[00:00:28] Jay: Hi everyone. Welcome to the First Customer Podcast. My name's Jay Aigner. Today I am lucky enough to be joined by Nicky Senyard. Did I get it right?

[00:00:35] Nicky: Sure did.

[00:00:36] Jay: Perfect. CEO and founder of Fintel Connect. How you doing?

[00:00:40] Nicky: I'm great. Thanks very much.

[00:00:42] Jay: I was joking because I clearly have on a golf shirt and I've seen you've been into golfing lately and you called it your golfing odyssey. why do you call it your golf Odyssey?

[00:00:51] Nicky: I think it's one of those things that when you float around the edges of something for a long time, but then you make a commitment to go heavily into something, I'm calling my odyssey. I am fortunate enough to have the opportunity to play at Pebble Beach shortly, and I've decided that I wanna give it my best effort, so therefore, I'm on my Golf Odyssey.

[00:01:12] Jay: I would be disappointed if you said you were just gonna half ass such a nice golf course, but I'm glad to hear you're gonna give it your all. When are you

playing that next week? Did you say?

[00:01:21] Nicky: yeah. Next weekend.

[00:01:23] Jay: All right. well, tell me about Fintel Connect. we caught up a bit and you know, I had some questions and you answered some questions, but I wanna hear from you.

what is Fintel Connect? Why did you start it? what is it?

[00:01:34] Nicky: Yeah, Fintel Connect is a digital acquisition platform. we actually work with financial institutions, banks, credit unions and fintechs to help them grow net new customers. It could be on the deposit side, it could be on the loan side, and we do it across North America, so we do it across Canada and in the U.S..

So we are a niche business. the, acquisition tactic is called affiliate programs. and affiliate programs is just one of the most powerful digital acquisition, whether you're talking about organic search, email marketing, you know, social media marketing or whatever else, it's in that.

It's in that genre of tactics. So it's one that we have specialized in. There's a lot of generalists around, and as technology has advanced and as people's, desire, need, and want to do more online, financial services is no different. You know, we can now shop on Instacart and, you know, all of the rest of it and get everything through, to shop it.

So banking is the same. So we're there to help banks grow.

[00:02:42] Jay: Give me an example, like what's your prime kind of use case working with one of those banks?

[00:02:47] Nicky: It's usually a bank credit, you know, FinTech and I call, let's call them financial institutions 'cause we do across all of them, it's a use cases where they're wanting to get more deposits. For example. and what we'll do is we'll deal with a digital brand or our regional bank that's looking to acquire depositing customers throughout the country.

and we'll help them find those customers through these third parties and the third parties that what we call publishers or influencers. and that could be NerdWallet, it could be Credit Karma, it could be Forbes. So we basically are the technology platform that sits between the banking's digital account opening platform, and these third parties, and we link them together.

We're almost like the plumbing, that makes this sort of stuff just flow. consumers aren't impacted by it at all. So it makes no difference on them, in terms of the quality of the service or the type of product that is offered. But it's really about a commercial model where people, the publishers are paid for the results that they get for the bank, the depositing client.

So it's a CPA model.

[00:03:54] Jay: Got it. And you guys take a slice of that.

[00:03:57] Nicky: Yep.

[00:03:58] Jay: Got it. Beautiful. All right, well, where did you grow up and did that have an impact on you being, such an awesome entrepreneur?

[00:04:05] Nicky: I grew up in Australia. Australia as a country is very isolated from the worst rest of the world. It's incredibly beautiful but isolated. So I think where it gave me the drive was to always question because everything happened to be somewhere else. So, moving overseas, when we moved to Canada, it was my second stint overseas.

'cause I'd always saw that there were opportunities with much larger populations in other places. But I think Australia is a much, is a very, brutal country in terms of its, I think it has almost every deadly creature that can kill you, is in the place and the ozone layer breaking up and all the rest of it.

So the sun damage is, you know, like it's a very brutal place. Beautiful, absolutely beautiful and pristine, but still very harsh. And I think that's probably where it gave me a whole lot of resilience, in terms of looking at becoming an entrepreneur. Because when you observe nature and see it survive and thrive, you think, okay, I can do this.

[00:05:12] Jay: You're definitely the first guest, who depleted ozone was part of your origin story. That's a pretty good one. I'll have to give you that. What was the first business you started? Was it Fintel Connect or was it

something else? 

[00:05:25] Nicky: Yeah, I had another business before this. This is my second. we did the same type of technology platform, affiliate marketing, but again, for another niche. So we created the largest affiliate technology platform in the world for regulated online gambling. So I think what happens is that when you go into a niche, you can go deep and you can actually become part of the solution.

which I like to be, have utility in what we do and provide value, and I think, going into a niche allows us to do that. So that business, we, started in 2002, which if you look at it, Google started in 98. So we weren't that far behind that trend. and we were able to fortunately exit in 2016. So there's been sort of like these very good hop scotch effects in terms of us developing businesses.

but it's always been around. the value that we can offer to the customers and the publishers. 'cause I see us as a very, useful middleman in what we do.

[00:06:25] Jay: Was your background in some sort of being affiliate marketing or some sort of affiliate kinda middleman piece? what? How did you kind of.

[00:06:32] Nicky: my background was in corporate PR marketing, so I was dealing with journalists a lot. So if you look at, I love earned media. So the whole idea of being able to, work with the journalists so that they convey a story to help educate or inform or help their audience. And I saw affiliate marketing is a very quick little sidestep using technology to be able to do that.

'cause the publishers that we work with have an audience base that they're interested in helping. So we just help those publishers make money from helping their audience. 

[00:07:05] Jay: Beautiful. Well, who was your first customer at both of your businesses?

[00:07:10] Nicky: My first customer at, in the regulated online gambling, was a customer called Lasus, which was an Australian based online casino who now, who is no longer in existence I think. And my first financial services client was Scotiabank in Canada. So,

[00:07:29] Jay: That's a pretty good one to get. How did you, so, the obvious next question is how did you get those to be your customer?

[00:07:35] Nicky: I think the first one was through networking and it was that classic, you know, you work very hard to be at the right place at the right time. the second one would probably have been the same. Scotiabank in about 2011, 2012 were looking for to start affiliates for their credit card program. We were Canadian, we replied for an RFP and we won.

So we were Canadian, we could integrate with legacy technology and we were able to support them 'cause we knew what we were doing. So, and they're still a client today, so it's been a very long, very fruitful relationship for both of us.

[00:08:16] Jay: I don't know the landscape physically and, I guess business-wise in Canada. I'm a dumb American, so my geography's very limited, but just in general, I love to hear kind of owning your backyard when it comes to using that as a lever for sales, right? Like, why would you go to California if you're in, you know, I don't know, British Columbia as your first customer, right?

Like, why not own the companies around you?

has that continued to be something you guys lean on as being, you know, Canadian and being, you know, from a certain area and then kind of expanding out? How did you guys treat geo geography when it came to sales?

[00:08:52] Nicky: the great thing about technology and the internet and the digital world that we live in is there are no boundaries, right? There are no borders and boundaries for that. but I think what happens is that when you put a pin in it, you start to then orientate yourself around it because of word of mouth.

More than anything else. So we really, in this niche that we're in, dominate the Canadian market just because of time and reputation and referrals. but the great thing is that we're also making great headway in the US because what we do actually provides a utility that I don't think people knew that they were missing.

So you know how sometimes you don't know what you need until you've got it. Or have the opportunity to have it. I think that's actually what we're providing. We are not the one that created the widget. We're not, but we're basically morphing the widget into something very powerful for financial services that I don't know, that they knew that they were missing.

'cause the other alternatives aren't bad. They're just not as powerful as what we are. So I think it's a very good example of. Just because it doesn't exist doesn't mean it can't exist. It just means that you need to probably look at what the utility is and the value is.

[00:10:09] Jay: Very interesting. I harp on this a lot, as we've kind of moved upstream with our customers is educational sales, versus kind of direct sales of somebody that you know has the problem. How do you still do both? Do you still

try to educate customers

that don't know what you need? They need, and

[00:10:29] Nicky: Yeah, I what it is, I'm definitely about rising the tide, you know, just rising the understanding of general awareness. And that's what a lot of times we are trying to do is basically, provide the tools for people in a way that they can consume them. You know, there is a saying though, you can lead a horse to water and you can't make a drink.

But I think what we're trying to do is provide that there's a lot of these water troughs around the place so people can dig in when they're ready. so I think it's definitely a, channel education. It's definitely a, business functionality, like how are we different from our competitors? and then it's us being able to deliver on that.

So I think it's a wide range of things and we're a really new business, right? So we've only been around for five years in this format that we've got right now. And in that being the case, financial institutions, especially the bigger ones that we're dealing with, are known to bevery long in their decision making process because of the security and the processes they've got.

So I think what we are doing is doing a bit of both, planting a couple of seeds, plus, you know, trying to be, right there when people are needing what they're needing.

[00:11:41] Jay: Financial institutions, obviously lots of market research probably available on them being in such a big industry in the world. How do you guys kind of identify, there's probably a real word for this, but I just call it hungry Tam versus Tam, right? It's like there's total addressable market, like people you could potentially work with in general terms that fit with what you do. You know, I don't wanna be, a guy selling hot dogs in a cafeteria. I wanna be selling 'em outside of a coal mine at lunchtime, right? Like, I wanna be serving hungry, you know, people, how do you kind of figure out what slice of who's potentially available is like actually ready to go and could be a really good fit right now?

[00:12:19] Nicky: I think that's a lot of it comes down to research. I mean, we've got our five criteria that we think makes a client successful in this channel. But the things that we are still in discovery bit when we have, when we talk to people is to find out where our appetite is and what the problem is. What we try to focus on is what is their goal, what is their goal, and if we can have any utility towards helping them get that goal or reaching it, that's where we then double down our effort.

And one of the best examples are is somebody may be doing affiliate marketing and. it's just business as usual and then something happens and, the commercial bank gets a big commercial loan and they need another $200 million worth of deposits. I mean, these are very big numbers, but you can substitute anything into it and then that becomes where there's a real need for what we do.

We do not want to be with clients unless we can make a difference. So what we try to do is a whole lot of question asking in terms of what do they wanna achieve in the channel? Where does this come into their strategic, operations and plans, and what problem do we solve? Because as soon as you solve a real problem, not a fake problem, then you know that you're actually gonna provide value, and that can only come through building up the trust and asking intelligent questions.

[00:13:46] Jay: So you told me who your first customer was. Who is your first customer that your first customer compared to who your customer is today? Now, I know you said you have some that are the same customers for, you know, for a bunch of years. but who do you go after today? Has it changed at all? Is it exactly the same?

Is it a different type

[00:14:01] Nicky: It's probably done a little.It's been like we've gone a little bit more up market. I think when we started the business, we started with the concept of Greenfield site and totality, you know, like being able to see everybody and surf as everyone. and then what we've realized is that to really juice.

The, orange juice out of this orange, you need to have some infrastructure. So what we've really decided to do as a business is go where people have the infrastructure and the appetite. So as opposed to you can have a FinTech, a newly funded seed round or Series A FinTech that's got the appetite, but they don't have the infrastructure.

They're still working themselves out. Or you could have a community bank that may have the infrastructure but not the appetite. So what we're just trying to do is look at those two things together to actually sort of get that cross point where we can have great impact in utility.

[00:15:00] Jay: Been an entrepreneur for a very long time. what's the biggest lesson from your biggest failure, during that time period?

[00:15:09] Nicky: The biggest lesson that I've learned from my biggest failure is there is always a solution. You might not like it, it may not be your first choice, but there's always a solution. and that's where it really comes down to being able to bet on yourself and your team to be able to get yourself out of any hole that you're in, because at the end of the day, things are gonna go sideways.

They always do not because of maliciousness or lack of, or not paying attention to the right things. what we're trying to do is we're trying to build, and when you build, you break. And so you need to be able to mend on the fly and have the confidence that you and your team can do it.

[00:15:53] Jay: What would you do if you had to start over tomorrow? Same market, same kind of business. you know, what's step one for you? If you wake up tomorrow and Fintel Connect no longer exists, but you wanna start the same business, what's step one?

[00:16:05] Nicky: I think it's going to where you've got your networks. So I think it is one of those sorts of things that, one of the things that is never spoken about ever. Is that whatever we're doing, whether it's technology based, whether it's physically, products based, whatever, it's really about people and it's about people and what they feel that you, they can, whether they can trust you, whether you can trust them, whether they feel that you've got, you understand the world through their eyes or very close to.

So I think the thing that I really learned from this business was that wherever you have networks of good people, then that is the place to go. So what we've done with this business is that we had a great concept, very good technology that we're building. We also knew how we had utility and we're solving a problem.

But what we didn't have is the networks. So that's what we're building on. We're building on those deep rooted connections that you've got with the community that you're in to actually create the growth. And that if I was to start again, I would say that was something that I never perceived to be as important as I do now.

It could 

[00:17:23] Jay: I love, I'm sorry. I was gonna say, I love that because I know a lot of people that have had success, and not done that. And then they hit a wall and realize, oh wait, I'm in a space where I don't know who the other players are, who my clients are, where the, I mean, is it going to business groups?

Is it going to conferences?

Is it going like, how are you building this

kind of, especially in a stodgy kind of space, like financial, you know, those guys are maybe a little stiff sometimes. How are you actually making real, I'm not saying all of them by the way, obviously, but I mean just in general.

It's not the most exciting, you know, space sometimes,

[00:17:57] Nicky: Well it is because once you understand the content of it, it does become really exciting.

there you go.

Well it does with everything, right? It's when you can peel back the layers of it's just good people trying to do good stuff, right? And it just happens to be around money, which is also really interesting because there's a lot of regulatory restrictions to it and a whole lot of different, you know.

Anyway, you can, you know what I'm talking about. I think where it all comes down to is that you build the relationships bit by bit and you make good relationships and people refer you on to next ones and tell you where you should be. And people, I've found building this business to be incredibly supportive and helpful.

but I think I also go in with it with a very curious mindset. So I'm wanting to understand, so therefore I'm finding people that can help.

[00:18:44] Jay: You do that in a non, I'm probably asking this the wrong way, a non disingenuous way, right? You see, all the people who are saying, I just wanna help. You know, I just wanna, and they come across as like very salesy. But like if you're out there and you're trying to build this network and you're trying to get in touch with people in a space that you don't know very well, how do you, in very real terms, be a real person and make connections with these people. Is it going to lunch? Is it going to coffee? Is it like just

[00:19:10] Nicky: Yeah. It's like it's doing, it's being at the conferences, it's reaching out. It's sort of like you just, it's you. You have to put yourself out there and you have to put yourself out there as authentically as possible. I think one of the things that I've very fortunate that there as a personal philosophy, I've just chosen to be who I am.

Some people like it, some people don't, and I appreciate that. 'cause I'm not everybody's cup of tea. All good. But I think what happens is that when I get to meet people for the first time or get to be able to spend a little bit of time with them, people have a very good bullshit leader. They know. And I think the thing is that I am genuinely curious.

And I am quite fascinated about how people do things and why they do it. And I do wanna be part of the solution. So some people will perceive that and then there's a connection and some people will see it as a sales tactic or ploy, and there won't be a connection. So luckily in the latest stages of my life with all my gray hair, I've, there's some that, some work and some don't.

I just have to keep on kissing the frogs.

[00:20:22] Jay: The frogs. Kiss 'em all. All right. I have one more question for you. Non-business related, just Nicky being Nicky, what would you do if you could do anything on Earth and you knew you wouldn't fail?

[00:20:34] Nicky: What I'm doing, 'cause I'm not gonna fail, and I love it. I love building businesses. I love the intrigue, I love the problem solving, and I love the relationships. So I have been very fortunate. My first exit allowed me not to have to do anything again, and yet I did because I genuinely love building.

[00:20:57] Jay: Beautiful. All right. If anybody wanna hear anything they heard about you today or Fintel. Connect. How do they find you and how do they have find Fintel?

[00:21:05] Nicky: Great, we're online. fintel connect.com or find me on LinkedIn. Nicky Senyard.

[00:21:11] Jay: Nicky Senyard. Is there any other Nicky Senyards on LinkedIn?

[00:21:14] Nicky: I don't think so.

[00:21:15] Jay: All right, well, we'll make sure we link you there. All right, Nicky, you're fantastic. I loved, spending some time with you, and you have a good week. We'll be talking to you soon. Okay?

[00:21:22] Nicky: Thanks so much for having me.

[00:21:23] Jay: You got it. Thanks, Nicky. See you. 

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