With its uncommon terms and variety of products, understanding finances can be tricky for most people. Daleel is a financial marketplace that believes everyone should be able to make financial decisions with confidence. The company is focused on helping people take charge of their finances and helping financial partners leverage deep insights to acquire customers more effectively.
Founded in Bahrain as the brainchild of three tech enthusiasts, namely PK Shrivastava, Ridaa Shah, and Dania Alshowaikh, Daleel is on a mission to simplify the world of finance.
PK Shrivastava, Ridaa Shah, and Dania Alshowaikh are professionals who identified a significant challenge in the MENA region’s financial sector: The difficulty of finding the right financial products for individuals. They observed that the process of navigating financial services was cumbersome, tedious, and overwhelming and that it needed to be streamlined to cater to changing customer needs and expectations.
To address this issue, they took the initiative to create a connected journey that helps individuals make sense of the complex financial world. Their goal is to enable banks and financial institutions to offer personalized products, and target leads more efficiently, ultimately improving financial well-being and creating a more inclusive and aware financial world.
Providing Seamless Experiences
Their work in this area is focused on leveraging technology and data analytics to provide a seamless and user-friendly experience for customers. They aim to bridge the gap between financial institutions and their clients, ensuring that the products and services offered are tailored to the unique needs and preferences of each individual.
Their efforts are beneficial not only for customers but also for financial institutions, as they can better understand their client’s needs and preferences, allowing them to develop more effective products and services. This, in turn, can lead to increased customer satisfaction, loyalty, and profitability.
Transforming Financial Services
The trio met each other while working at a previous startup that they helped build and scale to become the MENA region’s largest Open Banking platform. However, they eventually decided to take the plunge and dive into the B2B2C world because they believed that this would be the best way to transform financial services in the MENA region. They are on a mission to create an inclusive and financially aware world. Through the marketplace they are building, they hope to make a world where easy access to personalized financial services becomes a reality.
In recent years, the Middle East has witnessed a transformative shift in its financial landscape, largely driven by innovative projects and initiatives that have left a lasting impact on the region. One of the key areas where this impact has been most pronounced is in the realm of financial technology or fintech.
A significant milestone in this transformation has been the implementation of clear data privacy and protection laws (PDPL), which have come into force over the last 3-4 years. These laws, designed to safeguard sensitive financial information, have played a pivotal role in bolstering consumer trust and confidence in digital financial services.
Moreover, the advent of Open Banking has revolutionized the way financial data is utilized and shared. Open Banking practices have empowered consumers by making them the rightful owners of their financial data.
Providing Personalized Product Experiences
This paradigm shift has paved the way for innovative fintech providers like Daleel to offer personalized and intuitive product experiences. By allowing customers to have control over their data, Open Banking has fostered an environment where businesses can craft tailor-made financial solutions, addressing the unique needs and preferences of individual clients. Daleel, among other providers, has leveraged this opportunity to deliver cutting-edge services, enhancing customer engagement and satisfaction.
These initiatives have not only elevated the standards of financial services but have also fostered an environment of trust and security, laying the foundation for a thriving digital economy in the Middle East.
Creating an Inclusive and Financially Aware World
The traction the company has achieved in terms of user traction and signed partnerships is the biggest testament to the significance of the problem it is solving. Dania and Ridaa also won first place in the Standard Chartered Women in Tech Program and Visa Everywhere Initiative.
Having three co-founders with different perspectives and complementary skill sets has really helped the company push itself to new heights. Given that the trio worked together in the past, it has also been extremely beneficial in Daleel’s success so far.
Conflict and difference of opinion are healthy not only within the founding team but the trio also promotes it across the organization. Daleel doesn’t believe in hierarchies; the best idea that serves the needs of customers will always win, regardless of who suggests it.
When the trio started out, validating their problem statement was extremely challenging, given that there was little or no market data available in the MENA region. After extensive research, they decided to go out to the market and not only do their own primary research but also co-create the products they launched with their users and their financial partners so they could make sure they were building exactly what the customer needed. This took a lot of time and effort but was absolutely necessary.
As co-founders, they embraced the concept of “divide and conquer” as a guiding principle for their success. Recognizing their individual strengths and expertise, they strategically divided their responsibilities to maximize efficiency and productivity. By doing so, they not only streamlined their workflow but also capitalized on their unique skills, ensuring that each task was tackled by the person best suited for it.
To achieve their vision of creating an inclusive and financially aware world, the trio believes in taking one step at a time.
Embracing the Vision
The trio gives straightforward advice to other trios: Just do it. Embrace the vision and dive into the challenges with determination. Be open to learning from every experience, whether it’s a success or a setback. Listen to the market, understand the needs of the people, and iterate the strategies accordingly. Flexibility and the ability to pivot based on feedback are invaluable. They also emphasize the importance of never falling in love with the product or solution but always falling in love with the problem they are solving, letting the customer fall in love with the product or solution.
