My name is Naaz Scheik, CEO and Founder of SoftPak Financial Systems, a pioneering company in the realm of financial technology. With a robust background in quantitative analysis and a visionary approach to technology, I have been instrumental in transforming the landscape of financial software solutions.
Beginning my career as a quantitative analyst at Wellington Management in Boston, where I honed my expertise in financial analytics and portfolio management. Recognizing the potential for innovation in financial technology, I took a bold step in 1994 to establish SoftPak Financial Systems. My mission was clear: to revolutionize financial technology software by making it more intuitive and equipping portfolio managers with cutting-edge analytical tools.
During my tenure as CEO, SoftPak has expanded to employ over 150 professionals worldwide. SoftPak’s offerings have evolved from custom software solutions to a comprehensive suite that includes consultant placement and packaged software products, addressing the diverse needs of the financial industry. SoftPak’s technology solutions now power some of the largest global investment firms, processing over $500B per annum in trades and transactions.
Naaz holds a Master’s degree in Mathematics and Physics, having studied at both Tufts University in Massachusetts and the University of Karachi. This strong foundation in quantitative disciplines has been a cornerstone of his success, enabling him to drive innovation and excellence within SoftPak and for its clients.
Throughout his career, Naaz Scheik has been committed to advancing the field of financial technology. His leadership and vision continue to steer SoftPak Financial Systems to the forefront of FinTech innovation.
What were some of the main goals or visions you set out to achieve when founding your company?
SoftPak’s overall vision and goal is to deliver cutting-edge quantitative FinTech solutions that redefine the future of financial software. Our Boston office also had another goal in mind when it was being formed. Knowing the stability of businesses in the US, our Karachi was also created to serve the masses and create a safe and modern work environment for everyday citizens in the country, bringing in much needed foreign currency.
When have you been most satisfied in your professional life?
One of the most gratifying moments in my professional life was when SoftPak reached its 100th employee, marking a milestone in our commitment to client success and the sheer growth of the company thus far.
Which three abilities, in your opinion, are most essential for being a successful entrepreneur, and why?
You have to be willing to take some chances first! Taking a step outside of your comfort zone is usually a wise move. Secondly, you need to focus on something specific. By applying my computer and mathematical expertise and my willingness to take chances, I was able to specialize in that area and, in essence, create my own road to success. Thirdly, always be willing to learn something new. In my case, this included a willingness to understand finance, which has ultimately brought me to this point. You will be set up for success if you possess these three abilities.
What is your definition of success?
Innovative products and happy customers. Resolving clientele problems and understanding what they require from you is the main goal you should set for yourself, once that is set, everything else falls into place.
If you got hired by SoftPak as a base level employee, loved everything about this job, and were paid the salary you asked for, what kind of offer from another company would you consider?
Even if I love everything about the job at SoftPak and it pays me the amount that I asked for, there would still be a few factors that I’d consider while considering an offer from another company. It would be an offer to work with something that allows me to work on new technologies or on new projects that are really innovative. I would be attracted to the company if there is an opportunity for advancement in career or for a leadership role in which I could make further impact. An overall attractive package embracing not only an appealing salary but also other trappings, such as stock options, flexible work arrangements, and opportunities for professional development, may have me thinking of a shift. Finally, an offer would do well if it presented a unique and high value proposition that would contribute significantly to both my personal and professional development.
What are the key trends for AI in the fintech industry and what should our readers expect in terms of the integration of artificial intelligence for SoftPak?
Artificial intelligence is taking over all domains, from improving customer service via chatbots to better risk management through predictive analytics and enhanced fraud detection. AI enables the personalization of financial services, automates routine tasks, and develops sophisticated trading strategies. We at SoftPak Financial Systems harnesses AI to provide real-time assistance, reduce risks, protect assets, provide tailored solutions, and enhance investment performance. Coupled with AI’s increasing advancement, SoftPak remains steadfast to innovation, efficiency, and security in financial technology solutions for clients.
Can you share some insights on how the latest trends around the world are shaping the fintech industry and SoftPak in general and how is it impacting your business strategies?
The fintech industry like other industries before, has slowly been influenced by the transformative power of AI and machine learning, global trends in machine learning have come to redefine the way in which customer service, risk detection, and fraud monitoring are done, hence making operations more efficient and personalized. Blockchain technology seeks to improve transaction security and transparency, on which we are working presently. The need for remote financial services has increased since the pandemic, and so has the push towards digital transformation. These trends drive SoftPak’s focus on innovation and agility to remain competitive, delivering world-leading solutions to the many valued clients.
If we’re sitting here a year from now celebrating what a great twelve months it’s been for you in this role, what did we achieve together?
If we’re sitting here a year from now, the incredible progress we will have shared would amount to great achievements: infusing state-of-the-art AI technologies into our services, enriching customer experiences and improving operational efficiencies; expanding our client list globally and deepened existing relationships, delivering new and innovative tailored solutions to set industry benchmarks. Moreover, we would have grown as a team, and our processes would have become more streamlined. We would have positioned SoftPak to be an innovative company leader in the FinTech industry. The huge growth and success of the company would have been driven by collaborative efforts of marketing, sales, and engineering teams thus is also my vision for this company. Crossing my fingers it comes true.
In your own words, much time should new entrepreneurs spend client hunting versus trying to build stronger relationships with existing clientele?
Bringing in new clients and taking time out to create detailed and interesting pitch decks for them, not only sustains your business but also grows your business overall! While on the flip side, building trust with your existing clients is a sure short way of reaching the top of the business ladder as well.
Who would you say should take up the mantle of CEO next and why?
I would honestly have to think hard on this, the next best person to be SoftPak’s leader is a consultant at my company. Adeel Chaudhry, being a previous employee for us for the last 13 years he really carries himself exceptionally well. The second person I would recommend is Sadaf Mahmood, another employee of ours. These two have continued to deliver excellent work to all our clientele, helped in the innovation of several projects and products as well, and have been all-round instrumental in keeping SoftPak growing till today!
