As the current CEO of SoftPak Financial Systems Naaz Scheik founded the company back in 1994. As a quantitative analyst at Wellington Management, Boston, Naaz made an auspicious beginning to his career. He saw the potential for innovation in the field of Fintech software by making the applications more intuitive and adding a lot of power characterized by analytical tools for the portfolio manager. Therefore, Naaz’s core idea in laying the foundation of SoftPak was advanced financial modeling associated with user-friendly software solutions for ensuring access without compromising on sophistication.
Under the mentorship of Naaz, SoftPak has grown by leaps and bounds with over 150 professionals working across geographies. Domain expertise in the area of quantitative portfolio management, leaning towards cost-effective operational activities, and a genuinely client-centric approach have been the three planks of this company. This enabled SoftPak to move from purely custom solution development to consulting services and finally develop comprehensive packaged software.
The educational background of Naaz is very great; the founder has a master’s degree in Mathematics and Physics from the University of Karachi and Tufts University in Massachusetts. This great educational background, together with his vast practical experience, has been a very important driver of innovation and efficiency at SoftPak. This total dedication to the betterment of FinTech has established Softpak as a trustworthy partner for key investment firms around the world.
Today, SoftPak stands notorious for its innovative products in quantitative portfolio management. The company not only believes in innovation but is engaged in the development of state-of-the-art solutions to meet the changing needs of the financial industry. From a quant analyst to the CEO of a globally recognized Fintech organization, the journey of Naaz exemplifies his vision, dedication, and expertise in the field. Learn more about Naaz Scheik and SoftPak Financial Systems, an influential ride founded upon innovation and customer satisfaction.
What is your typical day, and how do you make it productive?
My day starts early with a review of key projects and client communications. I prioritize tasks based on urgency and impact. Team meetings ensure alignment and quick decision making. To stay productive, I focus on being on time and allocating time for learning and innovation, so we stay ahead in fintech.
How do you bring ideas to life?
Bringing ideas to life starts with active listening to client needs and industry trends. We brainstorm as a team; we use our collective expertise. Rapid prototyping and continuous client feedback means our solutions are innovative and practical. By being collaborative and open to new learning we turn ideas into fintech solutions.
What’s one trend that excites you?
One trend I’m excited about is the integration of AI and machine learning in financial technology. AI has the potential to enhance efficiency, security, and customer experience. We see a lot of opportunities for AI to help automate routine tasks, adapt to and detect new security threats. But we are careful about how we implement AI in Fintech, since with every new technology it’s important to ensure reliability and quality. AI is a trend we are watching and analyzing carefully, and where it is helpful, we will incorporate features thoughtfully.
What is one habit that helps you be productive?
One habit that helps me stay productive is being punctual. Starting my day early and sticking to a structured schedule means I make the most of my time and keep projects on track.
What advice would you give your younger self?
I would tell my younger self to invest more in sales and marketing earlier on. Building a strong brand is key to growth. We have relied on word of mouth, which has been very successful for us, but we did not invest in brand awareness when we should have. I would also tell my younger self to not undercut the value of my work. In the early days I discounted the value of our work to get our foot in the door, which ended up being a mistake.
Tell us something you believe almost nobody agrees with you on?
These days employees want flexibility in working hours and I do want to respect that. But nothing can replace the energy when employees are together, in the office, collaborating in real-time. Many think long-term employees are priceless, but I believe consistent evaluations based on performance are key to long-term success. It is always quicker and more efficient to manage the performance of employees who are not working out early on. Although it may not be a popular move to let people go, the truth of the fact is, under-performers can drag an entire team down. So, making a call to let someone go is a necessary and important skill.
What is the one thing you repeatedly do and recommend everyone else do?
One thing I do and recommend to everyone is to stay open to learning. Continuously learning new skills and knowledge keeps you ahead of the game. You have to be willing to put in the time to learn something new.
When you feel overwhelmed or unfocused, what do you do?
In a situation where I am unsure of what to do, I step back and look at both the upside and downside of taking an action. I had a mentor early in my career who would tell me to always think about the worst thing that could happen and take every precaution to avoid that. Of course, taking risks is part of the job, but making a plan of action with a thorough understanding of the risk is crucial.What
What is one strategy that has helped you grow your business or advance in your career?
One of my key strategies has always been to leverage word-of-mouth marketing. By delivering high-quality work and building strong relationships with clients we’ve built a reputation that attracts new clients through referrals. This has been a key to our steady growth.
What is one failure in your career, how did you overcome it, and what lessons did you take away from it?
One big mistake was not allocating a budget for sales and marketing from the start. This limited our early growth. I overcame it by investing gradually in these areas and learning their importance for business growth. The lesson learned is to balance technical excellence with marketing strategies from the beginning.
What is one business idea you’re willing to give away to our readers?
One promising business idea is a platform that facilitates sustainable investing. This platform could provide tools for investors to easily identify and invest in companies that adhere to high environmental, social, and governance (ESG) standards. It could offer personalized portfolios, educational resources on sustainable finance, and real-time impact reporting to empower investors to align their financial goals with their values.
What is one piece of software that helps you be productive? How do you use it?
Honestly speaking, I am currently learning about business growth, so tools that help me build a brand persona are extremely important to me. SEO tools were something I used to use a lot in the past that I have seen considerable success in as well. However, I still feel I have a lot left to learn, especially since things change extremely fast in this industry.
Do you have a favorite book or podcast you’ve gotten a ton of value from and why?
All the books or podcasts I listen to are very technical. In the last three to four years, I have probably read over twenty books on AI and genetic algorithms. My advice would be to start with easy ones and move onto more advanced courses in that manner. My favorite book is something on the lines of computer programming; there are multiple fun books on that.
What’s a movie or series you recently enjoyed and why?
Recently, I enjoyed watching “The Social Dilemma” on Netflix. It provided a thought- provoking exploration of the impact of social media on society and technology’s influence on human behavior. As someone deeply involved in tech and innovation, it offered valuable insights into ethical considerations and the future of digital platforms, which are crucial for our industry.
Key learnings
- Successful entrepreneurship requires a combination of risk-taking, specialized knowledge, and a continuous openness to learning.
- Effective business growth strategies include prioritizing cost-effectiveness, maintaining personalized client engagement, and investing in sales and marketing early on.
- Overcoming challenges such as employee skill gaps through strategic hiring and fostering a culture of innovation contributes significantly to company resilience and growth.
- Emphasizing productivity through punctuality and leveraging efficient communication tools like Slack can streamline operations and enhance team
collaboration. - Valuable insights into the importance of integrating sustainable practices in investing and leveraging technological advancements to stay competitive in the financial technology sector.