Philip, now that we’re two weeks into the new year, how would you describe 2023 in one word?
Using only one word is difficult. Let me use a combination of words that describes last year quite well: turbo-charged catch-up race.
The beginning of last year was a continuation of 2022 with geopolitical insecurities, high inflation, and on top of that, some bank collapses, especially in the US. Not so good. What we at Apiax then saw in the second part of the year was what I like to call the “turbo-charged catch-up race”. We observed a steep increase in client projects, both with existing clients and brand new clients, during the second half of the year. This was as a result of our extreme client focus and some great product innovation.
What’s the latest in product innovation at Apiax?
We released new AI-powered products that deliver the same precision and consistently up-to-date answers as our traditional products. They provide a totally new user experience and are applicable to broader use cases.
It is great to see that our work on AI tools, which we have been doing for many years, has been moulded into products providing real value to our clients. Witnessing the direct impact of our AI policy assistants to meeting our clients’ needs is proof of the real world value of AI-powered Embedded Compliance.
Overall, we are committed to continuous innovation and that same commitment applied in 2023 too. Our list of new releases and partnerships is long and I am very proud of that.
Let’s now take a look into 2024. What key themes are shaping the company’s goals for this year?
I was fortunate enough to be in Singapore, one of our business locations at Apiax, a few years ago during Chinese New Year, where I gifted friends and clients with small red envelopes.
Since my experience, I have delved into Chinese astrology and culture, and have learnt that each year is associated with a different animal. 2024 is the year of the Wood Dragon, where wood represents vitality and creativity, while the dragon symbolises success, intelligence and honour. The attributes of the wooden dragon for 2024 align perfectly with what we do at Apiax:
- Creativity: This is the main ingredient of the product development process and there will be several releases during the year to support our mission of Embedding Compliance into every process in financial services. The goal remains to have compliance built in by design and as a result, ensure a far better client experience.
- Success: Success, to us, is when clients and partners use our products and services and derive real value from them. That is the reason we go to work every morning. We measure success in strong Net Promoter Scores (NPS) throughout our product lines and client testimonials.
- Honour: For me personally, it is a great honour to work with all the talented people within Apiax, alongside our partners and clients. The connections forged among people is what makes this journey most valuable. I am eagerly looking forward to many personal meet-ups in all of our locations during 2024.
How does Apiax maintain a strong and positive work culture despite having a hybrid work model?
While speaking to many peers and colleagues in my network about how they do it, there appears to be no “one-size-fits-all” solution.
I firmly believe that at Apiax, we’ve developed a system in the past few years that works exceptionally well. Due to our various locations, several of our meetings take place virtually. At the same time, there is always a physical office where people can meet in person, exchange ideas and collaborate on projects. Office visits are important because we get people from different teams interacting, and fosters opportunities for “coffee talk”.
In addition to that, in 2023 we introduced Hackathons, a dedicated week where a group of people collaborate intensely—staying extremely focused without distractions—to solve a problem. The results of these hackathons are impressive and the team alignment after these exercises boosts productivity for many weeks to follow. We plan to run more of these hackathons in 2024 and not just for technology teams, as they work for many types of teams.
Taking 2023 insights into 2024
The “turbo-charger” momentum that Apiax experienced last year just continues. It is incredibly enjoyable to work in an environment full of opportunities and I am already embracing the prospects that 2024 holds. It will be a great year!