The global fintech and payments sector has evolved remarkably, especially in India, encompassing urban and rural demographics through the digital banking paradigm. It is a tremendous story of evolution for the last three decades riding on the gears of technological advancement and visionary leadership. In this dynamic landscape, a visionary cohort of leaders has propelled the nation towards a digital banking uprising. Among the prominent figures at the forefront of this transformative journey stands Ranga Kanapathy, a seasoned leader whose contributions have significantly shaped the industry’s trajectory.
As Chief Transformation Officer – APAC and Chief Delivery Officer at Altimetrik, Ranga personifies leadership excellence and innovation within the fintech and payments domain. His strategic foresight and steadfast commitment have been instrumental in harnessing technology to foster sustainable growth and revolutionize digital banking across diverse demographics in India.
The World Bank and IMF lauded the Indian digital banking infrastructure last year, commending it to every stakeholder, from banking and IT professionals to fintech and payment industry members. Let’s dive into the story of Ranga Kanapathy, among The Most Dynamic Leaders in the Fintech and Payments Industry, and his noteworthy contributions to this achievement.
Beginning at the Edge of a Revolution
Ranga, a prominent figure in the industry, stands recognized as one of the most dynamic leaders, leaving a lasting impact in the evolution of digital banking infrastructure. His journey began as a start-up founder in the early days of the software proliferation in India with an immense passion to build and grow. With a commerce graduation background, he started his first hardware and software development company and took a dive into an extremely dynamic industry especially in those formative years in the Indian economy. As the saying goes, rough seas make tough sailors. It was this entrepreneurial phase that equipped him with in depth knowledge about the industry and changing consumer behaviour as he went on to building more start-ups in India and eventually in the US.
Later, Ranga went up to playing leading roles at PayPal – a fast-growing fintech and then Visa – an established global organization, and then heading Engineering & Technology at Altimetrik – a global digital engineering and digital business firm, while serving as a mentor to several start-ups. From an entrepreneurial background to serving in leadership roles, Ranga’s experience was enriched with exposure to building, managing and growing enterprises of every size – start-up, small, medium, and large. This gave him a balanced and holistic experience that has immensely contributed to his knowledge of industry dynamics and how to be successful in any venture.
Ranga has played a pivotal role in steering noteworthy advancements, laying the groundwork for a future where digital banking seamlessly infiltrates every corner of the country.
Beginning his career as a commerce graduate, Ranga had the foresight of the imminent upsurge of technology in our world and to prepare himself for that he went on to be among the firsts to study at Uptron ACL, a software training centre, way back in the early 90s. “This was at a time when India was just opening up to globalization, and I was getting into things that even NIIT and IITians weren’t thinking of,” recalls Ranga. With a keen interest in the computer and internet revolution, he ventured into selling and assembling computers, and developing accounting software laying the groundwork for his entrepreneurial endeavours from 1992 to 1994.
Transitioning to IT, Ranga pursued a master’s in computer application at the College of Engineering Guindy, Anna University, Chennai. During this academic journey, he gained profound insights into the transformative potential of computers, the internet, and software technologies. Subsequently, Ranga entered the professional arena by joining CBSI, a company founded by Raj Vattikuti. Commencing his professional journey as a software engineer, Ranga’s entrepreneurial spirit eventually led him to make significant contributions in the United States. He says, “I worked with organizations like PayPal, Visa, and e-commerce companies, including eBay. I also worked with Mattel, Fisher Price, and many in the US, from coast to coast.”
A Journey from Coast to Coast
In his consultancy role, Ranga primarily concentrated on establishing data frameworks for fintech, payments, and e-commerce solutions, forming the bedrock for his substantial professional trajectory. This experience acted as a catalyst for Ranga’s entrepreneurial endeavors, prompting him to initiate several startups in the United States. Despite facing both successes and setbacks, his entrepreneurial spirit not only endured but also strengthened over time.
“When I joined PayPal, the company underwent an acquisition by eBay. They had a strategic vision to expand their global technology centers beyond San Jose, their base of operations. This marked the inception of PayPal’s Indian Developer Center in Chennai, Tamil Nadu. To establish PayPal’s significant presence in India, I relocated and played a key role in this expansion. Over 12 years with PayPal, I assumed diverse responsibilities such as engineering solutions for RISK, Global Operations, SRE OPS, Data Management, Product Management, and various other facets. This extensive tenure gave me invaluable insights into the early stages of payments, including the groundbreaking period when PayPal facilitated payments through email. I actively contributed to the entire evolutionary process of payments – spanning from its foundational phase to the contemporary landscape of app-based transactions that define the present service-oriented payments industry.”
Equipped with a comprehensive spectrum of experience in fintech, payments, and e-commerce, Ranga’s expertise extends to risk models within payments across global continents, connecting the Americas, Europe, and Asia.
After that, Visa started its operations in India. “Since I used to work for Visa before PayPal, they contacted me to help me set up the India Technology Center for Visa in Bangalore,” says Ranga, who, after working for PayPal in India as the Head and Director of Data Technology, joined Visa’s data labs as Senior Director and India head in 2015.
Learning on the Move
Ranga relocated to Bengaluru to spearhead Visa’s global data platform after the acquisition of Visa Europe by Visa Inc. His entry coincided with the integration between Visa Inc. and Visa Europe, and he played a crucial role in seamlessly integrating the data platforms following the acquisition. “I was part of integrating global data platforms and creating a global operating model leveraging the best of teams from all locations. I used to manage both teams in London, Bangalore, as well as teams in USA,” mentions Ranga. He gained extensive experience managing complex scenarios involving organizational splits, acquisitions, diverse teams, and expansive platforms across three major continents.
The integration of Visa Inc. and Visa Europe, previously distinct entities for nearly a decade, posed a substantial challenge, particularly considering their combined post-acquisition valuation of $24 billion.
With a wealth of experience in product development for prominent organizations, Ranga and his colleagues recognized an opportunity to leverage their expertise and embarked on a new venture focused on product development from the service side. “I joined Raj V again with Altimetrik, completing the circle where Raj noticed my software engineering capability. Also, my manager from Visa happens to be the CEO of Altimetrik, Raj Sundaresan,” reveals Ranga.
Ultimate Destination Altimetrik
Altimetrik has brought together a cohort of like-minded professionals driven by a shared commitment to solving challenges across industries, including payments and fintech. The journey involved strategically restructuring teams and attracting top-tier leaders to the organization. Altimetrik has since evolved into a distinguished data and digital engineering services company focused on supporting digital business development with an agile, product-oriented approach. The company has partnered with several Fortune 100 companies, spanning 22 global locations across ten industry verticals. The company boasts a remarkable y-o-y growth rate and a dedicated team of over 6000 practitioners.
Ranga emphasizes that their ability to attract high-profile clients is rooted in their firsthand industry experience. Altimetrik recognizes the constant evolution in product engineering, necessitating ongoing skill development and staying abreast of technological advancements. “Understanding market dynamics is pivotal to ensure agility in response to emerging trends and offer comprehensive end-to-end solutions,” says Ranga.
He shares his approach and adds, “We follow a unique Digital Business Methodology, that employs an incremental and “bite-sized approach” to deliver outcomes to clients with speed, agility, and scale. Through meticulous assessment and the creation of minimum viable products (MVPs), we instill confidence that has helped us build long standing relations with our clients.” Rather than adhering to lengthy product development cycles, Ranga and his team focus on providing continuous progress, allowing clients to witness tangible results within weeks.
Ranga is currently responsible for the global delivery and business in APAC including India, UAE, Singapore, Malaysia, and the ANZ. Under Ranga’s supervision, Altimetrik teams put together end-to-end roadmaps that emphasize continuous progress, ensuring clients do not have to wait for extended periods to see results. “Altimetrik distinguishes itself by actively involving clients and their customers in the development process, fostering a unique model where engineering, technology, digital business, and strategies converge seamlessly,” says Ranga.
Delivering Growth with Digital Business
Ranga says, “Overseeing a substantial business unit, my primary responsibility is to drive business growth. From a technological standpoint, I manage global delivery operations and oversee the development centers in India, contributing to a workforce of around 5000 individuals.” He further adds, “India constitutes 80% of our workforce, where most operations are conducted. Around 50% to 60% of our business is engaged with fintech and payment tech, with the remaining is engaged in healthcare, pharma, automobile, and retail supply chain. India serves as the hub for delivering digital business solutions and products, platform modernization through technology solutions including Cloud, Agile, DevOps, Information Security, Quality Engineering, Data Engineering and Advanced Analytics.” Ranga and his team of digital practitioners are also focused on delivering value to customers in the growing space of AI, especially Generative AI.
In India, Altimetrik is strategically distributed across Bangalore, Chennai, Hyderabad, Pune, Jaipur, and Gurugram. “Looking ahead, our growth trajectory includes opening additional engineering centers in Singapore, Malaysia, and Australia,” says Ranga.
A Voyager in Transit
When asked about how he planned his journey over the years, Ranga says, “Planning for the next decade involves adapting to the dynamic landscape presented by evolving markets and technological advancements. It’s about seizing opportunities, striving for excellence, and continuously assessing evolving trends. The current shift towards a consumer-centric business design is noteworthy, and I consider myself fortunate to have been in the right place at the right time.”
He adds, “I am enthusiastic about observing the evolution of payments, especially with the rise of cryptocurrencies and blockchains. The contrast between the past, where obtaining ₹100 in cash involved a visit to the bank, waiting in line, and dealing with cheques. In the present, banking activities are seamlessly conducted without physical visits which shows the dramatic wave of change we are seeing.”
“In the dynamic technological landscape, IoT and Generative AI are reshaping our environment, influencing everything from smart cars to household devices and office electronics. The interconnected nature of these advancements, particularly in the realm of payments, highlights the role of payments in contemporary activities. My excitement lies in staying attuned to these developments, recognizing the integral role of payments in shaping the present and future.”
About his leadership approach, Ranga’s philosophy is simple. “We hire the right person, guide them, mentor them, empower them, and let them run the show.” I emphasize to my direct reports and managers that they are the CEOs of their respective domains, instilling a sense of ownership and responsibility.” This leadership style has successfully scaled from managing smaller teams to overseeing diverse functions, reinforcing the belief that empowering individuals leads to a more engaged and effective workforce.
That’s a simple philosophy that works wonders. “I’ve managed teams of all sizes, from 10s to 100s. In India alone, we have around 5000 people across five locations, including engineering, product, agile, program management, project management, and more. Many of them feel they are running the show, which is true.”
Riding the Cycle of Success
According to Ranga, innovation, customer satisfaction, and efficiency are interlinked cyclically, forming a crucial nexus. However, they do not uniformly progress together. Innovation necessitates investments in time, money, and energy. “The success of innovation is measured by its outcomes, whether it generates new business, facilitates business growth, or enhances customer experience, fostering customer satisfaction. The entire cycle revolves around the premise that innovation lacking substantial outcomes is futile.”
Ranga illustrates with popular examples of erstwhile industry giants, whose relevance waned due to a loss of innovation. He cites the example of Amazon that strategically focused on customers rather than solely on technology and innovation and found success by closely engaging with customers and delivering solutions directly to the end customers. The lesson here is balancing technological efficiency and meeting customer expectations.
Adapting to uncertainties, especially post-COVID-19, requires an in-depth understanding of consumer behavior, efficiency, and innovation. The strategy should continually evolve in response to market dynamics and customer evolution, ensuring a dynamic and responsive business model.
The global pandemic has significantly enhanced operational efficiency across various industries. He also cites an example from the world’s largest electronics producer that experienced remarkable growth in its electronics business with a notable 300% expansion in their sales. This success is attributed to their continued manufacturing capabilities and efficient delivery processes, particularly catering to consumer needs at the right time.
Citing an example, he says, “One of our clients, a large chocolate manufacturing company in the world was seeing heavy demand. But the company faced challenges in shipping due to disorganized manufacturing, warehousing, and customer locations. Addressing this, our assistance led to implementing a distributed manufacturing and warehouse setup. This strategic shift ensured proximity between manufacturing, inventory storage, and customers, eliminating the need for centralized manufacturing and global distribution.”
Centralized manufacturing and global distribution incur high costs due to increased raw material expenses and the need for centralized production and distribution hubs. In contrast, distributed manufacturing, warehouses, and distribution centers spread costs efficiently, resulting in substantial cost savings. If the chocolate company is serving in India, all they need to do is to have manufacturing and distribution locally. That’s how the pandemic hugely impacted the entire retail and supply chain model.
Change is the Only Constant
In the constantly changing financial landscape, the primary challenge, according to Ranga, revolves around building and maintaining trust. Trust is the cornerstone of the industry, where even a minute discrepancy in transactions can impact consumer trust. Strategies to manage and cultivate trust have become diverse, incorporating digitalization, automation, and cloud computing, reducing infrastructure, transaction, and payment costs. This cost-effectiveness allows organizations and banks to offer enhanced value propositions to consumers.
The subsequent challenge in the financial sector is scalability. Globalization has turned the world into a shared space for financial activities, encompassing buying, paying, lending, and loan processes. Major players, like PayPal, operating in nearly 200 countries, face the challenge of maintaining a consistent core product while adapting to regional variations driven by geography, laws, customs, and terrain.
In this context, the core of fintech products remains uniform, but the critical aspects involve customization, scalability, and security. Achieving scale, customization, and ensuring security have become focal points for industry participants, prompting investments in these areas. Establishing specialized COEs is one of the strategic approaches employed to effectively manage and address these critical components of the fintech landscape.
Focus for the Future
From a strategic standpoint, the future of any business is intricately tied to data. Every business, including the fintech, is today catering to a myriad of demographics with different needs and expectations. Younger individuals seek spending options; adults desire both spending and investment features, while middle-aged aim for financial ownership and security, while those aged 60 and above prioritize safe and secure financial management. Consequently, fintech solutions necessitate differentiation for distinct age groups, accounting for security, scalability, and consumer experience variations, prompting substantial investments in these areas.
Understanding the consumer and catering the right product at the right time by leveraging the potential of technological advancements is the key to business growth. Data, therefore, has emerged as a critical element for scaling, customization, and personalization efforts. Effective data management, storage, access, localization, analysis, and security pose new challenges in the evolving fintech environment.
Strategic investments to derive effective value from data and utilize cutting-edge technologies such as, Generative AI, blockchain, etc., is important for organizations. This is where a partner ecosystem is most effective that can bring in the optimal resources, accelerators, and frameworks, that elevate the technological posture for a firm.
Simultaneously, a steadfast commitment to continuous investment in building talent with a digital business and product mind-set is super crucial. In this rapidly changing landscape, fostering fungibility within the workforce contributes to agility and modernization in the organizational environment. Ranga adds, “At Altimetrik, we do this with a commitment where every individual learns at least one additional technology and one additional domain annually, ensuring continuous adaptation to emerging trends”.
The future of fintech is deeply seated in the ability of a company to run as a digital business. This involves every nook and cranny of the business to modernize, optimize, and run in an agile environment. Data, AI, analytics, and other digital technologies are strong forces of change that we must organize in a manner best suited to the enterprise culture and organizational goals. That is the goal of digital business. That is what Altimetrik aims to deliver to our clients.
