Roberto Mancone, CEO of Beyon Money, discusses the company’s commitment to constant innovation. He shares insights on product development, customer-centric app updates, and the democratization of financial services through technology.
Can you discuss a recent innovation that has made an impact on your operations, the larger industry, or your customers?
When it comes to innovation, it’s less about recent advancements and more about constant evolution. Given the nature of our business and the competitive environment, we innovate almost every three months. Innovation takes two forms: First, we continuously update our app’s UI, UX, and overall experience based on customer feedback, ensuring it remains user-friendly and engaging. The app is our primary communication tool, so keeping it up-to-date is essential.
Second, we innovate through our products. For example, we introduced the Signature Prepaid Card—the only one of its kind in the market. We’ve also improved our remittance services, allowing customers to send money across multiple corridors. Our most significant innovation, however, has been in investment products. Flexi Invest and Fixed Invest created new demand, enabling clients to manage their liquidity and earn returns instead of letting money sit idle in bank accounts.
I call this the democratization of innovation. Through technology, we offer products that give everyone—whether they have 100 BD or 1 million BD—access to returns on their money. This accessibility ensures that all clients benefit, no matter the amount.
What were the biggest lessons learned while implementing this innovation?
The key lesson we’ve learned is that brand awareness is essential. Even the best product won’t succeed if people aren’t aware of it. We’ve effectively relied on word of mouth, which has shown us that heavy marketing isn’t always necessary. Instead, a product that people value will naturally promote itself. However, word of mouth can be slower than large-scale marketing, so finding the right balance between brand awareness, marketing, and customer satisfaction is crucial.
Since our launch, we’ve never rewarded clients for referrals, unlike many fintechs that offer incentives. What we’ve found remarkable is that our clients have promoted our app without any rewards, reducing our customer acquisition costs and making our model more sustainable. This highlights the importance of ensuring that clients are happy with the product—offering the best cashback and investment returns.
Focusing only on acquisition without retention can be risky. You may attract customers, but if they don’t stay, the cost of acquisition is wasted. Satisfied clients are more likely to stay and spread the word, making retention just as important as acquisition.
How do you foster a successful work environment?
After three years, we’re lucky to still have what I like to call a flat organizational structure. Sure, there’s a CEO and a level one below, but we all sit in the same room, sharing space and ideas. We have an open-door policy, so whether it’s a campaign idea, a product suggestion, or pricing tweaks, anyone from the team can contribute—even the call centre.
Our call centre is our only physical point of contact with customers, so they give us the most direct feedback—happy, unhappy, or somewhere in between. This input is invaluable, helping us understand what the data doesn’t always show.
Our culture encourages everyone to speak up. We hold informal meetings where ideas can be freely tossed around. If an idea becomes a new product, campaign, or app feature, we make sure to share the credit and rewards with the people who suggested it.
We’re fortunate to still be agile, with open communication. I even have call centre employees dropping by in the evening to share client feedback—it’s a luxury most CEOs don’t have.
What Beyon Money features do you use for daily financial management and how has it changed the way you handle your finances?
I always tell my team that I’m probably Beyon Money’s best customer—and I’m not joking! Let me share my daily routine. At the end of the month, when my salary hits my bank account, I immediately transfer the entire amount to Flexi Invest and start earning profit from day one. Then, since I have a mortgage and expenses in Italy, I use the remittance feature in the Beyon Money app to send a portion of my salary there, getting the best rates and conditions.
The rest of my salary stays in Flexi Invest, earning daily profits. Whenever I need to spend, I instantly transfer money from Flexi to my wallet, pay for what I need, and earn cashback.
By the end of the month, I can see exactly how much I’ve earned through Flexi Invest, how much cashback I’ve received, and how much I’ve saved with 2-for-1 offers and great ForEx rates. I genuinely benefit from using every feature in my day-to-day life.
I like to think I’m Beyon Money’s best advocate, and I encourage everyone to make the most of the app like I do. It’s not just about pride—it’s about enjoying the real benefits of what we’ve created.
Can you share a particular moment in your career that significantly influenced your leadership style?
The turning point in my career came in 2017 when I was at Deutsche Bank. Prior to that, I had over 25 years of experience in various banking sectors, including corporate, private, retail, and consumer banking. However, I realized that many banks, including ours, were lagging behind in terms of operating models, processes, and technology.
At Deutsche Bank, I had the opportunity to join the Chief Digital Office, focusing on how new technologies like AI, blockchain, and IoT could transform our business model—not just incremental changes, but a complete overhaul. This shift opened my eyes to the potential of these technologies long before they became mainstream.
It was a game-changer for me, as I began working with FinTechs and alternative solutions, which I later applied in roles outside the bank. This experience was crucial when I moved to Bahrain and helped me build what I have today. The shift from traditional banking to tech-driven financial services was key.
In hindsight, is there anything you wish to have done differently in your career or as a leader?
My career started in 1999—so it’s been nearly 34 happy years. What I love is that I’m still excited about my work. It’s rare to feel that way after so many years, but I’ve been fortunate to re-engineer myself and find projects that I’m proud of. I wouldn’t change anything, except perhaps being closer to my wife. My career has kept me away from home—eight years between Frankfurt and Italy, a year between Ireland and Italy, and now four years between Bahrain and Italy.
That’s the only regret, but it’s a balance I’ve had to strike. Thankfully, my wife has supported me throughout, and I’ve had the luxury of visiting her about once a month. This arrangement allowed me to give a 110% to my work while also cherishing the time we spend together. It’s been the right balance between personal and professional life.
What is your strategy to manage stress and avoid burnout?
I gauge my well-being by asking myself one simple question: Do I sleep through the night? Stress is constant—whether it’s about budgets, client satisfaction, or stakeholder expectations. It never really goes away. But if I can sleep soundly without waking up, it means I’ve found a good balance. I work hard, but when I stop, I truly stop.
I’m fortunate to enjoy my time off here—whether it’s at the beach, swimming, or exercising. A mix of a healthy diet, regular exercise, and enjoying what Bahrain offers, especially on weekends, helps me reset, recharge, and clear my mind, so I’m ready to start again.
Quick Fire with Roberto Mancone
One book you would recommend.
That Will Never Work – Netflix’s CEO shares about the beginnings of the company.
One piece of advice you would give 18-year-old Roberto.
Be wise. Don’t be too aggressive. Success often requires balancing diplomacy with determination to achieve the best results.
What do most people get wrong about what you do or the industry, if anything?
Many companies launch innovative technologies that seem promising, but they fail due to a lack of a sustainable business model, ultimately blaming the technology instead of their flawed strategy.
Apple or Android?
I use both Apple and Android, but I prefer Apple due to its app availability, which is more about their business model than the technology itself.
Your favourite mobile application, apart from Beyon Money.
The New York Times
The best piece of advice you’ve ever received.
The best advice I received was from a CEO when I was 27: “Take this opportunity—you won’t regret it when you’re older.” He believed in my potential, trusting me without fear of competition, and that moment marked the beginning of my career. Find a mentor who believes in you unconditionally.
The worst piece of advice you’ve ever received.
The worst piece of advice actually came from an unexpected source: my father. He told me, “Find a secure job, so you don’t have to change companies every few years.” To him, it seemed like I would be more relaxed. But for me, that would have been the quickest way to boredom.
