Payment Expert’s ID Check: Payments Professionals offers insight from industry leaders and experts on how they got their start in the financial industry, from their early years in education, to how they have been able to climb the corporate ladder.
This week, Ukrainian entrepreneur Ryta Zasiekina, CEO of banking payment firm Concryt, details how the Ukraine-Russo war impacted her business life and how it made her adapt by bringing in top talent in a time of uncertainty.
Where did you go to university and what did you study? What impact did this have on your current journey?
I have several higher education degrees. My primary field of study is technical education, which has profoundly influenced my life; it means I approach all problems in life and in business like an engineer. This methodical way of thinking helps me solve problems and handle issues smoothly.
In addition to my technical education, I also studied International Economics during my Master’s degree. For my MBA at the Kiev School of Economics, I enrolled in one of Ukraine’s top business schools. I recognised that to achieve my goal of becoming an entrepreneur, I needed to build teams, collaborate with others, and learn essential skills like scaling, financial analysis, operational management, and strategic decision-making. This program offered me the opportunity to delve deeper into these areas and expand my knowledge beyond its current limits.
I completed my diploma in June 2021, and shortly after, the war began. Having this diploma proved crucial, especially as I had to relocate to another country. The knowledge and skills I gained played a significant role in enabling me to establish a successful business in my new environment.
My most recent educational experience was the Stanford Executive Program. Before that, I had a solid understanding of CIS countries and Europe, and I thought I had a clear picture of the rest of the world. The programme significantly broadened my perspective. It gave me a deeper understanding of the different markets in the Americas, including Latin America, which shares similar values with the US, and the distinct Asian market. Overall, it helped to further globalise my thinking.
What Stanford gave me can be summed up in two words: expanded consciousness. It showed me there’s no limit to how much you can expand your thinking, no limits to what you can achieve.
How else can it really make a difference? The contacts you make are invaluable. They can act as advisors or consultants to your business ventures, and often develop business cases with students, which they then use as teaching examples. Classmates are also great contacts because they’re all accomplished professionals already making strides in their respective fields. Unlike university, where you’re still finding your footing and unsure of who will succeed, at Stanford, everyone’s background and achievements are clear from the start. This makes the network instantly valuable and beneficial to each member.
Were you part of any sports clubs or societies at university and has this influenced your educational and professional development?
Kyiv Polytechnic Institute was a massive university with around 40,000 students, almost like a small town. It had numerous faculties, each with its own student council. The central student council was the most important one, and I became a member of this central student council after my first year.
Initially, I served as the head of the sports department within the student council. Later, I became the deputy head of the student council. I got into the student council because I wanted to organise the first women’s football championship. This initiative caught some attention, and I was invited to join the student council. They offered me the position of head of the sports department, which was being newly formed by the newly-elected head of the KPI Student Council.
I built the entire sports department team from scratch, connected with all the heads of sports from various faculty student councils. It all started with my passion for sports and the desire to create something new at the university.
Being part of the KPI Student Council gave me a deep understanding of how internal policies and operations work at a local level, and I honed my organisational skills significantly during this time. When I joined after my first year, I knew nothing about project management or event organisation. The team there taught me the basics; how to plan, mobilise people, gather feedback, and build a team.
I recently came across an interesting phrase that resonated with me: in sports, there’s the right kind of discipline to achieve success. It involves showing up every day and doing the same actions, knowing that the results will only be visible much later. This routine of working towards a delayed result is crucial. It’s about having the discipline to repeat simple, routine actions consistently. This approach is just as important in business. You can’t expect immediate results; you need to have patience and keep repeating.
Did you have any jobs outside of the industry before making your start in it and was this experience a motivation to get into the industry you aspired to be in?
Before I got into fintech, I worked in the legal consulting industry. This role was quite similar to a CEO’s tasks and routines, which was important for me to understand up close. I decided to work as an assistant, specifically handling business tasks, to gain this experience. I quickly advanced to the position of COO as I fulfilled duties which were related to such positions from the first day I joined.
This company dealt with company registration and assistance in opening payment and merchant accounts for e-commerce globally. During my time at the company, I learned about the legal aspects of starting businesses, banking procedures, and compliance requirements.
Additionally, I got into the fintech sector, working with a client, who was a payment solution provider with e-commerce needs. I also went on to work with another notable client that wanted assistance in setting up a business from the ground up to facilitate their e-commerce payment processing needs.
That’s how I was introduced to payment processing. Even from a distance, I realised that this was the industry I wanted to get involved in. I was really excited about it and felt it was the right direction for my growth and career development.
What was the first job you had in the industry and are there any lessons from this you still draw on?
After leaving the legal consulting company, I joined a payment service provider, where I was responsible for business development, establishing partner contacts, and communicating with different banks and clients globally. This role was a significant step for me as the PSP operated worldwide.
During my time there I focused on learning how to negotiate effectively. I closely observed how CEOs negotiated, picked up a few valuable insights and started practising negotiation myself after seeing it in action.
That turning point in my life made me realise the profound impact negotiation has on every aspect of our lives. As the saying goes, ‘we live the way we negotiate’. This means our negotiation skills influence not only our business success but also our personal relationships – whether with partners, colleagues, children, parents, or friends. Learning to negotiate effectively is key to navigating all aspects of life with confidence and success. It’s a skill that continues to have a significant impact on me to this day.
Another key skill I developed during this time was learning to say no and understanding the 80/20 principle. Learning to say no with clarity and confidence was a key aspect of my development. If something didn’t align with my boundaries, I learned to walk away without hesitation or guilt. This mindset shift helped me maintain focus on what truly mattered for the business, making decisions more efficiently and effectively.
We had strict criteria for choosing who we could work with, adhering to compliance rules. This meant recognising that not every potential client was a fit. Learning to say “no” and sometimes refusing offers became crucial. It was important not to overcommit, to avoid promising more than we could deliver, and to prevent taking on unnecessary risks or unfavourable conditions.
Similarly, understanding the 80/20 principle helped me realise that the majority of my business results came from a small percentage of clients. This allowed me to refocus my efforts on those high value clients and projects, rather than trying to spread myself too thin. It’s not about avoiding diversification altogether; it’s about being strategic and mindful of where to allocate resources for maximum impact.
The skills learned in business, such as setting boundaries and knowing when to say no, are crucial for personal well-being. By applying these principles, you create a better quality of life by establishing healthy boundaries.
Who was your biggest role model outside of the payments industry who continues to inspire you in your current career?
As I ventured into different companies during my formative years, my managers often served as inspirations to me. Their leadership, expertise, and guidance played a significant role in shaping my professional journey. Having a manager who embodies qualities you admire can profoundly influence your own approach to work and life.
It’s fascinating how our views on role models change as we journey through life. Initially, we seek inspiration and guidance from others, but as we mature, our focus shifts to our own growth and development.
I have definitely experienced being drawn to certain individuals who excel in areas where I aspire to improve. Watching them in action serves as a valuable learning experience. Once I’ve honed those skills myself, I find myself in a new role – inspiring others by setting an example.
When was your first big break in the payments industry? Why was this such a significant moment for you?
Since I was a child, I’ve always had this lingering feeling that entrepreneurship was where I belonged. But it was during my travels, engaging with partners and clients across various countries, that I really saw the potential to establish my own consultancy, one that embodied my values. Understanding the significance of reputation in the market fuelled my ambition even further.
I felt like I could achieve this through my interactions with people. When I talked with clients and partners, I often got a glimpse into their businesses – their strategies, how things worked internally, and the subtle details of running a business. These conversations were mainly with business owners or C-Level executives; the decision-makers. Their insights profoundly shaped my mindset.
Chatting with such accomplished individuals made me believe I could accomplish anything they could, and seeing some of them transition from big corporate roles to starting their own ventures was particularly inspiring to me.
Was there a moment you faced in the industry that really challenged you? How did you overcome this?
When the war started, it forced a lot of people to reassess their situations. Many companies had Ukrainian employees, Ukrainian engineers were involved in numerous IT projects for various companies. Businesses had to swiftly make decisions to mitigate the risks to their operations.
In times of uncertainty, businesses are often faced with unpredictable risks. While diversifying is a common strategy, when faced with uncertainty, there are typically two courses of action.
The first is to contract, to operate conservatively, and to avoid unnecessary spending due to the unclear future.The second option is to take advantage of the opportunity presented by the uncertainty to launch new businesses and address new challenges.
The chaos brought by the war created an unusual opportunity. Some companies were firing employees because they were against remote work or because employees wanted to relocate. Others were struggling because they couldn’t quit their companies due to being afraid of looking for a new one in conditions of uncertainties, leading to decreased motivation.
I seized this moment to attract good staff, ensuring that I brought in the best expertise. Expertise is developed over years in many companies, and when people are still learning, they often make mistakes that can be costly for the business. Therefore, gathering seasoned professionals and integrating their expertise into the business structure yields results much faster and cheaper in terms of mistakes than, if you limit yourself to the local market alone.
By focusing on attracting top talent regardless of their location, and leveraging their accumulated knowledge and skills, I was able to accelerate business growth and quality.
I now fully embrace the idea that people can work from anywhere on the planet. You can attract and retain these people no matter where they are. This was a pivotal moment for me. I discovered that businesses face no real disadvantage when employees are remote; in fact, employees often trust and value you more as an employer when you offer this flexibility.
Now, we can easily attract talent from different countries, work with them effectively, and improve our product, regardless of their location. By embracing this approach, we transformed a potentially chaotic situation into a structured and efficient way of operating.
Lastly, what is some advice you would give to an aspiring person looking to get a start in your respective industry?
I often say fintech is an industry where change happens at lightning speed. The regulatory landscape is constantly evolving, and the ecosystem includes a vast array of players. When it comes to technology, merchants in e-commerce are always introducing new demands, and user experiences are fast evolving. In general, innovation in the payments industry is something that requires close attention.
Indeed, there are markets where Visa and Mastercard do not dominate the payment landscape, like in Africa, where mobile payments reign, capturing about 80% of the market. Understanding these nuances and collaborating with clients to refine their product for new market entries is crucial.
If you thrive on overcoming obstacles and can find fulfilment in problem solving, then this industry is likely a good fit for you. If you thrive in dynamic and rapidly changing environments, and if you feel comfortable navigating complex systems and challenges, then the fintech industry is definitely suited for you.
However, it’s important to distinguish between working in progressive Fintech projects and traditional banking institutions. In the Fintech space, PSPs are driving innovation and pushing the industry forward.
When it comes to advice, managing expectations is crucial in this industry. Long-term planning is often difficult due to the pace of change and uncertainty. If you’re someone who enjoys being part of constant development and can adapt to an environment of uncertainty, then you’ll likely find the Fintech industry fulfilling and rewarding.
