Stepping into the BBC's Executive Lounge, Rob Khazzam, co-founder and CEO of the esteemed Canadian fintech company, unfolds the narrative of Float's remarkable trajectory. At the heart of this journey lies a profound commitment to "customer obsession," a principle that proved pivotal in sculpting products attuned to the genuine needs of clients.
Khazzam, drawing from his extensive experience as Uber's general manager in Central Europe and Canada, identified a pervasive issue firsthand – the cumbersome process of corporate expenses. Even within one of the world's tech giants, he grappled with personally fronting substantial sums for company purchases, only to face delays in reimbursement. This predicament fueled Khazzam's resolve to pioneer a solution, giving birth to Float, specializing in expense software and corporate spending cards.
The fintech trailblazer consciously directed its attention to the challenges faced by small- and medium-sized enterprises, recognizing their struggles with limited resources. Beyond the conventional pain points of executive-level expense management, Float delved into the nuanced concerns of smaller entities – tackling issues such as high interest payments on loans, persistent inflation, and tight profit margins.
We've been looking at it and going, 'what is something we can do that will move the needle for the market, and our customers, in a time of need?'" Khazzam shares with the BBC. The answer, according to him, lay in cultivating an "obsession" with data and customer feedback, diligently crafting a product that precisely addressed market needs.
The BBC's series, featuring conversations with C-suite leaders shaping the future of business through innovative, data-driven decisions, spotlights Float's approach. Khazzam emphasizes the essence of being "customer obsessed," a philosophy that entails starting with the customer's perspective and working backward to deliver an unparalleled experience. Float's commitment to this ethos manifests in an exceptional average support-response time of less than a minute, available across chat, phone, and email.
To truly comprehend what it means to be 'customer obsessed,' Float invests time in direct interactions with clients, striving not merely for a better experience but one that is ten times superior. The company's journey began with the vision of "push a button, get a card" – a testament to Float's commitment to providing the simplest card issuance experience in Canada. In a landscape where innovation meets genuine customer understanding, Float stands as a testament to the transformative power of customer-centric finance.
In the creation of the groundbreaking Float Yield product, a meticulous examination of the market revealed a significant gap in catering to the needs of Canadian small- and medium-sized enterprises (SMEs). The prevailing challenges faced by businesses, grappling with cash shortages and increased difficulty securing credit and loans, underscored the urgency for a tailored solution. In a landscape where some fintechs withdrew or ceased offering products for this market segment, Float remained steadfast in its commitment to delivering tangible value to customers.
The Float Yield product, offering an enticing 4% interest on balances without any strings attached, emerges as a timely and substantial benefit. In an era where every customer is striving to maximize the impact of their finances, this offering becomes a beacon of financial empowerment.
Khazzam sheds light on the pivotal role data plays in shaping Float's offerings. Rigorous testing of customer satisfaction provides valuable insights, with the support and product teams consistently analyzing data on satisfaction levels and response times. The product team delves into spending patterns, uncovering intriguing trends such as a 30% surge in travel spending and a 75% increase in advertising spending between March 1 and October 31. These observations serve as the compass guiding product development, ensuring alignment with the evolving needs of businesses.
Acknowledging the paramount importance of customer feedback, Khazzam highlights the specific challenges identified by customers in the past year. A prevalent concern was the cumbersome process of receipt collection, consuming both time and resources for finance teams. In response, Float proactively integrated functionality aimed at streamlining this process, addressing a pain point voiced by its clientele.
Reflecting on the year's accomplishments, Khazzam attributes the most significant success to the diverse composition of the Float team. Drawing talent from various backgrounds, including private equity firms, Shopify, and Uber, the team reflects a rich tapestry of experiences. This diversity, Khazzam asserts, is instrumental in understanding the nuanced needs of customers and shaping an experience for Canadian companies that aligns with the innovation standards set by global counterparts. As Float charts its course through uncharted waters, the synergy of diverse perspectives remains a cornerstone of its success.
At the core of shaping a visionary business strategy lies the indispensable element of assembling a team dedicated to crafting extraordinary products. In the realm of financial services, where user-friendliness often takes a back seat, the quest for innovation is paramount. For us, it's about integrating designers who conceptualize products that are not just intuitive but also delightful and modern.
The financial-services industry has been critiqued for its lack of user-friendliness, prompting us to tap into the talents of exceptional product innovators, designers, and engineers. Our mission is clear: transform the industry narrative by infusing a sense of friendliness and accessibility into our products. Moreover, our commitment to providing exceptional customer support, with live responses within a minute, reinforces our dedication to a seamless customer experience.
As the landscape for small and medium-sized enterprises promises increasing challenges, the question arises – how do we ensure long-term customer loyalty? The answer lies in an unwavering dedication to being customer obsessed. Our raison d'être is to serve our customers, and our existence hinges on surpassing the market's standards in customer service. Amid the complexities of the business landscape, our relentless focus on customer satisfaction becomes the cornerstone of building enduring relationships.
The journey of our business is a testament to the pride we take in identifying and attracting top-notch talent from robust enterprises. The challenges may persist, but our commitment to delivering unparalleled products and services remains resolute. This interview has been curated to distill the essence of our approach, emphasizing clarity and transparency in our relentless pursuit of customer satisfaction.
In the symphony of crafting business excellence, the composition comes to life through a team dedicated to building remarkable products. Our commitment to infusing user-friendliness into the financial-services industry propels us to attract visionary designers, product innovators, and engineers. As we navigate an industry often criticized for its lack of friendliness, our mission is clear – to redefine the narrative and set new standards of intuitive, delightful, and modern solutions.
In the face of future challenges for small and medium-sized enterprises, our strategy for ensuring long-term customer loyalty is rooted in unwavering customer obsession. Our business thrives on the principle that there is no existence without serving our customers better than anyone else in the market. As the business landscape evolves, our relentless dedication to customer satisfaction remains the guiding force.
Pride resonates in our ability to assemble a team of top-tier talent drawn from robust businesses, shaping a resilient foundation for the journey ahead. Challenges may persist, but our commitment to delivering unparalleled products and services remains unwavering. This interview, distilled for clarity, encapsulates our approach – a fusion of innovation, accessibility, and an unyielding dedication to customer satisfaction. As we chart our course into the future, the symphony continues, resonating with the harmonious chords of progress and customer-centricity.