Fintech Impact

In this episode of FinTech Impact, host Jason Pereira brings back Adam Holt, CEO and founder of Asset Map, to discuss the evolution of his company and the financial planning industry. They explore the development of Asset Map, a tool designed to simplify financial planning by visualizing complex financial data on a single page. The conversation touches on the importance of efficient client communication and how tech advancements like AI and digital tools can enhance clientrelationships and financial literacy. They also delve into the broader industry trends and challenges, and the shift towards more comprehensive and conversational financial planning.Episode Highlights:00:11: Introduction to the episode, featuring Adam Holt, discussing changes in Asset Map since 2019.00:51: The discussion on the tendency to lose conciseness, leading to interesting, albeit lengthy, conversations.04:24: Jason praises Asset Map for its simplicity and effective communication of financial information to clients.05:10: Adam stresses that Asset Map serves as a summary rather than a comprehensive financial plan.06:34: Understanding client priorities through effective and tailored financial conversations. 08:02: Adam discusses his background in GIS and how it influenced Asset Map's design for spatial financial visualization.11:48: The importance of engaging both spouses in financial planning dialogues for comprehensive understanding.14:28: Adam highlights how Asset Map facilitates digital intimacy and client engagement through conversational planning.17:07: The evolving role of financial advisors in integrating technology with personal client interaction and understanding.18:26: The industry's shift towards comprehensive financial planning with technological enhancements.19:02: Discussion on digital tools replacing transactional roles and enhancing advisory conversations.24:29: Asset Map's addition of legal document tracking to enhance comprehensive planning discussions.25:11: Asset Map's evolution in helping advisors prioritize financial events through interactive visual tools.Key Points:Asset Map is a tool designed to simplify financial planning by providing a visual summary of clients' financial lives.Efficient client communication and engagement are vital for successful financial planning. Technology, including AI, will commoditize basic financial calculations, emphasizing the value of human interaction in advisory roles.Comprehensive financial planning now requires understanding clients' personal priorities and integrating various financial aspects like tax and legal readiness.Tweetable Quotes:"Asset Map is known for being a household visualization tool used by financial professionals to organize financial inventory." - Adam Holt"There’s a genius and a brilliance to succinctness." - Jason Pereira"We finally have approval and permission to stop solving problems the same way we always have." - Adam HoltResources Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – SponsorPodcast Editinghttps://www.asset-map.com/https://www.linkedin.com/in/hadamholt/

The podcast features an interview with Patrick Gauthier, CEO of Convera Holdings, who discusses the organization's innovative approaches in the financial technology sector, focusing on cross-border commercial payments. Gauthier highlights the transformation and modernization efforts at Convera post-its acquisition from Western Union, emphasizing the challenges and opportunities embedded in this transition. The conversation revolves around the use of cloud technology, AI, and a significant focus on rendering advanced payment solutions in several market segments. Additionally, the episode explores the strategic direction of thecompany, underlining the critical importance of cooperation with financial institutions and the adoption of real-time payment systems.Episode Highlights:00:10: Introduction to the podcast and guest Patrick Gauthier, CEO of Convera Holdings.00:29: Patrick Gauthier expresses gratitude for being on the show.00:34: Overview of Convera, a large cross-border commercial payment network.01:46: Explanation of Convera’s core business value and services offered.01:51: Historical context on how Convera Holdings was formed from Western Union assets.03:19: Efforts and challenges in transforming Convera post-acquisition.03:38: The complexities involved in separating from Western Union.05:04: Details on modernizing the company with cloud technologies.06:36: How the company is balancing current services with future innovations.08:28: Adaptation to cloud telephony for better client services.10:00: Advantages realized from adopting new technologies.13:16: Collaboration and competition dynamics within financial services.15:17: The segmentation strategy in targeting market segments.19:00: Technological advancements enabling better customer experiences.21:15: The wish for simplified global payment rail infrastructures.28:05: Major challenges faced during company extraction from Western Union.30:00: Motivations behind Patrick’s continued efforts in fintech innovation.32:01: Conclusion and podcast closing remarks.Key Points:Convera Holdings is leveraging cloud technology and AI to provide innovative cross-border payment solutions.The company has transitioned from Western Union into a separate entity, marking a significant milestone in its growth.Real-time payment systems are seen as a future transformative force in financial transactions.There is ongoing innovation in the fintech sector to enhance user experiences for commercial and consumer payments.Tweetable Quotes:"With the proper level of investments in modernization, we really see an opportunity to better serve our clients.""In many ways, I think there is a need to simplify some of the underlying infrastructure.""We have an opportunity to totally transform how services like ours are delivered."Resources Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – SponsorPodcast Editinghttps://convera.com/https://www.linkedin.com/in/prxgauthier/

In today’s episode, Jason interviews Rick Burgess, CEO of Forms Logic. They delve into the origin of Forms Logic, a platform designed to streamline data collection and form processing for financial advisors. Rick explains the challenges firms face with legacy systems and the inefficiencies that arise from inconsistent data management. They explore the potential improvements in client onboarding, data handling, and operational efficiency that Forms Logic aims to address. The conversation also touches on broader issues in financial services, such as the difficulties in achieving industry-wide data standardization and optimizing processes for better client experiences.Key Highlights:00:11: Introduction to the podcast and overview of Forms Logic's purpose in the financial advisory sector.00:53:Rick Burgess presents a concise elevator pitch for Forms Logic.01:37: Discussion on Forms Logic's origins and how it evolved from solving internal inefficiencies.02:21: Challenges in financial service onboarding due to diverse forms and data requirements.03:08: Complexities of designing adaptable systems for financial services.03:58: The issue of inconsistent data formats among different brokerage platforms.04:50: Historical stagnation in document digitization and the lack of true innovation in client servicing.05:35: Generating efficiencies in processes through improved data handling.07:28: Describing the challenges in uniformity among client onboarding processes.08:09: Impact of platform variances on acquisition strategies in financial firms.09:45: The importance of understanding data landscape for effective CRM transitions.11:26: Industry challenges in creating a universal dataset in financial services.12:12: Exploring innovation potential in form processing and data normalization.13:53: The transition from paper to digital in financial record keeping.14:41: Innovative client onboarding methods that reduce dependency on traditional e-signatures.16:09: Potential efficiencies through universal datasets and streamlined processes.18:08: Customizability of processes and the balance between standardization and individuality.18:57: The potential drawbacks of retaining inefficient big producing advisors.19:38: Leveraging data to evaluate advisor and employee efficiency.Key Points:Evaluating advisor and employee performance through data can uncover hidden inefficiencies and optimize operations.The financial sector needs to move beyond traditional document formats to embrace true digital transformation.Adopting better data management systems can streamline operations and enhance client experience.Tweetable Quotes:"We make forms not suck." - Rick Burgess"Optionality is painful and expensive." - Jason Pereira"Firms need to evolve into data companies to truly innovate." - Rick BurgessResources Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – SponsorPodcast Editinghttps://www.formslogic.com/https://www.linkedin.com/in/itsalive/

In today's episode of Fintech Impact, Jason Pereira delve into the world of alternative investments and digital transformation with Rafay Farooqui, the Chairman Founder and CEO of Subscribe. Subscribe is a platform designed to address challenges in establishing enterprise solutions for subscription document technology and management of alternative products. The discussion covers the historical context and inspiration behind the creation of Subscribe, its contribution to digital transformation in private markets, and the innovative strategies employed to streamline operations within this industry.Episode Highlights:00:10: Jason introduces the podcast, Fintech Impact, and Rafay, the CEO of Subscribe, which addresses challenges in alternative investments.01:23: Discussion on the origins of Subscribe, with Rafay's background at Goldman Sachs informing his insight into digital transformation.03:15: Explains the concept of democratization and the foundation of Subscribe to focus on infrastructure in the private markets.04:47: Jason leads into trivia about fractionalization of shares, explaining historical context linked to silver coins.10:26: Jason and Rafay discuss the complexity of standardizing investment information and the innovative capture of data via Subscribe passports.14:14: Mention of the end client experience, where they have a simplified interaction through a DocuSign signature.15:03: Jason discusses the transformative productivity gains seen by firms using Subscribe, resulting in significant resource and time savings.20:51: Insight into Rafay's extensive experience in the private market, highlighting the importance of understanding and defining problems accurately.27:00: The discussion touches on risk management and career preservation issues hindering progress in technological adoption.27:37: Rafay shares his drive to achieve a one-click Amazon-like model for private markets, describing it as a major challenge.28:58: Discussion wraps up with Jason emphasizing the value of Subscribe for US RIAs and broker dealers facing challenges with alternative investments.Key Points:Subscribe provides an end-to-end enterprise solution to manage alternative investments, addressing pre-trade, trade, and post-trade processes.The platform facilitates significant productivity gains by automating complex, traditionally manual processes.Standardization of investment information through Subscribe passports enhances scalability and reduces time expenditures.Tweetable Quotes:"In a world where we all summon taxis, watch movies, order groceries using a button, an amazon.com for the massive private markets industry doesn't exist."- Rafay"We're building the amazon.com of private markets because it's the everything store: any fund, any investor, everywhere in the world."- Rafay"The undeniable fact that an amazon.com equivalent doesn’t exist for such a large industry should wake everyone up in the morning to build it."- RafayResources Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – SponsorPodcast Editinghttps://subscribeplatform.com/

In this episode of Fintech Impact, Jason Pereira speaks with John O'Connell, CEO of the Oasis Group, about the current trends and challenges in the advisor technology sector, particularly focusing on the U.S. market. They explore topics such as technology integration, cybersecurity, the rise of AI, and the need for standardized tech stacks in financial advisory firms. John shares his experiences and insights while discussing the impact of technology on RIAs andthe future role of AI in enhancing efficiency and client service in the industry.Episode Highlights:00:11: Introduction to the 350th episode with guest John O'Connell, focusing on the advisor technology space.00:51: Introduction to Oasis Group's role in investment advisory technology.01:02: Explanation of Oasis Group's services, including technology assessments, cybersecurity, and data analytics.01:55: Discussing how Oasis Group acts as an outsourced CTO and consultant.02:31: Exploring trends in U.S. advisor technology for 2024, including private equity and tech stack standardization.03:47: The shift from individual tech stacks towards standardization for cost efficiency among RIAs.04:36: The impact of scaling and negotiating advantages in standardized technology stacks.05:52: How RIAs are leveraging tech stacks for better data management in acquisitions.06:29: Hosting M&A examples, understanding acquisition strategies at Oracle, and implementing these within finance.07:10: The dual front of competition: Companies aiming to unify or disrupt established advisors from below.13:47: The importance of aligning technology choices with business strategies and client identification.19:14: Understanding the nuances of integrations and common misconceptions.25:54: John emphasizes creating effective and engaging experiences for clients in the face of potentially daunting tech options.32:08: Guardrails in AI use to guarantee compliance and minimize risk, particularly regarding sensitive data.36:18: Evaluating AI functionality and its potential to reshape specific roles in financial services.Key Points:Integration and standardization of tech stacks are becoming crucial for financial advisory firms to manage costs and streamline data management.The industry is rife with opportunities for innovation, particularly in personalized client interactions, data analytics, and tech-assisted efficiency.Advisors must align their technology choices with their business strategies and ensure these tools genuinely enhance client relations and service quality.Tweetable Quotes:"Technology is a force multiplier; if you don't know where you're going, you'll just get nowhere faster.""Solve one problem really well, and people will buy it.""Pick where you want to land on that spectrum, and then just be happy with where that is at the moment."Resources Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – SponsorPodcast Editinghttps://theoasisgrp.com/https://www.linkedin.com/in/johnokoconnell/

In this episode, Jason Pereira discusses with Gavin Nachbar, CEO and Co-founder of Column Tax, about how they are revolutionizing tax filing by embedding tax services within financial applications. Gavin explains the origins of Column Tax, its mission to simplify tax filing for Americans, and the innovative approach of using API integrations to streamline the process. The conversation also delves into the challenges of tax filing, particularly for self-employed individuals, and the potential future of real-time tax management and planning.Episode Highlights:00:10: Introduction of the podcast and guest Gavin Nachbar, CEO of Column T ax, discussing their mission to simplify tax filing.00:28: Gavin introduces Column T ax and its goal to make tax filing effortless in the US through app integration.01:03: Gavin shares the origin story of Column T ax and personal experiences with tax complexities.02:02: Discussing the motivation behind addressing tax problems for users and reducing complexity with tax APIs.03:08: Explanation of partnering with companies for embedding tax services within existing financial apps.04:16: Examples of Column T ax's partnerships and their benefits for mobile banking and self employment sectors.05:20: Discussion on the competitive landscape and the approach of being an API utility.06:15: Workflow examples for mobile banking and self-employed users integrating Column T ax services.06:59: Explanation of data integration steps and the challenges of establishing connections with data sources.09:23: Average filing time and how Column T ax helps in simplifying tax processes for users.11:07: Discussion on future aims of Column T ax for year-round tax optimization and planning.13:33: Real-time tax status check and planning for a comprehensive financial overview.14:09: Challenges around education and transparency in tax codes and deductions.17:23: Identifying eligibility and complexity in tax credit benefits as a challenge to address.19:07: Addressing the challenges in determining when a product is ready for market release.19:46: Highlighting the collaborative and motivated professional team as a key driving factor for success.Key Points:Column T ax aims to simplify tax filing by embedding tax services within existing financial apps, saving time and reducing complexity for users.The company's API-first approach allows financial institutions to integrate tax services seamlessly, enhancing user experience.There is a significant opportunity in providing real-time tax status and planning, especially for self employed individuals.The challenge of tax filing stems from the complexity of tax codes and the inefficiencies in data collection and management.Tweetable Quotes:"We're on a mission to make doing your taxes no longer a thing in the US.""We can endure the pain, chew the glass, and save others from it.""In today's world, tax filing should be API-first."Resources Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – SponsorPodcast Editinghttps://www.columntax.com/https://www.linkedin.com/in/gavinnachbar/

In this episode of Fintech Impact, Jason Pereira interviews Ryan Rosett, co-Founder and co-CEO of Credibly, a lending platform designed to facilitate small business loans ranging from $5,000 to $600,000. Ryan discusses the origins of Credibly and highlights their objective to address banking challenges faced by small businesses. He elaborates on the company's unique approach to assessing loan credibility, focusing on cash flow and customer service. The conversation further delves into Credibly's advances in technology, notably utilizing generative AI to enhance industry classification and loan processing efficiency.Episode Highlights:00:09: Introduction to the podcast and guest, Ryan Rosett, co-founder of Credibly.00:27: Ryan Rosett expresses appreciation for the invitation.00:29: Introduction of Credibly and its function as a FinTech lending platform.00:32: Overview of Credibly's mission and target market, detailing loan sizes and processing.01:20: Background on why the founders established Credibly and their approach to lending.04:40: How Credibly’s method alleviates small business concerns and hurdles.04:40: Ryan elaborates on the application and evaluation process at Credibly.05:32: Discussion of Credibly's lending evaluation factors beyond credit scores.06:19: Insight into Credibly's automated lending process and risk-based pricing.06:54: Value propositions of Credibly, including speed and ease of use.07:43: Details on Credibly’s transparency and rapid response throughout the lending procedure.08:19: Contrasting traditional banking processes with Credibly's streamlined model.11:27: Larger loan evaluations using tax returns and their impact on eligibility.12:47: Industry-specific customization in evaluating loan risk and profitability.13:38: Credibly's breadth in industry service, extending across 300 sectors. 14:18: Application of generative AI to better understand and classify industries.15:37: AI’s role in improving industry identification and operational efficiency.16:50: Plans for streamlined user experiences through digital transformation.17:52: Introduction of online checkout for faster loan approval and funding.Key Points:Credibly simplifies the lending process for small businesses, focusing on efficiency and customer experience. They emphasize cash flow rather than credit score as a deciding factor in loan approval, enhancing accessibility. The company's use of generative AI aims to improve industry identification for better financing offers. Credibly continually evolves its risk assessment models to refine the accuracy of loan approvals and pricing. Tweetable Quotes:"We're offering an easier way for small businesses to access credit." – Ryan Rosett"If you have a good business generating free cash flow, we're interested." – Ryan Rosett "The mantra here is: how do we say yes more often?" – Ryan Rosett Resources Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – SponsorPodcast Editinghttps://www.linkedin.com/in/ryan-rosett-262b642/https://www.credibly.com/ 

In today's episode, Jason Pereira hosts Parker Ence, CEO and Co-Founder of Jump, a generative AI-based meeting transcription and note-taking service. They discuss the innovations in AI technology, particularly for financial advisors, and how Jump helps automate and assist in meeting preparations and follow-ups to make financial advisors' lives easier. Parker elaborates on the company's unique offerings, how they address the essential but cumbersome parts of financial advising, and the roadmap for the future of Jump.Episode Highlights:00:09: Introduction of Parker Ence and the concept of Jump, a generative AI-based meeting transcription service. 00:30: Parker Ence thanks Jason and shares excitement about joining the podcast, reflecting on their previous meeting. 00:39: Jason congratulates Parker for winning a tech showcase prize, leading into the focus on Jump.02:55: Discussing the extensive time taken by administrative tasks and how automation can aid advisors. 03:05: Jason and Parker discuss the origins of Jump, with Parker questioning the traditional time concept in AI progress.03:59: Insights into Jump’s development, initially aiming to ease note-transcription into CRM data updates.04:54: Parker shares advice from financial advisors in his circle, supporting the need for improved admin systems.05:36: Success with client testimonials and Jump's rapid growth since its launch, addressing broad industry needs.06:36: Delving into current solutions in the marketplace, the role of AI, and Jump’s unique contributions.07:32: Discussion about legacy technologies like dictation services and how AI marks an advancement beyond these.09:03: Jason acknowledges the efforts of companies like Zoom, admitting improvements in AI note technology.24:17: Testimonials and successful use cases, highlighting how Jump assists in remembering key details. 26:04: Future prospects and improvements planned for Jump, including AI agents and analytics expansion.Key Points:Jump integrates AI to significantly reduce the post-meeting administrative burden on financial advisors. By focusing on financial advisors, Jump customizes and enhances the effectiveness of customer engagement.Jump’s growth demonstrates a substantial demand for AI solutions in financial services to streamline workflows.Effective integration with existing tech infrastructures, including CRM systems, is crucial for success and adoption. Data protection and compliance are vital considerations for any AI-enabled financial service tool.Tweetable Quotes:"Nobody wakes up super excited for typing into Salesforce. That's why we focus on automation." - Parker Ence"The first AI tool you use might feel like magic, but it needs to be more than just summaries." - Jason Pereira"Data isn't stuck in models ready to leak out; it's about safe, effective AI orchestration." - Parker EnceResources Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – SponsorPodcast Editinghttps://www.linkedin.com/in/parkerence/https://jumpapp.com/ 

In this episode of Fintech Impact, Jason interviews Ali Zahedi, CEO of Infinite Systems, about their comprehensive portfolio management software, Harmony, and its impact on the Canadian wealth management industry. Allie shares the origins of Infinite Systems, emphasizing the company's commitment to providing end to-end, integrated solutions for wealth managers and their move towards exploring inorganic growth opportunities through acquisitions. The conversation delves into the challenges and rewards of building a tech based solution from the ground up, the importance of team cohesion, and the company's future visions focusing on both enhancing existing services and exploring adjacent opportunities.Episode Highlights:00:10: Introduction to FinTech Impact and today's focus on Infinite Systems and their Harmony platform.00:29: Ali Zahedi expresses gratitude for being featured on the podcast.00:32: A brief overview of Infinite Systems is provided.00:52: The conversation shifts to the origins of Infinite Systems and the identification of industry needs.02:07: Allie elaborates on the end-to-end services and core components provided by Harmony.04:33: The challenges of building an all-encompassing system and the internal development strategy are discussed.05:49: In-house development history, the programming-centric approach, and the importance of system integration.07:11: Strategies to balance client-specific needs with universal features within the system.09:04: The implementation and onboarding process for new clients transitioning to the Harmony platform.10:40: Challenges in data migration and the value of custodial data in the onboarding process.13:41: Discussion on strategic market focus and the potential for exploring advisory services.Key Points:Infinite Systems has significantly impacted the Canadian wealth management industry with its end-to-end platform, Harmony.The company attributes its success to a strong, internally driven development approach and a commitment to comprehensive, integrated solutions.Future growth strategies include exploring inorganic opportunities through acquisitions and expanding into adjacent service areas.Client feedback emphasizes the platform's comprehensiveness and the superior quality of customer service offered by Infinite Systems.There's a strong belief in the potential for growth through greater risk-taking in the conservative Canadian financial industry.Tweetable Quotes:"Started 20 years ago, Infinite Systems focuses on providing foundational technology to wealth managers." - Ali Zahedi"Harmony was born out of a need for a fully integrated end-to-end portfolio management system." - Ali Zahedi"Our strength is programming, leading us to develop a comprehensive in-house solution." - Ali Zahedi"The biggest reward is our team. Working with best friends and turning visions into reality is the dream." - Ali ZahediResources Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – SponsorPodcast Editinghttps://www.inf-systems.com/management-team/https://www.linkedin.com/in/zahediali/