With more than 25 years as a business leader in payments and financial services, Cotroneo has served as the CFO of Fortune 500 companies, on the board of many startups and held leadership roles in all capacities in between. “I have a unique perspective on how businesses work as a whole enterprise, including regulatory compliance, understanding group dynamics and change management,” says Cotroneo.
In bringing his broad private sector experience to the table, he helps high-growth businesses like PayIt successfully climb that growth curve, avoid common blind spots and adopt a perspective of long-term value when it comes to key business decisions—that when made early can have a huge impact on value creation and protection.
Cotroneo refers to the “customer evolution.” During his time with H&R Block, it was the big shift from paper receipts in shoe boxes to DIY personal tax software and combinations of both. “Simply put, you have to serve your customer when and how they want to be served.”
PayIt gives citizens the opportunity to self-select and take ownership of their interactions with government agencies. Says Cotroneo, “Renew your auto tags while you’re on the beach, or buy your fishing license on the train. When you bring public sector activities to a mobile device with PayIt’s easy, consumer-oriented platform at your disposal, it changes the whole dynamic of how you interact with the market.”
It’s an adaptation that the public sector can learn from the private companies who’ve gone before. Allowing people to do what they want, when they want to do it. Extending payment capabilities, providing instant account access and self-management. It also presents the opportunity to engage citizens in one-on-one marketing and customer relationship management.
As state and local governments explore their options for serving the needs of a growing mobile citizen base, cost becomes a top concern. Universally, they’re facing budget shortfalls year over year. Says Cotroneo: “If you are a conscientious government leader who wants to broadly improve the service experience for constituents, PayIt is the affordable answer. It allows you to reposition or reallocate dollars and people to other areas while vastly improving constituent-facing services.”
It’s clear that the current paper chase isn’t cutting it. “The alternatives compared to how PayIt makes it work is night and day. I don’t think users even know how good it’s going to be. It can fundamentally change how we do government transactions.”
And Cotroneo says it’s also about doing something good. “I like to do good things and if you can do some of those things as part of your business, even better. PayIt is doing a good thing—providing the technology that makes a necessary activity pleasant instead of unpleasant. Making the inefficient efficient. Helping people get back that hour or two spent at the DMV so they can do other important things with their day.”