Alexey Kalachik, CEO & Co-Founder at Fively: “The potential for digitalisation within insurance is enormous”

Last year we ran a series of interviews with entrepreneurs called TakeOff. While this current Breakthrough series of interviews is with leaders in fintech, we would have loved to hear what Alexey Kalachik, CEO & Co-Founder at Fively, had to say about founding his own company. In fewer than ten years, he has co-founded two businesses and garnered enough awards and qualifications for a lifetime.

So what does Alexey have to say about the future of fintech? “AI and ML bring a whole new level of cool to finance,” he told us. “Picture this: chatbots making customer support a breeze, recommendation engines making financial decisions easier, not to mention more industry-specific smart solutions like fraud detection and credit scoring.”

He adds: “It’s not just about making things work smoother; it’s about making them work smarter and safer too.”

To find out more – including the areas where Alexey believes AI will have its biggest impact and how to be part of the fintech revolution yourself – read on.

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Could you please introduce yourself to our audience and share how you ended up working in fintech?

My name is Alexey Kalachik and my journey in custom software development began over a decade ago when I began working as an engineer, navigating the complex landscapes of various industries, which included the fintech industry. Over the years, I’ve honed my skills by adapting to changing business needs and using technology to drive innovation and improve efficiency.

In 2018 my efforts culminated in the creation of Fively, an outstanding Polish software development company. Over these six years, we have been able to help more than 50 clients obtain high-quality and cutting-edge software products. More than once, Fively has become an award-winning company according to Clutch, theManifest, TechBehemoths, GoodFirms, TechReviewer, TopDevelopers and other review and research platforms. 

As Co-Founder and CEO, I lead a team of experienced engineers committed to delivering customised solutions that help businesses across the globe thrive in the digital age. We have worked far beyond just fintech, but it turns out that we have a fairly diverse portfolio in this industry specifically. Probably the reason for this is the growing need of financial companies for reliable solutions that allow their business to develop more steadily. 

Among the solutions developed by our engineers, I can mention personal financial management apps, blockchain-powered platforms, financial management accounting systems, and many other solutions for the FinTech industry solely and closely related industries as well.

How does your company differ from its direct competitors in the fintech space?

There are a huge number of companies that provide services in the field of financial technologies and it is not always easy to stand out amidst mediocrity. However, it seems to me that we managed to do this even without much effort. From the first days of the company’s existence, we have strived to find an individual approach to clients and maintain high-quality standards.

In my opinion, at Fively, we’re a winning combination of tech smarts and business savvy, giving us a real edge over our competition. The fact is that there are practically no junior-level engineers in the company – almost the entire team of engineers are senior developers with about ten years of experience on various commercial projects.

So our team brings together top-notch technical skills and real-world business experience, making us a go-to choice for clients. As an IT consultant working closely with Fively’s engineers, I see firsthand how our unique blend of expertise ensures top-quality software every time. And that’s what really sets us apart from our competitors. 

We’ve got some of the brightest minds in the industry on our side, and we also all work together to come up with the best solutions for our clients. We brainstorm, tweak and perfect until we’ve not just met, but exceeded expectations. This collaborative spirit is another factor that makes Fively stand out, giving us the edge over our business rivals.

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In what ways is artificial intelligence impacting the fintech sector?

Over the past couple of decades, technology has undergone a monumental transformation, and at the heart of this revolution are artificial intelligence (AI) and machine learning (ML). These aren’t just buzzwords for tech enthusiasts – they’re game-changers that touch every aspect of our lives. At Fively, we’ve fully embraced this tech wave, incorporating it into our services alongside our custom development offerings.

Now, let’s take a look from the perspective of the world of fintech. AI and ML bring a whole new level of cool to finance. Picture this: chatbots making customer support a breeze, recommendation engines making financial decisions easier, not to mention more industry-specific smart solutions like fraud detection and credit scoring. It’s not just about making things work smoother; it’s about making them work smarter and safer too.

Overall, AI and ML technologies have transformed the fintech industry, driving innovation, improving efficiency and enhancing customer experiences. As these technologies continue to evolve, they will undoubtedly shape the future of finance, unlocking new opportunities and revolutionising how we interact with money.

Which fintech sectors do you believe are prime for investment in 2025 and beyond?

That’s tough to choose a particular sector, but let’s shine a spotlight on the InsurTech sector. In recent years, we’ve seen numerous clients strike gold by investing in modern insurance solutions, and they haven’t been disappointed.

Despite its traditionally conservative nature, the insurance sector is ripe for digitalisation and automation. A noticeable shift is occurring as insurance companies pivot away from outdated practices toward digital transformation.

The potential for digitalization within insurance is enormous. From some basic elements of business like websites and mobile applications, which usually serve to promote services and enhance user experiences, to the very personalised touch enabled by AI and ML. Rest assured, with cutting-edge technologies, there are numerous avenues for growth.

No doubt, data is the lifeblood of the insurance industry. It’s vital as it drives decision-making processes and facilitates transparency. Consequently, we can observe a growing demand for tools that streamline data processing and analysis, empowering insurers to make informed, data-driven decisions.

And the icing on the cake is workflow automation. We see a lot of requests for such software from insurance agencies. Computer vision, NLP and other artificial intelligence implementations are quite handy in these cases. By relieving employees of repetitive tasks and minimising errors, these solutions not only boost efficiency but also enhance overall service quality.

In conclusion, the InsurTech sector presents a wealth of opportunities for innovation and growth, with digitalisation and automation serving as key drivers.

Recommended reading: Top ten breakthrough fintech companies

What are your top three fintech predictions for the upcoming years?

The first and the most obvious is an AI revolution in fintech. Artificial intelligence and machine learning are making big waves in the finance industry. This means we’ll see a surge in fintech software incorporating AI-based features. Companies are already beginning to integrate AI into their less-smart applications, and this trend is expected to gain even more momentum. From predictive analytics to personalised financial advice, AI is poised to transform the way we deal with finances.

The second prediction is that cryptocurrencies will go mainstream. Cryptocurrency as a phenomenon has evolved from a niche interest to a mainstream financial asset. More people than ever before are embracing cryptocurrencies, with many individuals and businesses now holding crypto wallets. Bitcoin, in particular, has gained traction due to its decentralised nature, rapid transaction speeds and global accessibility. As cryptocurrencies become increasingly popular, we can anticipate the development of more user-friendly tools and platforms to facilitate their use and adoption.

And finally, biometrics will be used for enhanced security. In an era where digital fraud and identity theft are rampant, safeguarding sensitive financial information is essential. Biometric authentication, such as fingerprint scanning and facial recognition, offers a highly secure means of verifying identities. Financial institutions are likely to invest in advanced biometric security systems to protect their clients’ accounts and assets. By leveraging biometrics (not without AI and ML), these institutions can enhance security measures and mitigate the risks associated with cyber threats and fraudulent activities.

What advice do you have for aspiring professionals wanting to work in fintech?

For those pondering which technology path to pursue, financial technologies stand out as an excellent option. This industry is currently thriving, offering ample opportunities for those who decide to dive in.

It’s no secret that experienced individuals with a profound understanding of the industry are highly sought after. To get started, immerse yourself in modern trends. Follow industry experts on social media, engage with influencers, and delve into reputable sources such as studies and reports from industry leaders. With time, you’ll find yourself navigating the world of financial technology with ease.

Networking is key. Connect with like-minded individuals; you never know what valuable contacts or insights you might gain.

Regarding technical skills, your direction should align with your interests. Developing web solutions requires one set of skills, while native mobile app development demands another. Machine learning, on the other hand, entails an entirely different skill set. Experiment with various areas to discover where your passion lies.

Looking ahead, artificial intelligence and machine learning hold tremendous promise. While the learning curve may be steep, professionals in these domains are highly valued in today’s market.

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