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Open Banking 4: Global Contrast with Edward Berks, Davyde Wachell, & Chad Davis | E162

Ep. 162

In this 162nd episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host interviews Edward Berks (Xero), Davyde Wachell (Responsive AI), and Chad Davis (LiveCA) on what works and doesn’t work with Open Banking in different countries around the world!


Episode Highlights:

  • 1:03 – Everyone introduces themselves and their companies.
  • 4:06 – What market has done the best job of moving Open Banking forward?
  • 8:44 – Where have we seen the biggest struggles throughout the world?
  • 13:40 – David explains how North American banks are actively slowing down the process of Open Banking.
  • 17:00 – Everyone weighs in on TD’s current lawsuit against Plaid.
  • 21:05 – What is the correlation between market competition and outcomes?
  • 27:00 – Jason compares the American financial psyche with the Candian one.
  • 28:03 – Everyone discusses streamlining access to capital during COVID in Canada.
  • 33:30 – Why does the Canadian government continue to push timelines for Open Banking?
  • 37:30 – David discusses the opportunity that exists for financial regulators in Canada.
  • 39:30 – What is the timeline in Canada for the next thing that financial institutions should be excited about?
  • 41:10 – What would each guest change in the world of Open Banking?


3 Key Points

  1. Though Canada has PIPEDA, which guarantees people’s right to their data upon request, the banks have made the process a nightmare for the requester. 
  2. Canadian banks colluded to ban Apple Pay in Canada in a manner that would be considered illegal in other countries.
  3. In Canada, Fintech was completely boxed out of the situation of providing relief during COVID, something it could have done much quicker than the major banks.


Tweetable Quotes:

  • “Australia has always been a little further along on the accounting and banking spectrum than Canadians and Americans and the UK. I think they’re going to be pretty well positioned to roll this out right as well.” – Chad Davis
  • “Every time we give a password, we’re violating our fraud protection. That’s just a nonsensical stance to take.” – Jason Pereira
  • “Whether or not you’re China or whether or not you’re a Canadian bank, the more you try to stop the flow of information, the more that information is going to flow.” – David Watchel
  • “I think that there’s a herd instinct in well–established banks in most jurisdictions, and once you get that first domino toppling, it’s difficult for the other banks not to follow.” – Edward Burke


Resources Mentioned:


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4/13/2021

Metaco with Adrien Treccani | E169

Ep. 169
In this 169th episode of Fintech Impact, Jason Pereira, award–winning financial planner, university lecturer, writer, and host interviews Adrien Treccani, Founder and CEO of Metaco, a company that enables traditional financial institutions to offer their clients blockchain solutions!Episode Highlights:0:29 – Adrien Treccani introduces Metaco.1:06 – What brought about the genesis of Metaco?3:24 – How did Metaco solve the frictions of cryptocurrency mass adoption?6:15 – What does the client process look like with Metaco?9:16 – Is Adrien seeing a willingness to adopt blockchain solutions out of fear of future regulation?12:14 – How does Metaco’s system of hierarchies and permissions work?14:10 – Adrien breaks down the book on cryptocurrency and blockchain technology that he is currently writing.15:57 – Where does Adrien see Metaco going in the future?17:32 – What is Adrien seeing as the primary reason for purchasing crypto?20:03 – If Adrien could change one thing in his industry, what would it be?21:50 – What has been the biggest challenge in getting Metaco to where it is today?25:43 – Adrien shares what excites him the most about what he is working on.3 Key PointsRegulations, infrastructure, and a lack of market demand were the main frictions preventing institutional adoption of cryptocurrencies.Metaco has taken the best and largest traditional bank models and adjusted them for the age of digital assets.At this stage, Adrien is not seeing massive adoption of cryptocurrencies as payment options, rather as an investment.Tweetable Quotes:“Governance we think is really where we find is in pretty much everything on the market today.” – Adrien Treccani“The fact of the matter is having some degree of optional socialization is a comfort that most investors will ask for.” – Adrien Treccani“Having one person with control over the keys is not a smart thing because what happens if that one person goes?” – Jason Pereira“Anyone who laughed at the concept of tokenizing asset classes just didn’t understand.” – Jason PereiraResources Mentioned:Facebook – Jason Pereira’s FacebookLinkedIn – Jason Pereira’s LinkedInFintechImpact.co – Website for Fintech ImpactJasonPereira.ca – Sign up for Jason Pereira’s newsletterWoodgate.com – Website for Woodgate FinancialMetaco.com – Website for Metaco
4/6/2021

Cinchy with Dan DeMers | E168

Ep. 168
In this 168th episode of Fintech Impact, Jason Pereira, award–winning financial planner, university lecturer, writer, and host interviews Dan DeMers, CEO and Cofounder of Cinchy, a next–generation data–management platform that utilizes data fabric with the end goal of data autonomy!Episode Highlights:0:43 – Dan DeMers introduces himself and Cinchy.2:27 – What was the problem that Dan was trying to solve when he started Cinchy?5:05 – Dan and Jason discuss the nature of code and the realization of data as a core asset.6:56 – Jason and Dan explain why the silo system is not scalable.10:09 – What are the hurdles and limitations of data lakes?11:48 – Dan explains “data fabric” and what problems it solves.15:21 – Jason and Dan discuss the relation of Metcalfe's Law to data fabric.17:33 – Dan and Jason explain the value of data and what it means to every individual.22:14 – What kind of reception has Cinchy gotten from the major institutions that it works with?26:52 – Jason and Dan explain why we are on the cusp of a generation of people who all do some form of coding.29:31 – If Dan could change one thing in his industry, what would it be?31:29 – What has been the biggest challenge of getting Cinchy to where it is today?32:29 – Dan explains what excites him the most about his work.3 Key PointsRoughly 50% of all IT budgets go to integration and data management, including APIs and all the byproducts of data being fragmented.Data lakes are filled with fragmented and unorganized data with quality issues that allow you to do analytics at best because it is all just a copy.Acceleration of low–code and no–code has put the world on the cusp of a generation of which everyone knows how to code to some degree.Tweetable Quotes:“We’re so used to a world where data is siloed and it’s subservient to an application.” – Dan DeMers“If you ever have to rekey something into two different systems, it’s a failure.” – Jason Pereira“If I have to pay my vendor to access my data, is it really my data?” – Jason Pereira“You have to take the action. It’s not going to fix itself. The data is not going to self–repair, sadly.” – Den DeMersResources Mentioned:Facebook – Jason Pereira’s FacebookLinkedIn – Jason Pereira’s LinkedInFintechImpact.co – Website for Fintech ImpactJasonPereira.ca – Sign up for Jason Pereira’s newsletterWoodgate.com – Website for Woodgate FinancialCinchy.com – Website for Cinchy
3/30/2021

Epilogue Wills with Arin Klug | E167

Ep. 167
In this 167th episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host interviews Arin Klug, Cofounder of Epilogue, an online will kit that helps people leave behind a legacy that does not bring their loved ones massive pain by enabling them to take control of their will!Episode Highlights:0:32 – Arin Klug introduces Epilogue and how it helps people.1:06 – How did Epilogue come to fruition and what motivated its creation?3:38 – What is the average situation that Epilogue applies to?5:10 – Where is the line drawn for Epilogue when it comes to whose will it can help create?10:23 – Jason and Arin discuss the value of lawyers in the will process.11:50 – What does the Epilogue client experience look like?14:26 – Arin explains what happens when there are changes in estate law.16:50 – Jason and Arin discuss how the costs of lawyers interrupt changes to the will.20:17 – Does everyone really need to pay for the premium financial planning services?21:23 – Arin breaks down the four documents that are included in Epilogue’s process.24:27 – Where does Arin see Epilogue going from here?27:51 – If Arin could change one thing in his industry, what would it be?28:15 – What has been the biggest challenge of getting Epilogue to where it is today?29:53 – Arin explains what excites him the most about his work.3 Key PointsEpilogue helps people create a legally binding will in as little as twenty minutes online, a far cry from the months–long process for a typical will.Arin and his business partner started Epilogue with the thought of how many people they could disqualify from the process because they know that no system is right for everyone.Funeral instructions included in the will are not legally binding, so Arin advises his clients to put those in a separate document and share those with family members to make sure that they are carried out.Tweetable Quotes:“If you want your family to hate you after you’re gone, go ahead and die without a will.” – Jason Pereira“You can’t write a will that’s against public policy and public policy is always changing.” – Arin Klug“The perception of cost often leads to conversations not even happening in the first place.” – Jason Pereira“Death hurts the living as much as it hurts the dead.” – Jason PereiraResources Mentioned:Facebook – Jason Pereira’s FacebookLinkedIn – Jason Pereira’s LinkedInFintechImpact.co – Website for Fintech ImpactJasonPereira.ca – Sign up for Jason Pereira’s newsletterWoodgate.com – Website for Woodgate FinancialEpiloguewills.com – Website for Epilogue