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Spotlight on Leveris
Disrupting Financial Services
At Deloitte we’re very proud to be the platinum sponsor of the Innovate Finance Global Summit, and we are equally proud of the partnerships we have entered into with a number of innovative start-ups looking to disrupt financial services.
In the run up to the Summit, we sat down with some of the start-ups that we have collaborated with to find out more about their stories, their ambitions and just generally what makes them tick.
Here, we shine the spotlight on Leveris, which has created a fully-integrated, end-to-end banking platform using open standard formats and APIs. As described by Head of Innovation Conor McAleavey, the platform “enables existing and new banking entrants to outperform competitors in customer experience and cost effectiveness”.
Deloitte: How did you get started?
Conor: The majority of technology companies get started because of a critical problem that needs fixing, and Leveris is no different.
Core banking systems are often difficult and costly to manage, and utterly impossible to improve. In other words, they are fundamentally unfit for purpose when it comes to satisfying the ever-changing demands of the modern, mobile consumer.
We noticed that other industries had moved from a ‘product and service’ economy to a platform economy, and knew the same was inevitable for financial services.
Now, after three years of working in relative secrecy, we have built a truly next-generation core banking platform.
Deloitte: Is there anything you know now that you wish you’d known when you started?
Conor: Many things, but that’s the case when trying to build any new business and it’s especially true in technology. You simply cannot know everything in advance, nor will you ever know everything. So you just need to keep learning every day, and stay focused on what you have already achieved.
Deloitte: We’re launching our Global Fintech Hub report at the summit, which we put together in partnership with Innovate Finance – where do you think is the best place to be a FinTech right now?
Conor: London, without doubt. There are many reasons for this but the regulatory environment and the progressive nature of the FCA are certainly the most critical parts of that. The existence of a regulatory sandbox for establishing new and innovative FinTech businesses and business models is crucial.
On the slightly smaller scale, places like Dublin, which is emerging as a FinTech hub in its own right, are great places to build FinTech companies. As well as ourselves, there are many other Dublin-based FinTech companies doing great work.
Deloitte: Is there anyone you look up to in the world of business?
Conor: We look up to entrepreneurs who try to solve really big problems, against the advice of the prevailing wisdom. Elon Musk is a perfect example of that.
Of course, we respect and admire almost any entrepreneur who has taken on the challenge of creating a worthwhile business. There are many founders out there at the helm of small giants, who will never be well known, but who have built great places to work that solve real world problems. We look up to all these people.
Deloitte: What are you looking to achieve at this year’s Summit?
Conor: We’re looking forward to meeting people that can help us achieve our ambitions, be they future clients, partners or investors. We’re also hoping to learn from the many passionate people we meet at the summit, whether they work for new technology start-ups or progressive banks.
Deloitte: What’s next for Leveris?
Conor: We will be going live in four jurisdictions in 2017. We also have a stacked pipeline of banks and financial institutions looking for help in replacing their old technology. The next twelve months will be an exceptionally exciting and busy period for us.
Deloitte: One last question - what’s your best business tip?
Conor: It’s a bit of a cliché by now, but it’s probably ‘Think big, start small and scale fast’.
You can catch Leveris at the Innovate Finance Global Summit on Tuesday 11 April in the London Guildhall’s exhibition hall.
"You simply cannot know everything in advance, nor will you ever know everything. So you just need to keep learning every day, and stay focused on what you have already achieved."
- Conor McAleavey, Head of Innovation, Leveris