Fintech Impact


Justwealth with Andrew Kirkland | E254

Ep. 254
Jason talks to Andrew Kirkland, President, and Co-Founder of Justwealth. The company is a Canadian based Robo advisor that deals directly with consumers but also collaborates with financial advisors.Episode Highlights0.29: Justwealth is an online portfolio manager also known as a Robo advisor and Andrew is bringing investment services to Canadian investors via a very efficient model by using technology.2.55: Just of just wealth is for justice and acting in the client's best interest of all time we are regulated with the Ontario Securities Commission which means we have fiduciary standards to act in the best interest of the clients that we deal with, says Andrew.3.32: Andrew's co-founder background is in the asset allocation space. He actually manufactured some portfolio models for large banks and other high net worth portfolio management in Canada.5.25: It was important for us to make sure that we are building a broad product lineup and if someone looks at Justwealth lineup portfolios, we have a many more options than other Robo advisors, says Andrew.8.25: Andrew says that they have different portfolios for different account types. You could be accumulated in accumulation phase in one of our growth portfolios and invested in a non-registered account.10.13: Justwealth's portfolio investment questionnaire provides questions as to help us figure out which risk level that you're associated and for us, risk is really determined by your ability to take on risk and coupling that with your willingness to take on risks, says Andrew.14.07: Andrew says that they felt that their investment offering of having more options attracted somebody who may have more objectives that need to be met.16.09: People are beginning to realize that costs associated with the bank are just too high for the service that they are getting.18.00: Andrew says that they have financial planning channel, and they are working with financial planners, and they are referring or outsourcing the investments decisions to us20.43: Andrew wishes to have unlimited amount of funds to explain their services to all the people. 21.38: The biggest challenge in new company is to teach yourself to be patient for the public and the users to understand your service, Andrew.3 Key PointsFinancial plan can change and will change between today and 15 years down the road, but people just want to get an understanding for on the right track record and that's what our service can provide from a financial planning perspective, says Andrew.From a cost perspective, the people to have the most gain are not necessarily the millennials. Millennial will get the savings over time, which is phenomenal.Andrew shares where he is finding the majority of his client base.Tweetable Quotes"We are trying to make it as efficient as possible for people to get access to sound, quality, and diversified investment portfolios." – Andrew"In earlier times, there were a lot of costs that associated with the current model that inflated the end cost to the investor." – Andrew"We also have a family that targets or utilized often within RESP and education savings plans." - AndrewResources MentionedFacebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's – Sponsor

Retirement Optimizer with Greg Leroux | E253

Ep. 253
Jason talks to Greg Leroux, founder of Retirement Optimizer. It is a Canadian software that optimizes your retirement specifically around strategies on drawing down your assets over time to ensure that you successfully make it to the finish line.Episode Highlights0.42: In existing financial planning software, you enter a series of inputs regarding your assets, spending expectations and what you want your retirement to look like and what you have to fund that, says Greg. 0.55: As per Greg, the difference that we have at Retirement Optimizer is that we apply an optimization engine to the de cumulation side of things.2.56: Many clients ask, what should you be doing instead of the rule of thumb and the answer is there is no answer. Because it depends on lots of things and that's why when it comes to decumulation and retirements or in a game of chess, computers generally beat people, says Greg. 4.53: In any situation you are setting up with the spreadsheet, you are going to be making assumptions about the future, and your assumptions are by nature going to be wrong because we don't know what inflation is going to be over the next 30 years, says Greg. 6.02: Greg started with a company that was a performance reporting company to comply with CRM two requirements and allow people to look at their rates of return and benchmark them against common indices.7.21: Greg was originally contracted by a financial planning firm to build a suite of tools for them. And, once we actually had the solution working, they wanted to go into business with us and commercialize it more generally. 12.21: Computer says you have enough money to retire. It says that you might fall a little bit short if you were just using bucket approach of withdrawing assets. But that might not be where you're concerned. You might want to stretch things, says Greg. 13.18: As per Greg, the output of our system is a series of interactive graphs and tables on a computer screen. But many people who are retired and don't want to be staring at computer screens they can produce a report.17.00: Greg doesn't work under a subscription model like many financial planning pieces of software; instead, it's on a pay per use basis.18.56: As per Greg we are going in two directions right now. One is to make it even more user-friendly for the individual who doesn't necessarily have a financial planner. And other direction is to make it more complex for people who have crazy systems of accounts that include money that's offshore or overseas.3 Key PointsThe majority of people who are entering retirements have real estate as a substantial fraction of their net worth, but they don't intend to live in the same house until the end of their retirement. They intend to downsize at some point.Greg shares his thoughts on conjunction of financial plan with other standard financial planning software. Tech has been red hot industry for the last bunch of years, and it is really difficult even for highly skilled, highly compensated people to resist the siren song of California.Tweetable Quotes"I would like to see the industry evolving towards a computational stuff being handled by computers and human interaction being handled by humans." - Greg"Attracting, retaining talent as long as possible is probably the biggest challenge." - GregResources MentionedFacebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's – Sponsor

Sensedia with Marcilio Oliveira | E252

Ep. 252
In today's episode of Fintech Impact, we have Marcilio Oliveira, Co-Founder of Sensedia. It is a platform that provides API access through microservices for different financial institutions around the world, basically connecting them seamlessly. They are helping the enterprise companies around the world to become more connected, open and digital using the modern integration platform and API.Episode Highlights1.03: Marcilio says that they created Sensedia 15 years ago to help companies to modernize their enterprise sectors. 1.14: In last ten years we have been 100% focused on API management platform to help companies to connect the core data in digital experience, partner journeys and innovation and in the last five years we created a nice, specialized solution for financial institutions, says Marcilio.3.08: The connection between the legacy system with mobile apps, with ecosystems from partners and with different kind of digital experience or digital behaviors is done using API.6.32: Companies are looking for Sensedia when they are trying to evolve the digital experience or part integration ecosystem positioning for open banking service, or they are looking for innovation.7.53: FTX conference in Dallas was amazing because we have around hundred financial companies there and all of them trying to discuss about strategy, not only about Tech, says Marcilio.8.04: API is a tech subject, and it supports new business model, new functionalities, new partners model and new positioning.15.40: Many banks have created their own API management plan because they are using these as internal APIs.16.04: All the financial institution will be part of one or more ecosystems because they have a chance to be the heart of the ecosystem to create their own ecosystem by exposing API.19.05: As per Marcilio, we are going to nice space where everyone needs to be a part of ecosystem.20.03: Companies should be more open and digital and connected and not looking for tech or for business strategy.3 Key PointsMarcilio shares what is the percentage of existing institutions that were non digital before and converting over versus native Fintechs that have come into the market?Fintechs are not looking for a hard discussion about tech integration. They are looking for the good experience in the digital world. So, we have invested a lot in digital experience for the companies beyond the API, says Marcilio.Marcilio shares his thoughts on where is the lack of openness? Is it a reticence of companies entering the space like departing from their norms of keeping things closed and being very defensive with data?Tweetable Quotes"We are focusing the enterprise companies. We are looking for the traditional companies and usually they are asking for our help in three different scenarios." – Marcilio"The open banking is not about regulation, it's about movement and in my perception, Canada will move fast about regulations." – Marcilio"If the company is looking for position as the central of ecosystem, they need to improve the developer experience." - Marcilio"Technology is not a strategy. Technology is there to enable your strategy." - Jason "My motivation is when I explain stories about customers and people show interest to listen more. I love to share stories from achievement with good customers." – Marcilio.Resources MentionedFacebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's – SponsorLinkedIn – Jason Pereira's LinkedIn Editing

Finclusion with Timothy Nuy | E251

Ep. 251
Jason talks to Timothy Nuy, Founder and Co-CEO of Finclusion. The company is an African based neobank that is basically tackling a lot of the structural issues in banking in Africa in a digital way. Episode Highlights1.11: Today our lending products predominantly are either employed or merchant distributors ranging from earned wage access to payroll loans and from buy now pay later to merchant lending facilities, says Timothy.2.06: Timothy explains how he predominantly distinguish clients with our AI based credit scoring where they have consistently outperformed the markets from a collections and repayment perspective on the back of our scoring models.5.14: The traditional data is oftentimes not available on our type of supply and field. Also, the easily accessible credit score, simple repayment behavior isn't available. What is available is a whole lot of different data points that by themselves aren't actually predictable, says Timothy.9.03: Timothy explains how does the business side of the business differ from the personal credit scoring?11.10: Pledging security it depends on the market. In some markets it works, many other markets it doesn't. But depending on the relationship we can take a risk.13.01: One of the benefits of building some of the infrastructure in Africa from scratch is that infrastructure gets built based on modern day design principles.14.17: Buy now pay later has been something that has largely been a newer innovation in the Fintech space and within the last 24 months it's really taken off, says Jason.15.02: Today we can offer credit better than anyone else, but that's a leap. IT doesn't mean we'll always be better than anyone else, says Timothy. 16.01: We basically unconverted ownership of a client into our world and really achieve long term client stickiness, says Timothy.17.07: Timothy would love for the African rails to work as well as they do in India where you could just digitally verify anyone's identity and get access to their data in a readily simple, straightforward way.17.51: Getting people brought into the company culture and building together, creating that feeling of togetherness without actually being able to be together in the same office has probably been the hardest thing to do, says Timothy.19.20: Africa has been in the loss from probably the last 30 years. But Timothy truly believes it is going to convert and end up in the same space as a Brazil or China or India.3 Key PointsTimothy talks about the core problem that has to do with the AI based models on credit scoring you deal with in Africa compared to more developed nations like the US and UK.Timothy’s company does future wage access where they give you a loan which you can repay over 12 to 24 months using about 30% of your income as a maximum installment.The reality of not being able to pay for goods and services at checkout is a much bigger problem in the African population than the rest of the world.Tweetable Quotes“I feel there is no one really addressing the credit gap effectively with products and solutions that truly address the market needs on the ground and we could make a real difference.” -Timothy“We work with any employer more than 200 employees, but we prefer to work with larger employers.” – Timothy“No one would ask you for your house title for a small loan in the rest of the world probably via emerging markets where there's still an opportunity.” - TimothyResources MentionedFacebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's – Sponsor

Episode 250 with Guest Host, Guy Anderson | E250

Ep. 250
In today's 250th episode we have guest host, Guy Anderson to interview Jason Pereira. Guy asks Jason what he has learned till now and where he is going from this point. Episode Highlights2.08: There are a lot of integrations in the US market, but Jason would actually refer to a lot of those integrations as borderline superficial.3.25: As per Jason there are a couple of ways to look at big trends. We can contrast the US market versus elsewhere because in US market everybody got baseline technology.4.35: If you went too far and just focused on digitizing and optimizing your process without focusing on how you can provide deeper, greater value to a client, you didn't do yourself a service in that regard, says Jason.5.24: In the developing markets, Jason is seeing a lot of unique and interesting ways of trying to get more people access to financial services, which is enormously important.8.40: The longer you depend on a system the more likely you are to depend on it for a longer period of time, says Jason.9.23: One of the single biggest bottlenecks with old systems is the inability to get the data open and out and then put into something elsewhere.11.28: Netflix and all that were big examples of technology uptake during COVID where people were using streaming systems. Jason explains whether he saw an uptake in Fintech adoption during COVID or not. 16.54: Flow charts technology to basically make a decision or to basically confirm that the planning solution you make is solid, that is foundationally found fantastic nudge.21.55: To monetize open banking, they're going to figure out a way to monetize it through the companies that are giving it to you, which is going to basically come back to you through fees, says Jason.23.31: When Jason started four and half years ago, Fintech was new term and we were in a big hype cycle at the time and he was seeing solutions left, right and center, novel things and different ideas but that's slowed down because the industry had hit maturity plateau at this point.28.33: Jason sees a world where money or decisions with money are going to be minute and the challenge is that this is a cognitive burden on humanity. 31.45: Google basically gives you every financial service for free and monetizing out the data and that should be scared to every sector of finance. 3 Key PointsJason talks about the challenges that he has seen in the sector that perhaps are limiting the advance of some of the Fintech companies.  When it comes to how to digitally transform businesses, many institutions don't have internal people that can think at higher level and nor the incentives designed to do that, says Jason.In Canada Jason had released the paper on open banking framework and when he started reading it, he stopped reading it very quickly because timeline set out was completely unrealistic.Tweetable Quotes"There is a lack of surprisingly digital on-boarding systems that exist in any country." – Jason"There is no way that we are going to meet the demand for developers in the future." – Jason"It's hard to teach an old dog new tricks sometimes." - JasonResources MentionedFacebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's – Sponsor

Covey with Brooker Belcourt | E249

Ep. 249
Jason talks to Brooker Belcourt, Founder of Covey; an online platform for new inspiring portfolio managers to earn credibility by sharing their best ideas online in order to establish a track record and hopefully establish a career input for the management.Episode Highlights1.20: Covey seeks to solve the problem of finding investment analysts by creating a community to find and reward the best investment analysts so that we can all copy them and generate higher returns.3.07: People use Covey as a way to get into investing or to learn more about it or to play with virtual cash before playing with real cash and they use it to earn rewards.4.19: Covey tracks 50 matrix in real time and you have a shareable portfolio that's like probably the most robust mock portfolio software online right now. 7.09: Brooker explains that they post all trades to an immutable ledger so that the client won't have to hire auditors to come and verify their fidelity account or their e-trade account, which is actually really expensive.10.03: Brooker has observed that the great managers, great analysts tend to stay great and it has been described in academic research as the phenomenon called performance persistence.11.27: There are a ton of barriers to entry to becoming a great investment analyst. If you went to some big investment bank, you could probably become an investment analyst. But otherwise, if you're great, you may not be discovered, says Brooker.13.47: Brooker have received a lot of interest from the hedge funds to buy their analyst data and what we have to do though is structure the right deal that benefits the community of people who contributed that data.15.08: Brooker says that they had to think with their community how do they actually identify who is an amazing investment analyst and they came up with five or six metrics and looked across things like total return of course.18.57: Doing something that is totally new for you and getting VCs on board was probably the highest hurdle for us, says Brooker.3 Key PointsBrooker explains why community database information is valuable to others than to the people who are looking in Covey's ideas.In 2023, we are going to be launching the Covey copy trading style product that allows you to invest in the top analyst list, says BrookerBrooker explains how that entire reward mechanism allocates rewards to the different analysts. Is it just based solely on short term performance over a period of time or are there other metrics taken to consideration?Tweetable Quotes"It always struck me as odd that where this data rich world is investing and yet we have no way of like sorting through the masses to find the best." – Brooker"We are going to build more infrastructure to make it easier for people to follow and get the benefits of following the best people and little branches of investing.' – Brooker"If we built a fund around the top analyst and their ideas, we could allow anyone to invest in that front and then we can compensate some of the undiscovered investment analysts who otherwise wouldn't have been able to manage money." - BrookerResources MentionedFacebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's – Sponsor

Estateably with Ari Brojde | E248

Ep. 248
Jason talks to Ari Brojde, Founder and CEO of Estateably, a leading provider of digital solutions for the North American trust and estates industry. Episode Highlights0.50: Estateably is a Canadian estate administration software that makes sure that when your loved one passes away the owner's burden, that is, the administrative work left behind by an estate is dealt with in a quick, efficient, and accurate way in order to get the thing closed as soon as possible.08.23: In August Estateably was nominated as software the year and the Trust in the space states category and Canadian Lawyer magazine in October and in December of 2021 they gained 140 professional customers. So it was, it was a great year for Estateably in 2021 and they have managed to continue on that success in 2022. 14.18: If a company is using Estateably, they are going to be able to work with you as the executor to get all the necessary inputs that are required throughout the entire estate administration process, they are going to collect information about the deceased, where they lived, where they died, where they married, all they kind of important information that goes into the probate application process. They are going to get information about the beneficiaries. 17.41: Ari says that there are sometimes between 100 and 150 different tasks that are associated with the completion of an estate and what's critical for people is to be able to stay on top. As an executor Estateably may not always be open on your desktop and so it's very important to be able to have the deadlines that are to be met and to get e-mail reminders sent to your g-mail will simplify things. 21.12: Estateably's is Canada's first real estate administration solution based in the cloud. Ari shares how sometimes they would go for demos and companies would sign-up just by hearing that they are a cloud-based solution.3 Key PointsAri talks about what happens when someone passes away and what it's like to have to settle in the state and what needs to be done? Ari explains how Overall there are about 420 hours and statistics show of manual administrative work that needs to be accomplished.By using Estateably, the user will be able to prefill all the forms, all the letters that are required to go out to those service providers to cancel accounts, and it's going to save at least ten times the amount of time that it would take to do everything manually. One of the features of Estateably is Gmail Calendar Integration. Ari talks about why that's important and what it accomplishes? Tweetable Quotes"When we asked the people that trust companies to show us what kind of software they use, their eyes kind of glazed over and they said, what are you talking about?" - Ari "A power of attorney is just a different form of fiduciary relationship and takes much to be able to tweak the original platform to be able to create a new product line." - Ari ResourcesFacebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's – SponsorAri – LinkedIn 

Catchlight with Wilbur Swan | E247

Ep. 247
Jason talks to Wilbur Swan, CEO of Catchlight. It is a company that uses AI to help advisors basically find and close better leads. Episode Highlights0.50: Catchlight plays a new kind of solution for advisors which focus on what we call lead optimization, which is common in other industries, but new to financial advisors, says Wilbur.4.13: Fidelity Labs started with infidelity in 2005 and had a mix of roles in almost 20-year period of working with the businesses to accelerate ideas called as digital acceleration, as well as incubating an entirely new concept, called as full staff incubation. 5.20: Fidelity Labs for those who haven't seen it is a good combination of subject matter expertise, resources and of course money to help with the ideas for innovation, says Jason. 6.08: Wilbur's company is now as of T3 publicly launched and available for advisors to subscribe to and it's an ongoing relationship with Fidelity Labs.10.08: The advisor gets into our web UI, uploads a spreadsheet that includes all of their leads and system then goes toward taking the core data about leads and we enrich it using the same type of data partners that large companies typically use to understand their marketing, says Wilbur. 14.15: With machine learning models we split models capturing like does the person have the means that they would need financial advice? Do they have complexity in their life and are they encountering life invents that suggest how the timing is good for the advisor to pitch that prospect, explains Wilbur. 16.05: When you aggregate the data across state advisors or across several advisers is super interesting to marketing people who are thinking about personalization, says Wilbur. 19.04: Wilbur is particularly focused right now on a tip of the iceberg and easy solution for advisors to use around how do you gauge better with one-to-one prospects.21.07: Wilbur says that they are growing really quickly. Just a few months ago they posted 20 open roles and still they are looking for many more.23.06: Financial advisors provide really valuable service and Wilbur would love to see them be able to provide it to more people at greater scale via Catchlight.3 Key PointsIf you can unlock the potential of your advisors in the marketing and selling, they are doing, it makes them more efficient in terms of use of their time, says Wilbur. Catchlight's UI output is almost similar to what Google search does. Its page ranks the best matches for you at the top of page so you can focus on the best places to find your effort.Fidelity and Fidelity partnership bring to bear large amounts of data to study to figure out how Salesforce actually works.Tweetable Quotes"We aim to help advisors improve growth through AI powered insights on three things like who should they call, how should they pitch them and what should they pitch them." - Wilbur "We are also continually improving. In our learning model our data science team is constantly evolving in the background to best identify the prospects for a given advisor." - Wilbur "You are soaking up a ton of data from publicly available sources and serving up against that next best prospect." – JasonResources MentionedFacebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's – Sponsor

Next Step with Shirin Oreizy | E246

Ep. 246
Jason talks to Shirin Oreizy, Founder and CEO of Next Step, an award-winning Behavioral Design Agency with offices in San Francisco, CA & Boston, MA.Episode Highlights1.00: Next step is a behavioral design agency because we sit at this intersection of leverage and being able sentence and how we help our clients design and their marketing and product experiences for their clients and ultimately, we are trying to help them better understand how people really making decisions about the brand or so that they can ultimately drive better engagement or adoption for their products and solutions, says Shirin. 3.01: Shirin explains what behavioral science is. It's the study of how people really make decisions. We put the emphasis on the word really because there is another field of study called economics that we all have heard about that also looks at decision making.5.47: Typically, when we work with startups, we are helping them create lifts anywhere from 30% to 300%, says Shirin. 7.35: Shirin explains that she is helping startups who have found early product market fit and now need help scaling or if they’ve plattued and need to get unstuck.10.39: What we are really trying to do is figure out these different behavioral science  principles, which one of them has legs to it? Which one of them do we think is going to work for you and your situation? explains Shirin19.34: Shirin says that as humans we have evolved to remember stories. We haven't evolved to remember random facts and figures and features. 22.08: Shirin explains that their goal is to determine where can we introduce these Behavioral Science based nudges in the marketing or product for the biggest impact relative to effort and how we  can remove friction from the behavior we want users to take. 23.25: Jason says that the first things he discovered when he got into his business were it's a lot harder to make people move in inch than you would ever think. 29.01: There is a special offer for listeners of this podcast. Shirin has an offer limited to 3 startups per month where they will do a free behavioral science consult w their team. Listeners have to mention that they have heard about Next Steps that through FI podcasts and fill out their online form on Key PointsShirin explains why behavioral science is important for startups and how her Behavioral Design Agency is helping them? Shirin explains how her company's starting point, or the testing is all principles and ideas that have already been proven out in research in academia. Shirin and Jason talk about a few cases where Shirin's company helped startups increase their top funnel. Tweetable Quotes"I was always looking to figure out how we can create a more data-driven way to help our clients with their marketing efforts and growth efforts." - Shirin Oreizy"We have had a lot of great success working with technology companies, bringing it to life." - Shirin Oreizy"It's about that person's individual journey that leads to their version of rational decisions." - JasonResources MentionedFacebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's – Sponsor