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We continue our ‘Women in FinTech’ series in which we focus on Nethone’s female fraud fighters who are at the core of creating, developing and promoting our advanced fraud solution. We aim to raise awareness of gender equity and how FinTech can contribute in this process. In the second blog post of our series, we talk to Senior Customer Success Manager Bruna Luise Müller who is based in Brazil - the biggest eCommerce market in Latin America (LATAM) - and discuss her role in bridging the gap between Nethone’s departments and customers, helping to bring effective fraud solutions to the Brazilian market.
Women in FinTech: experience is a driver for change
Bruna, you have a background in biochemical engineering and business administration, with a focus on data science. How has this experience helped shape your approach to managing risks, especially when it comes to fighting fraud?
I have always been a people person and technology enthusiast, fascinated by how the use of data can generate knowledge and help people solve their problems. Applied to businesses, data can be used to improve internal processes, reduce risk and lead to growth generation. But data is just one solution to an overall problem. It requires people to adequately disseminate it and explain to business leaders, and those involved in risk management, how the knowledge gained from it can be applied to their companies. I believe having a people centric approach is essential in aiding this process.
For the last 9 years, I have worked in customer success roles, applying this knowledge, while adding a key quality to the mix: empathy. Understanding businesses and their problems is essential, but so too is actively engaging with them at every step of the customer journey - from talking about their problems, collecting data, to creating an effective solution to real problems. This is, in a nutshell, what I do now at Nethone, working with customers from different geographies, especially Brazil, being their voice within the various departments (from data science to product development) within the company. Sometimes, simply speaking the same language can be a huge step forward to building a positive relationship.
Why is Nethone working in Brazil?
Nethone’s venture into Brazil was rather opportunistic, but done so with the knowledge that it is the biggest eCommerce market in LATAM (currently the 15th largest in the world).
It is continuously growing, but with it, the phenomenon of payment and transaction fraud is a huge problem. Effective solutions and systems that bring new value in this fight are of course in great demand, which is where we step in with our advanced fraud solution that secures payments and transactions across numerous platforms, including mobile devices. I strongly believe that advanced fraud solutions, backed up by strong data, can make a positive impact - I am really motivated by our purpose in fighting fraud and helping businesses to grow safely. Keeping people and businesses safe from the threat posed by fraudsters can also lead to better, safer societies, which is something all businesses should strive to help achieve.
Part of the process in fighting fraud is to help the growing number of businesses that wish to have an online presence understand the most common mistakes in eCommerce fraud prevention, how to avoid these stresses and function online effectively. Too much jargon can sometimes be overwhelming, especially for businesses that were forced to make the move online to survive during the pandemic. They may not be fully aware of the dangers they can face in the online environment, which is why companies like Nethone have a strong customer-centric approach to fighting fraud. We are there to accompany all businesses at each step of the customer journey.
How do you envisage FinTech in Brazil in the next 10 years - and women within it?
Brazil has been a huge eCommerce market for years, but the effects of the ongoing COVID-19 pandemic hastened the pace of change. In 2020, for example, online shopping alone amounted to 126.3 billion BRL - double that of the previous year. M-Commerce in particular was already growing in the country, but in 2020, half of all eCommerce payments were made through mobile devices (partly down to huge uptake in smartphone ownership). This is huge and is forecast to grow further up to 2025 and beyond - something that fraudsters have not missed, as they see a lucrative opportunity to defraud shoppers and businesses. And they have some mighty targets as Brazil has a booming FinTech sector, with 12 unicorns (companies value at $1 billion and above) found in the country - from a global total of 700, most of which are found in the US (370) and China (200). FinTech is growing and will play a leading role in ensuring payments and transactions are carried out safely in LATAM, and companies like Nethone can lead the way.
Fighting fraud is commendable, but FinTech companies can also provide a shining example that gender equity can be achieved. We have the data to help businesses with their problems, but I’d love to see the data improve on the gender gap too.
Currently, in Brazil women are 30% less likely to have the same opportunities than men.
If we can improve this figure in the Brazilian FinTech industry, it can help to show other companies that women can take up senior positions within all industries, closing the gender gap and leading to gender equality.
Additionally, the role FinTech companies play in overall social inclusion cannot be neglected. Digital banking, micro credit schemes and a host of online payment methods have allowed more people than ever before in Brazil to access credit that would have otherwise been denied to them through traditional banks - consider that in a country of 212.6M people, there are an estimated 13.6M living in Favelas. This access to online credit/shopping became particularly evident during the pandemic lockdowns when people from peripheral communities, including entrepreneurs, could access credit - vital to the overall development of a country - and made possible by FinTech companies.
Do you have any advice for women seeking to break into the FinTech industry?
Never give up and certainly never feel discouraged to strive for senior positions. Gender should never be a deciding factor in whether or not a position is filled. Encouragingly, the FinTech industry is by nature open to change, therefore, seeking employment in this sector is encouraged. By increasing the no. of women in FinTech, we not only help raise awareness of gender equity in our own industry, but hope it can have a spillover effect, ultimately leading to gender equality across all industries and countries. A lot has been done, so far, but there’s still a lot to do to make things better.
If you are interested in securing your business with an advanced fraud prevention solution with a frictionless customer UX, or would simply like to know more about its capabilities, Let's talk...