Behind every business is a team of people who help drive the vision forward. Today we wanted to introduce you to Andrew McEvoy who has been an integral force behind Lodex, since day 1, as Chairman of our Advisory Board. He brings such a deep amount of business experience, has an amazing network of people around him and doesn’t mind rolling up his sleeves to get things done.
Read some of the things that make him tick and why we are honoured to have him as part of the team.
Tell us a little about yourself?
I have more than 20 years in the tourism, travel, media and marketing sectors. I might be a FinTech babe, but I have borrowed, deposited, sought credit and been as frustrated as the next person at the complexity and lack of transparency in our heavily constructed world of banking!
What are the biggest changes you have seen in the market over the last 12 months?
The Hayne Royal Commission certainly put a sharp focus on the big banks and how they deal with customers. It’s one of the main reasons Lodex was set up – banking as a platform, where institutions bid for your business. Lodex has demonstrated to people that their information and business is valuable and that there a lot of options out there. Customers can quickly compare, gaining access to rates not normally afforded them.
Hopefully this is a long-term and technology is certainly enabling this choice.
The Hayne Commission has also seen banks tighten up their lending criteria and the processes they need to run. More reason for consumers to be presented with more options.
Competition has been the biggest change. There are many new players including some who want to become a bank. Others, such as Lodex, simply want to help consumers find the best deal.
Any other interesting companies you are working with?
I’m also involved in a software as a service business disrupting the way theme parks and attractions provide tickets to people and manage inventory. It’s called Roller Digital and it’s winning business globally because it is faster, cheaper and a better experience for the customer. This is a theme running through many sectors.
Businesses that solve problems are also growing. Oacis is all about off airport check in for airline customers. It helps people avoid the long line ups while airports love the fact that this solution will help clear up congestion. Its an early stage business making great strides.
What problem is Lodex solving?
Apart from the need for loans and deposits, consumers will be looking to have as much as their financial life in one place. Lodex has developed a digital wallet that can consolidate loans, deposits, foreign exchange and the growing interest in crypto currency and trading. The market is saturated with people providing pieces to the puzzle and Lodex brings it together. This is certainly a demonstration of how tech can facilitate an easy end-to-end experience.
How are you making Lodex great?
Some grey hair and judgement, connections and what all businesses need – the ability to make the complex simple.
Why is having the right advisor mix so important?
In launching any successful business, collaboration is the key. The founders of Lodex understand this implicitly and have put together a mix of subject area experts, well connected advisors and even humble consumers to make it all work. It’s something like a famous Dirty Dozen and we’re on a mission.
Name 3 companies using tech well?
Roller Software: pure play software as a service in the theme park and attractions space. Quicker, more intuitive, cheaper and a better experience for the business and their consumer.
The Lux Group, owners of Luxury Escapes: traditional marketing business with an incredible database and technology back end that understands the consumers and helps them find the holiday that best suits them.
Lodex: developed the first real loans and deposits marketplace that went beyond comparison and actually introduced the consumer to a competitive bank or lender. Pivoted to build out a best of breed digital wallet – the future of financial and other services where the customer can have everything in one place – entirely mobile and seamless.
And in the next 12 months…
We are seeing a lot of new players and disruption coming into the market. That said, the big banks have a track record of buying out or buying in to new solutions and this consolidation will certainly happen.
3 online resources you can’t live without?
AFL Supercoach, Google (sadly), and my news feed.
Thanks Andrew for sharing and for being such an all round nice guy!