TECHNOLOGY

Balasundaram Subbusundaram’s Cutting-Edge Financial Solutions

Fintech is a burgeoning field that depends heavily on professionals – and Balasundaram is one to watch.

Whether you realize it or not, fintech is probably already a big part of your life. Maybe you used PayPal to order a collectible on eBay; maybe you used CashApp or Venmo when you were out to dinner with friends. Or maybe you just hopped on your smartphone and checked your digital banking account.

These are all examples of fintech, which is short for financial technology. A big part of this is e-commerce, which – by the end of 2024 – will represent 21.8% of all retail sales. Take India as an example: e-commerce sales soared to $38.5 billion in 2017, with projections set to exceed $200 billion by 2026. This remarkable expansion from $38.5 billion to an anticipated $200 billion in merely nine years underscores the explosive growth of e-commerce in nations like India, showing the critical need for advanced technologies to expand financial services.

In essence, fintech is all about using tech to shake up the usual finance game – from sending money to friends to using blockchain for secure transactions, or even getting personalized financial advice thanks to big data.

But to keep all these innovations running smoothly – and really working for both users and financial institutions – we need savvy professionals at the helm. Experts like Balasundaram Subbusundaram predict that the influence of financial technology is only going to grow, and he’s one of the leading experts who knows the ins and outs of tech and finance – and who is pushing the boundaries of what fintech can do.

Working with Walmart

Walmart’s preeminence as a Fortune 1 company stems from its immense scope and robust financial standing. With annual revenues exceeding $500 billion, Walmart stands as the foremost corporation globally in terms of revenue generation. Its expansive reach spans over 11,000 retail outlets across more than 25 nations, serving a vast clientele on a daily basis. Walmart has a workforce of over 2 million employees worldwide, and is one of the largest private employers internationally. 

The economic impact of Walmart extends well beyond its impressive revenue figures. Its annual earnings surpass the gross domestic product (GDP) of numerous countries, demonstrating its substantial influence on the global economic landscape. Walmart’s logistical prowess is unparalleled, with its distribution centers covering extensive areas and facilitating the movement of billions of products annually. As a dominant force in the retail industry, Walmart shapes consumer trends, market dynamics, and economic paradigms on a global scale.

During his tenure at Walmart, Balasundaram led the charge in rolling out a collection of groundbreaking products designed to enhance the user experience and boost seller engagement on the Walmart eCommerce platform. He led multifaceted efforts aimed at refining the efficiency and integrity of financial operations within the Walmart ecosystem. Among these endeavors, he initiated a working capital program, extending cash advances to qualifying sellers to catalyze business expansion. Furthermore, he orchestrated the implementation of streamlined systems to streamline payouts quicker to sellers for transactions conducted on the Walmart platform, ensuring prompt compensation. 

Balasundaram also played a pivotal role in crafting a robust payment infrastructure capable of accommodating a diverse array of payment options, including ACH, Payment Service Providers (PSPs), and credit/debit cards, thereby facilitating smoother financial transactions. Additionally, he instituted incentive schemes designed to incentivize sellers to elevate their performance and engagement on Walmart’s Marketplace platform, while simultaneously instituting proactive risk management measures to proactively identify and mitigate instances of fraud and scams, thereby safeguarding the integrity of Walmart’s marketplace ecosystem

Leveraging Tech at LendingClub

Balasundaram then pivoted to LendingClub, a premier digital marketplace bank, offering its members a wide array of financial products and services via a tech-powered platform. This platform is crafted with the goal of reducing costs for borrowers while amplifying returns for savers. 

Here, Balasundaram orchestrated the rollout of several groundbreaking products. He introduced InvestorClubHouse, a sophisticated self-service platform tailored exclusively for institutional investors. This platform enabled seamless onboarding, comprehensive loan analysis, and precise loan selection. He was at the forefront of the industry with LCX, an innovative platform providing institutional investors the capability to participate in loan auctions, execute transactions, and engage in buying and selling securities — a first of its kind. 

Balasundaram also oversaw the extension of a diverse array of loan options to individuals in financial need, including personal loans and specialized financing solutions for various medical expenses such as fertility treatments, dental procedures, hair replacement, as well as educational loans for K-12 students. In tandem with LendingClub’s transformation into a banking entity, he introduced the High Yield Savings Account, offering consumers an enticing avenue with competitive interest rates exceeding 4% and abolishing maintenance fees.

Making a Difference in Fintech

Balasundaram also worked at Taulia Inc. a fintech provider of working capital management solutions recently acquired by SAP Inc. Here, Balasundaram showed his incredible expertise in global financial supply chain management, as he launched globally compliant invoicing solutions and built automated invoicing platforms.

He launched a globally compliant invoicing solution across 42 countries within a span of 10 months, resulting in the acceleration of $12 billion in early payments. He also successfully implemented a fully compliant invoicing and payment solution in Brazil, Chile, and Argentina, leading to an incremental revenue of $680,000. Furthermore, he engineered Taulia’s automated invoicing platform, facilitating the onboarding of 1 million suppliers across 120 countries.

Balasundaram has proven adept at handling the intricacies of compliance requirements, and is skilled at crafting effective market entry strategies. These are just some of the skills that he has utilized at his various employers, each time improving upon his leadership talents and advancing the broader fintech landscape with every project.

Superlative Credentials

Due to his many contributions, Balasundaram has gained an impressive array of certifications and academic accomplishments that speak volumes about his expertise and commitment to lifelong learning. He is certified in areas such as project management, scrum, IT service management, and small business consulting.

He holds a Master of Science degree in computer engineering from Syracuse University and a Bachelor of Engineering in Electronics and Communication from Anna University, which have served him well in his journey through various tech sectors in the financial realm. Balasundaram also participates in advisory councils, ERG chairpersonship, and active membership in organizations like the Project Management Institute. His dedication to mentoring and leadership development among the next generation further underscores his significant and lasting impact on the fintech industry.

Connect: https://www.linkedin.com/in/balasprofile/