fintechview in its #4 digital magazine issue, featured, Alexandra Spyrou, CEO of PS Novus Business Consulting Ltd, a company giving bespoke consulting services. She has extensive experience in the finance and banking sector through her 9 year working experience as CFO of the biggest law Firm in Cyprus as well as a key member of the restructuring and insolvency team of the firm. Alexandra shared her insights on the today’s customer expectations, the biggest challenges the financial sector is called to face today and how entrepreneurs can maintain business-life balance.
Finding ways to exceed customer expectations and stay competitive ranked among the key concerns of businesses over the past year.
How has your entrepreneurship journey started?
My entrepreneurship journey, establishing PS Novus Business Consulting Ltd was the result of a long career journey in the professional services industry and an empirical observation of the market which in my opinion lacked solutions to businesses requiring to have financial advice and management adjusted to their individual needs (external CFO services). What the market was offering was generic solutions not necessarily meeting the specific needs of businesses or even if such solutions were available there was a need of deciphering the information in a way which has a practical application to that specific business.
As a CFO in the legal industry I gained vast experience in operational and debt restructurings and spearheaded initiatives with respect to the creation of both single and multi family office services and also led the set-up of single family offices for families with substantial wealth.
What’s the biggest challenge the financial sector is facing today, in your opinion?
The financial services industry has been undergoing a fundamental shift for many years now. As more people rely on digital to handle tasks and expect businesses to meet their new digital needs, financial services have been pivoting. Over the last few years, the focus on digital transformation has accelerated. Finding ways to exceed customer expectations and stay competitive ranked among the key concerns of businesses over the past year.
For the first time in decades the labor market has shifted in ways that have employees holding the upper hand, meaning many high-skilled, high-demand roles are open and difficult to fill. This challenge can be tackled with a twofold approach: emphasizing ESG initiatives and rethinking the industry’s usually very traditional work setups. This means embracing remote work as well as investing in eLearning and coaching capabilities. Data breaches continue to be a concern in the financial services industry. Financial services are a prime target for cybercrime due to the sensitive nature of their data. With the increase of transactions and communications online, security and risk mitigation have been key areas of focus. Finally, Financial services are already one of the most heavily regulated industries. As the industry shifts to new technologies, so do the regulations. Regulators are moving to increased supervision and enforcement.
Data breaches continue to be a concern in the financial services industry. Financial services are a prime target for cybercrime due to the sensitive nature of their data. With the increase of transactions and communications online, security and risk mitigation have been key areas of focus.
What’s PS Novus unique selling point and how do you differentiate from the competition?
Our company is able to establish financial strategy focusing on the detailed short- and long-term strategy, short- and long-Term Forecasting understanding of the current and future capabilities of the company, as well as in-depth analysis of the competitive landscape within the industry, assist with the preparation of budgeting of typically 3 to 5 years forecast to guide the year’s financial decisions while keeping the organization on track to reach its goals, assistance in raising Capital based on our network of financiers, assistance in structuring capital including determining how much financing you need and what mix of debt and equity financing is best for the company’s goals. Our long experience in the area or restructuring have given us the competitive advantage to be in the position to renegotiate vendor contracts, restructuring client contracts, ensuring pricing is aligned with company & industry trends, analyzing commission structures, supply chain management, attributing costs to revenues.
In every recession there are a lot of opportunities however the investors need to be very careful in their moves.
In every recession there are a lot of opportunities however the investors need to be very careful in their moves. This is where financial advisory services are extremely useful as they can assist to eliminate risk and ensure that the investors are not derailed from their course. Investment appraisals are very important since the assessment of an investment project decreases the chances of failure and influences the company’s cost situation and performance while affecting decisions about investing in certain projects. In combination with the above we offer Consulting support provision on behalf of companies seeking to raise capital/Consulting support provision on behalf of investors seeking investment opportunities/Presentation of the company and its business plan to prospective investors.
What are the needs of today’s woman? How do you see the business-motherhood balance?
Being a mother does not and should not exclude the possibility of her having a successful career.
Work life balance can be difficult however it’s not impossible. We assume work/family is a seesaw, and if work is up family is down. Yet, we forget that work/family can, and often is, mutually beneficial. Becoming a parent can help people become more self-aware, more empathetic, and develop new skills and relationships that help them thrive at work and become more successful leaders. Having a rich, meaningful career can help you be a better parent, as it provides perspective, meaning, and greater economic stability. My personal opinion is to become a role model for your children through your achievement and your actions and enrich them with values that matters. After all at all times you lead by example whether in your professional life or your personal life.
What’s your one piece of advice for young women looking to have a career in fintech?
Believe in yourself, make sure that your voice is heard, be authentic, work with integrity and create your own opportunities are some of my key pillars that would advise . Know and understand your own strengths but most importantly understand your weaknesses, and be confident enough to build a team around you that are better than you are at their specific focus areas. Learn from others who have gone before you, find those mentors you can trust fully, both men and women, and set time aside to support, guide and build up others earlier in their career. Passion and kindness is inspiring and infectious.
To read the full interview check out fintechview digital magazine
