Online credit, investment, and insurance services transform the money management processes, making them available and convenient. These innovative products reduce expenses, improve the quality of customer service and financial inclusion. Denis Edemskiy, the founder of Tapwill, a P2P platform, has shared his experience in developing fintech products. 

What education do you have and how does it help to work in Europe?

True professionals are valued for their ability to adapt quickly to market changes and introduce innovations. To do that, one needs to constantly update one’s knowledge and apply it practically. 

For instance, I graduated from two prestigious Russian higher education institutions and completed several IT postgraduate courses. I gained practical skills while working for a big corporation and learned a lot about business mechanics in my own agency. 

Besides, I try to attend issue-related forums and conferences as often as possible to check into startups and new IT developments, to get familiarized with up-to-date business instruments and stay on track.

Do you mean that you cooperate with European representatives of the fintech sector?

Absolutely. To launch a successful startup, it’s crucial to have close cooperation between experts in different fields. Only through the exchange of opinions between developers, data analytics, cyber safety experts, and bank officers can safe and integrated solutions be created.

Therefore, I regularly attend startup events, pay attention to other project founders, and ask questions. Interesting fintech arrangements are always on my list of events to attend. By the way, it’s at these events where I find useful contacts.

I am always happy to help young professionals who are just starting their careers, especially because new ideas often arise while discussing projects.

How do you manage to transform your knowledge into ambitious projects?

Firstly, I evaluate the situation and identify the challenges that legal entities and individuals face while managing their finances. Then, I think about potential solutions and features that a new service must have. This is how I come up with an idea that can be developed into a startup. 

My initial project was related to the construction industry. I noticed that certain processes took too much time, leading to many errors caused by human factors. By digitally transforming some of these processes, we were able to improve the efficiency of the company and reduce expenses.

While working in the construction industry, I also noticed that real estate agents struggled to navigate large databases. Along with my colleagues, I launched a startup that helps process large volumes of information.

My most significant project is the Tapwill platform, which offers a new approach to lending. On this platform, lenders seeking profitable financial investments meet borrowers interested in raising capital. We ensured that the platform was safe, reliable, and refundable, which resulted in a 100% increase in users. Consequently, I was awarded the Digital Leaders Award in the “Project of the Year” category.

What challenges do you face developing international fintech projects?

I think that the main challenge is ensuring safety and compliance with regulatory requirements. The financial sector is highly regulated by governmental bodies, which means that it requires strict adherence to the legislation of other countries, as well as cooperation with a lot of foreign payment systems and banking services. I have substantially researched the banking experience of “Big Brother”, but still I engage professional advisers having relevant experience. Specifically, I apply to my groupmates who have experience working for the Big Four companies.

In addition, there is a human factor to consider. For example, on Tapwill, it is one of the factors affecting the refundability. To minimize risks, I developed a borrower questionnaire after reading piles of professional literature and scientific sources. My wife even jokes that I now have a higher education in psychology.

How do you use artificial intelligence in your projects?

I have been using neural networks as a credit-scoring tool for quite some time now, realizing the potential of artificial intelligence in my projects. Artificial intelligence has proved to be helpful in optimizing processes, particularly when it’s necessary to reduce the human factor since the system is dynamic, constantly learning and renewing. The idea of regular self-development resonates with me as I enjoy creating and organizing different processes. 

In terms of my experience with Tapwill, it is a platform that is entirely based on artificial intelligence. The neural network analyses the actions and responses of users and when it identifies consistent patterns, it blocks the system line, creates a claim, and submits it to the relevant governmental bodies.

What does being a fintech expert or leader mean to you?

To me, a real expert is someone who is sought after for advice even by other experienced professionals. It is a pleasure to be able to help and make a contribution to the development of financial technologies. To do this, one needs to stay active and interested in modern products and trends.

I had a curious experience when I attended an IT conference in the USA. In a conversation, I mentioned that I had a background in financial management. As we chatted further, my companions realized that I had expertise in the matters they wanted to clarify.

Are fintech startups interesting to investors?

Yes, I have received support from several investors and now we plan to expand our business to European countries and Great Britain.

Fintech startups are generally considered interesting by investors. They find banking, insurance, investment, and payment systems solutions especially attractive. Investors expect high yields from the expansion of these technologies on the global market since successful IT products offer flexibility, scalability, and unique value propositions. For this reason, now is the right time to focus on the development of convenient financial tools.

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