Fintech
How to stay curious and avoid complacency in fintech
Joanna Murphy, CEO of Taxback and its US counterpart Sprintax, talks about the challenges and opportunities of tax technology and a varied career.
The old adage “curiosity killed the cat” is a bit of a misnomer. Rather, it should be like this: Complacency kills the cat, since complacency is often a sign that we have become too comfortable. We no longer seek new challenges or growth opportunities.
Joanna Murphy is the CEO of Taxback and its US counterpart Sprintax, a company specializing in tax-tech solutions. Born with an entrepreneurial mindset, Murphy grew up in the tech industry, carving out a space for herself and making a conscious effort to avoid complacency as she navigates the many challenges of an evolving industry.
“The market is constantly evolving, so you can never be satisfied. Government priorities change, tax laws change, markets change, consumer purchasing patterns change, and that will always be the case,” he told SiliconRepublic.com.
Murphy’s foray into the tech sphere came later in life, but armed with a vision and understanding of market needs, she realized that “business is business,” regardless of the industry. Her entrepreneurial aptitude, she discovered, could transcend industries and a chance meeting with CluneTech CEO Terry Clune would provide her with an opportunity in technology.
Shared vision
Murphy cites this chance meeting with Clune as “the catalyst for [her] transition to fintech”. Both shared a passion for “the future of Ireland”, highlighting how the small country consistently punches above its weight.
Leading the growth strategy in 2013, Murphy joined Connect Ireland, a development agency promoting international investment in Ireland. After almost ten years, Connect Ireland closed, but Murphy knew the market still had room for such a business model, so, together with Clune, he co-founded his “most passionate venture”, Irish Diaspora Loan Fund (IDLF).
“I am immensely proud of what we were able to achieve there,” Murphy said.
A career move in 2019 saw Murphy appointed CEO of Taxback and Sprintax, tasked with “driving strategic direction, driving business expansion and delivering excellence”.
She welcomes the challenges that have come because she is confident the company has “built a culture of adaptability” capable of operating around industry-defining events.
“In its nearly three decades in business, Taxback has seen its fair share of challenges, whether dealing with a recession or a global pandemic.” However, as Murphy says, “there has never been a trough without a corresponding peak.” Where there is a challenge, he notes, “there will always be opportunity” and this philosophy underlines every business decision he makes.
“We have a unique ability to identify opportunities even in everyday life. Mention the word “tax” and you will immediately see people’s eyes glaze over, but open your eyes to the millions of euros of relief and credits that go unclaimed every year, both for individuals and organizations, and you will soon regain their Attention.”
Trends
Consumer behavior has changed enormously over the last thirty years. When Taxback was founded, it was a paper-based business, with a “walk-in office and a team of people dedicated solely to answering the phones for customers.”
Now, consumer behavior has “changed,” Murphy says. “We want self-service, intelligent, responsive technology that helps us do complex things, like filling out a tax return, faster, without needing to ask for help.” To avoid becoming complacent, companies must act quickly and invest in the latest and most popular intuitive applications.
Murphy believes the tech industry is at a “fundamental intersection between human and artificial intelligence.” Artificial intelligence is transforming the way we work by “automating traditional manual processes and simplifying repetitive tasks”.
He expresses excitement about the future of AI and work, asking “how we can leverage these new technologies to benefit companies, colleagues and customers. Consider how many more great ideas will come to fruition when we have that time back?”
Murphy’s parting advice for those considering a career in tech is to “be curious” and find people who don’t get trapped in a problem.
“You won’t be required to know everything on day one, but if you’re open to learning and listening, the knowledge and know-how will come. Also, surround yourself with positive, can-do people. Anyone can identify a problem, those who can find a way to solve it are the people you should hitch your wagon to.
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