Nicholas Lee is the CEO of EZ-Link, the technology firm that provides contactless payment for the Singapore public transit system and a variety of other cashless micropayments. He has been with the firm since its inception in 2002 and held the position of CEO for eight years. People Matters asked Nicholas for his thoughts on how COVID-19 is changing digital payments and how he is navigating EZ-Link through the crisis.

What are your top priorities at this point in time, and how are you balancing them?

In this unprecedented time of change and disruption, my top priorities have been to keep the team safe while ensuring that our customers continue to have access to the services and support they need.

At the start of the outbreak, we put in place various workplace initiatives to ensure our staff’s health and safety. For example, we distributed masks and hand sanitizers, and enforced a regular schedule for office sanitation. We also introduced social distancing measures, starting with split team arrangements in late January this year before progressively equipping the team with the necessary tools to work remotely. For essential staff who have to be in the office, we implemented staggered work hours and provided them with additional support for food and transportation.

We also took a practical approach to evaluate how the situation would affect our business and customers. From there, we could re-prioritize our expenditure to cut down on non-essential spending, such as deferring projects that may no longer be relevant in this current climate. By managing our costs, we are able to minimize the impact on our core services, so we can continue to serve our customers.

The key to balancing these priorities is open communication. In these times of uncertainty, it is crucial that we maintain regular, two-way communication both internally and with the public.

We must continue to assure and keep our team in the loop – on the company’s priorities, how we will pivot and what we can do to help them prepare for the upturn – so they know that we are in this together. At the same time, we must facilitate a safe environment for them to confidently share their concerns, so our leaders can better understand their needs and offer relevant support, including working closely with them to identify opportunities for upskilling for the future.

As for our customers, it goes without saying that we must remain transparent and share updates on our products and services. We also continue to take their feedback seriously, and tailor our support accordingly.

The reduction in retail activity, alongside social distancing restrictions, has accelerated changes in the way people make payments. What do you think the path forward will be like for your industry, and for EZ-Link in particular?

Even prior to COVID-19, we have already started to witness the rapid evolution in how customers interact with their payments. The shift from physical to digital – be it through e-commerce, or mobile transactions – has only been accelerated during this time, because it offers consumers added convenience, safety and accessibility. This will drive an increased emphasis on user experience, as players compete for consumers’ attention in a crowded space.

That being said, while digital transformation is a key area of focus for EZ-Link, it is equally crucial that we continue to put our customers at the heart of our business, and ensure that no one is left behind. Before the pandemic, we had the opportunity to engage with our customers, including the less tech-savvy elderly, via targeted roadshows. We actively participated in events to equip more people with basic digital skills and guide them through live demonstrations of our services. While it’s likely that we’re not able to conduct these in-person sessions for some time, we’re also exploring alternative channels to continue sharing these valuable resources with the public.

On a broader scale beyond the payments industry, COVID-19 has also disrupted a lot of traditional brick and mortar jobs. This will force organizations to turn more towards technology to keep operations lean to optimize cost, and maintain or even increase productivity. We expect to see an acceleration of digital adoption across all industries (where previously, we have seen some inertia from certain industries) and as a knock-on effect our labor industry will be transformed.

Our workforce must be upskilled to meet the demands of the digital economy. For instance, we are empowering our staff with new skills in areas such as Robotic Process Automation, so they can manage automated customer service tools. Such capabilities will be essential for workers as we progress into the future of work, especially with an increased focus on preparing for business continuity and reducing our reliance on traditional and physical labor.

Where do you think the main challenges will be?

As with any business, the main challenge lies in initiating a culture and mindset change in how we think, collaborate and execute. While we are considered a relatively young company, there is still a tendency to fall back on traditional ways of operating, such as working in silos or being risk-adverse. This can slow the company down, reduce its efficiency and stifle innovation. In today’s age of instant gratification, our customers also have heightened expectations for how businesses meet their demands – where we might previously have taken close to a year to introduce new products, we now only have a matter of months to deliver the same, high-quality innovations.

To overcome this, the management team must have the humility and foresight to focus on organizational culture, and invest time and resources to enact change.

I’m glad that this is a priority for our team, and we have been working to instill important values – such as the need for more innovation, agility, collaboration and learning. While we have achieved some success, there are still many more opportunities for us to grow and develop as a company.

What are some ways you've been able to leverage existing strategies or even organizational culture to keep things going smoothly?

One word: Communication. Good leaders must be able to communicate effectively to rally their team around a common cause, and incite both passion and a desire to achieve their goals.

It is important for us to constantly communicate with our team to help them understand where the company is headed, what our strategy is, why we are doing it, how we create value, and who it impacts. In doing so, our team can better appreciate the value of their work and understand how it feeds into the larger picture.

Communication is also not just about reporting updates of tasks at hand, but more about understanding one another’s needs, strengths and gaps; so that the team can grow stronger together as a collective.

During this period, how are you and the rest of your leadership team adapting your personal styles to better handle the situation?

More than ever, we have to focus on being empathetic. We know that during these challenging times, our employees will undoubtedly experience more uncertainty and heightened stress – so we must listen and offer meaningful support. At the same time, we have been mindful to provide a clear directive and offer proper direction, assurance and certainty, to help alleviate their concerns.