the years to come. I am heavily involved with our payment side of the business, supporting clients and making sure we fulfil customer duty, etc.
2. What do you think is the driving force behind the exponential growth in Fintech?
It is about using the technology for the good of the people. Our consumers are not interested in fintech, but they are definitely interested in doing their daily chores in a more convenient way. Finding a nicer, simpler and more effective way to do it for them, definitely leads to an exponential growth.
3. Is it possible that regulation has fuelled the growth of Fintech?
Regulation can definitely kill any growth as the regulator’s job is to protect the consumers and the market. We see examples of countries where unreasonable regulation has stalled the industry and left consumers without the products they deserve. In the UK regulation is very favourable for growth and experiments, while protecting the public at large. It has definitely created the opportunity for innovation to thrive.
4. Regulation aside, what do you think are the biggest challenges facing Fintechs today?
The whole payment infrastructure is almost half a century old, and the technology will have to change in many areas to keep up with evolving regulation, e.g., Consumer Duty. Fintechs at large will have to grow up to take the place and responsibilities of larger players. The phrase “challenger bank” used to mean “I just have a cool app and slick onboarding”, but it will have to come to mean “I truly present better technology, better customer care and am grown up to actually challenge the traditional players in the market”.
5. How is the Payments Innovation Forum helping Fintech organisations face these challenges?
I think PIF has the right balance between the pioneering and entrepreneurial spirit, as well as providing the right atmosphere to deal with the complexities of the trade that arise from our responsibility to the public and the regulation.
6. How should the fintech sector respond to the cost-of-living crisis?
Fintech can continue to find ways to bring the costs of financial services down, while simplifying the way people do payments. As the cost of living goes up, so does fraud, and the industry together with the police have a good chance to protect the innocent.
7. If you were prime minister for a day, what would you pledge in support of the industry?
More sandbox-type regimes to experiment with different payment technologies, and to help fight the root of fraud, rather then punishing regulated firms with reimbursements.