In two sentences or less, describe your product or service.
Tyro is Australia’s business-only bank that exists to provide Australian small to medium enterprises (SMEs) with innovative products and services, to help improve and grow their business. Our banking products are developed from an understanding of the real-world environment SMEs operate in and are designed to reduce the frictions SMEs face, with the ultimate goal to help Australia’s SME’s, which are the backbone of our economy, succeed.
What has been the company's biggest milestone to date?
Tyro began its journey some 15 years ago providing fast and reliable eftpos and card processing for SMEs (which remains the core of our business today) and has achieved quite a few first-to-market initiatives including being the first technology company in Australia to be issued a full bank licence.
Recently, I would say one of our biggest milestones was being the first bank in Australia to offer least-cost routing to merchants – Tap & Save. With Tap & Save, merchants can send contactless (tap and go) payments via the cheaper eftpos network. This initiative has delivered significant savings for many of our SME clients across the country. Tyro is focused on removing banking friction for Australian businesses and, in the case of Tap & Save we were prepared to do so notwithstanding taking an initial "hit" to our bottom line in delivering this cost-saving feature to market.
What’s your most useful advice for having a productive day?
Get in before the crowds! I am a big believer in getting a few solid hours in before the hustle and bustle of the working day begins in earnest.
Where do you see the company in 12 months?
Tyro has a big future. We have a highly engaged and passionate team with the tech smarts to remove the friction experienced by SMEs in their day-to-day banking and eftpos/card payments needs. We have a focus on doing what is right and I think that positions us really well for success in today’s banking environment.
Which book has had the most influence on your professional mindset?
I had the good fortune about 10 years ago to hear Professor Cynthia Montgomery from the Harvard Business School talk about business strategy. She had specialised in both large and small business and her insights really resonated with me at the time. I was so taken with her lecture that I went on to read her book, The Strategist - Be the Leader your Business Needs, and can highly recommend it for anyone in business be they large or small.
The fintechFIVE is a series of five questions intended to shed light on innovative companies from Australia and around the world. Every Thursday we ask the same five questions to a representative from a different fintech company – check out the most recent fintechFIVEs here.