Hanoi Morillo is an accomplished author, speaker, executive, and international investor. She has had a significant influence on the digital and technological worlds thanks to her years of experience in the field. In addition to being a shark on the television program “Shark Tank Colombia,” Hanoi is a partner in the Latin American companies LA7EM and Gate93.
She brings to the sector her vast experience in digital transformation and innovation as the CEO and co-founder of Fivvy, a new fintech in the USA. Hanoi has demonstrated her capacity to drive and expedite digital transformation through her prior experience as Scotiabank’s Vice President of Digital Banking and CDO. She has also held senior management positions at Google and IBM, where she worked on global projects involving marketing, digital transformation, and innovation.
Describe who you are as a person, inside and outside of the workplace.
As an individual, I am passionate, driven, and endlessly curious, constantly seeking out opportunities to learn and embark on new projects. Whether it’s serving as a Shark on SharkTank Colombia, writing books, or leading a company, I am always eager to take on new challenges and explore different avenues. My thirst for knowledge and my willingness to push myself beyond my limits are characteristics that define me both inside and outside of the workplace.
Describe your background and what did you do before you started/joined the company?
Hailing from Spain, my educational background lies in Business Administration. I began my professional journey at KPMG before venturing into the realm of technology, where I spent over a decade at Google. Following this, I held executive positions at IBM and Scotiabank for five years. Alongside my professional commitments, I also take on various other roles such as mentorship, angel investing, public speaking, and writing. In short, I am a multi-hyphenate who wears many hats on any given day.
Tell us about the inception of the company. How did it all start?
Initially, our quest was to enhance your financial experience by asking the question: how can we make your interaction with money better? Our initial idea for Fivvy was to develop a credit/debit card recommendation engine, where you could effortlessly identify the optimal payment method for each transaction in your wallet. However, our vision has evolved, and we are now a super app that enables you to become more financially astute. Furthermore, our impressive B2B solution for Financial Institutions is an added advantage that truly become our priority. In just three months, we can transform a purely transactional and boring banking interaction into modern personalized digital experience.
What has made you successful? What do you value?
My success can be attributed to my willingness to take risks and step out of my comfort zone. As evidence of this, I have relocated to different countries six times, transitioned into new roles and companies, made appearances on a TV show, and authored books. Additionally, I am highly self-disciplined when it comes to managing my time and prioritizing my health. Furthermore, I am fortunate to be surrounded by an exceptional group of friends and family who have provided me with unwavering support. These are the values that I cherish and that have contributed to my success.
Which are the major services of the company and how do they the company to get ahead in the competition? What value-added services does the company provide?
In the US, our company provides a range of major services to our B2C clients. With our intuitive user interface and clear language, we offer a single app solution for managing personal finances. Our services include budget tracking, expense reduction recommendations, and detailed credit card information such as available credit and payment due dates. By utilizing our payment alerts, our users have saved up to $597 USD in late payment fees alone. Moreover, our sophisticated fraud detection system ensures that any fraudulent activity is immediately identified and reported to our clients. These value-added services provide our company with a competitive edge, setting us apart from others in the industry.
For both North American and South America, our B2B solution is disrupting the Fintech space. Fivvy specializes in transforming traditional banks that have lost their competitive edge and are failing to meet their customer’s expectations. In just three months, we can transform a purely transactional and boring banking interaction into modern personalized digital experience.
We leverage cutting-edge data analytics and ML to provide our banks’ customers with a personalized and valuable financial experience that allows them to answer questions like having a personalized budget, payment or fraud alerts). At the same time we give real-time customer insights to the FI, enabling them to monetize their own data and make informed decisions about their go-to-market strategies or product development and build high performing upsell and cross-sell campaigns.
In short, we help banks stay ahead of the curve by offering personalized, data-driven solutions that enhance their customers’ banking experiences and increase data related revenue streams and cost efficiencies. With our platform, any bank can stay competitive, innovative, and customer-focused.
What are the most important aspects of a company’s culture? What principles do you believe in and how do you build this culture?
For me, company culture is of paramount importance, and I prioritize it above all else. Before discussing business matters, I focus on people, as I believe that a strong culture is our most valuable asset. As a startup, we may not be able to offer the same level of compensation as larger companies, but our employees choose to stay with us because we foster an incredible work environment. Our culture is built on pillars such as Psychological Safety, Trust, Inclusion, and Accountability, which are fundamental to our values and principles. We work hard to ensure that these values are integrated into every aspect of our operations, from hiring practices to team building activities, to create a supportive and collaborative workplace.
What is the significance of innovative ideas in the company?
In today’s competitive business landscape, innovative ideas play a crucial role in the success of a company, particularly when competing against larger players such as Mint or Google Pay. At our company, we recognize the importance of being agile and adaptive, which is why we encourage a constant flow of fresh ideas and are willing to experiment with new approaches as long as they ultimately provide value to our users and customers.
Give us your opinion on; do organizations rely heavily on individual heroics or team processes?
In my opinion, whether organizations rely heavily on individual heroics or team processes varies based on the company culture and industry. However, I believe that a balance of both is crucial to achieve long-term success. While team collaboration and collective efforts are essential for achieving sustainable growth, having exceptional individuals can add value to the team and keep motivation levels high. As the popular saying goes, “If you want to go fast, go alone. If you want to go far, go together.” I firmly believe in this approach, and I believe that having both individual stars and a strong team process can lead to outstanding results. It’s crucial for organizations to strike a balance between individual contributions and collaborative efforts to achieve the best possible outcome.
What are your responsibilities as the CEO & Co-founder of the company? What is the happiest part of your daily routine?
As the CEO & Co-founder of the company, my responsibilities are varied, and it’s safe to say that I wear multiple hats throughout the day. While my focus lies on raising capital, leading commercial conversations with prospects, and ensuring that my team can perform at their best by eliminating roadblocks, I also have to be actively involved in other aspects of the company, such as product development and strategy.
In my opinion, the happiest part of my daily routine is seeing my team thrive and succeed. As a leader, there’s nothing more satisfying than witnessing your team members excel in their roles, reach their goals, and grow both personally and professionally.
What advice would you give someone going into a leadership position for the first time?
If I were to give advice to someone entering a leadership position for the first time, I would suggest taking a deep breath and remembering to ask a lot of questions. As a leader, it’s crucial to be an active listener, to empathize with your team members, and to serve them rather than expecting the opposite. Additionally, I would recommend being adaptable and open to change, as the business landscape can be unpredictable at times. Finally, prioritize your own learning and growth as well, as a strong leader is one who constantly learns, evolves, and develops new skills.
