Payment Labs Featured on The Daily CTO — The Power of Asking the Right Questions
Ronak Desai, CTO of Payment Labs, was interviewed by The Daily CTO on innovating in the payments industry.
In the latest episode of The Daily CTO, Ronak Desai, Co-Founder and CTO of Payments Labs, shares insights on balancing tech innovation with the constraints of legacy systems and compliance requirements. He explains why asking the right questions and understanding systems' historical and contextual foundations is essential before diving into product innovations.
Traditionally, the financial payments and banking industry uses legacy products. Often, with tech companies, the Silicon Valley motto is to go in and change the product and overhaul everything that doesn't work. However, in financial services, there is often a reason that it is built how it is. Even if the legacy tech seems archaic, there is a particular reason why something is done in a specific way.
Understanding that context and knowing why it is done that way allows someone to make smarter decisions instead of reinventing the wheel that may not need to be reinvented. So, it is about balancing the concept of innovation while also looking at and recognizing the value of some of these foundational systems. Pausing can give insight into the opportunity to best use innovation. One can analyze how the existing system works and how parts of it can be optimized. Then, create a new layer that allows the legacy infrastructure to disappear. The new system can take over, which will work better than trying to redo the entire product from the start.
Listen to the episode now to get all the insights!
