Fintech Impact

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/ 

In this episode of Fintech Impact, host Jason Pereira interviews Michael Watson, head of Axos Advisor Services, on how Axos aims to revolutionize the traditional custodial and banking services for RIAs (Registered Investment Advisors). Axos, a digital bank established in 2000, evolved from a consumer-focused bank to a comprehensive provider offering commercial banking, securities business, and custodial services. The acquisition of E-Trade's custody business is highlighted as a strategic move to diversify and solidify Axos' position in the market. Watson details the company's commitment to providing high-touch, personalized services and the integration of digital banking solutions catering to RIAs and their clients, emphasizing the importance of service quality, efficiency, and not competing with advisors for clients.Episode Highlights: 00:09: Introduction to Axos Advisor Services and its aim to integrate custodian servicing with banking for RIAs.00:27: Michael Watson expresses his pleasure in joining the conversation and discussing Axos' services.00:34: Axos' journey from being one of the first digital banks founded in 2000 to expanding into commercial banking and securities by acquiring a clearing firm and eventually E-Trade's custody business.03:07: The evolution of Axos from its inception as Bank of Internet to a comprehensive digital and commercial banking provider.05:20: Watson emphasizes Axos' commitment to outstanding service, citing the differentiation in their approach to onboarding RIAs and providing personalized, efficient solutions.08:32: The conversation moves towards Axos' capability in providing digital workflows and eliminating operational inefficiencies through automation.13:55: Early feedback on Axos' integrated banking and brokerage services following their launch, highlighting the digital convergence for an improved client experience.16:33: The discussion includes the initial success of banking offerings since launch and the eagerness among RIAs to adopt these services.Key Takeaways: Axos Advisor Services aims to be a pivotal player in blending custodial services with banking for RIAs, leveraging its digital bank foundation to offer streamlined, efficient solutions.The acquisition of E-Trade's custody business illustrates Axos' strategic initiative to diversify and enhance their offerings in a competitive market.Commitment to service excellence and the integration of digital banking functionalities are central to Axos' strategy in fostering relationships with RIAs and their clients.Tweetable Quotes: "In a world where digital transformation defines success, Axos brings banking and custodial services into a new era for RIAs." - Michael Watson"Service excellence isn't just a goal; it's our commitment to every RIA we partner with." - Michael Watson"Advisors need banking solutions that understand and complement their unique offerings, not compete with them." - Michael WatsonResources Mentioned: Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – SponsorPodcast Editinghttps://www.linkedin.com/in/michael-watson-33222a1/ 

In this episode of Fintech Impact, Jason Perra interviews Rahim Harji, CEO of Datasoft Group, a leading online digital effects and payment settlement platform. Harji discusses the origins of DataSoft Group, its flagship platform FX office, and how it facilitates financial transactions globally for small to medium businesses, easing the complex problem of managing money across borders. Additionally, he touches on the challenges and advancements in international payments, regulatory compliance, and the future direction of the company, including automation and integration efforts aimed at streamlining financial processes for businesses.Episode Highlights:00:09: Introduction to Rahim Harji, CEO of Datasoft Group, discussing the company’s role in facilitating global financial transactions.00:27: Rahim thanks the host for having him on the show.00:29: Rahim is asked to elaborate on DataSoft Soft and its services.01:27: Exploration into the origin story of DataSoft Group and how it came to be.02:44: Discussion on the common challenges small and medium businesses face with international payments and FX.04:40: How DataSoft Group helps mitigate issues around opaque exchange rates and associated fees.07:19: Overview of the full range of services provided by Datasoft Group.10:22: The productivity benefits clients experience by partnering with DataSoft Group.12:40: Strategies on how DataSoft Group reaches its customers without a traditional sales team.17:37: Rahim's wish for instilling more entrepreneurial spirit within the team.20:09: What excites Rahim about working at Datasoft Group and the fintech industry.Key Takeaways:DataSoft Group is at the forefront of easing the complexities of global financial transactions for small to medium sized businesses.The company’s flagship platform, FX office, helps in mitigating challenges related to international payments and foreign exchange, promoting efficiency through automation.A significant aspect of DataSoft Group's success lies in its ability to streamline regulatory compliance and enhance productivity, reducing the burden on businesses.The company’s ongoing focus on innovation and partnership reflects its commitment to solving contemporary financial challenges while advocating for digitization and strategic financial management.Tweetable Quotes:"We specialize in helping small medium businesses with moving money around the world, simplifying what is usually a complex process." - Rahim Harji"Our platform allows our financial services clients to be transparent, leveraging straight through processing." - Rahim Harji"We believe in power in partnerships; our success is a testament to the brilliant minds and dedication of our team." - Rahim HarjiResources Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – SponsorPodcast Editinghttps://www.datasoft.global/about/company/who-we-are/https://www.linkedin.com/in/rahimharji/ 

In this episode of Fintech Impact, Jason welcomes Andrew Altfest of FP Alpha, an innovative platform at the intersection of artificial intelligence (AI) and financial planning. Andrew discusses FP Alpha's mission to automate advanced planning for financial advisors, democratizing services previously available only to the wealthiest clients through specialized teams. The platform has evolved to offer a comprehensive suite of tools for advisors, including estate planning, tax scenario comparisons, and integration with other financial tech tools, aiming to make the planning process more efficient and effective. Jason and Andrew delve into the challenges and triumphs of developing and scaling FP Alpha and the broader implications of AI in enhancing the human aspect of financial planning.Episode Highlights:00:09: Introduction to the episode and guest, Andrew Altfest of FP Alpha, discussing the evolution of his platform in the AI space for financial advice.00:43: Andrew expresses his excitement to return to the show and discuss the advancements of FP Alpha since his last appearance.00:51: Andrew details the functionality of FP Alpha, emphasizing automation in advanced planning and the democratization of financial services once available only to the wealthiest.03:19: Andrew reflects on FP Alpha's journey from its concept to the present day, highlighting the addition of numerous first-of-its-kind features and the broadening of its service offering.05:02: Andrew discusses new features like estate snapshots and the platform's integration with various data sources to enhance the planning process.08:06: There's a deep dive into FP Alpha's offerings, including estate lab features, scenario comparisons, and tax planning tools which have been enhanced since 2021.11:32: Andrew articulates the benefits of integrating advanced planning into advisory services, emphasizing business growth, deeper client relationships, and succession planning.Key Takeaways FP Alpha leverages AI to democratize advanced financial planning, allowing advisors to serve high-net-worth clients more efficiently.The platform fills the gap left by traditional financial planning softwares by automating estate, tax, and insurance planning.Continuous innovation and integration with other financial technologies enhance FP Alpha's usability and comprehensiveness, making it a powerful tool for financial advisors.Tweetable Quotes "FP Alpha democratizes advanced financial planning with AI, opening doors to previously specialized services for a broader client base." - Andrew Altfest"With FP Alpha, advisors can now delve deeper into estate, tax, and insurance planning, areas often overlooked by traditional planning softwares." - Andrew Altfest"True innovation in FinTech, like FP Alpha, doesn't just improve existing tools; it creates new possibilities for advisors and their clients." - Andrew AltfestResources Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – SponsorPodcast Editinghttps://fpalpha.com/about/https://www.linkedin.com/in/andrew-altfest-cfp/ 

In this episode of FinTech Impact, host Jason Pereira welcomes back Davyde Wachell, CEO and founder of Responsive AI, a company focused on leveraging artificial intelligence (AI) to enhance advisor insight and productivity in the financial sector. They discuss the evolution of Responsive AI from its initial concept as a robo-advisory service to its current state offering a next best action ecosystem for financial advisors. The conversation also covers the broader implications of AI in finance, including the challenges of implementing AI solutions effectively and the potential for AI to transform client-advisor interactions for better financial decision making.Episode Highlights00:44: Davyde expresses gratitude for being invited back to the show.00:53: Davyde introduces Responsive AI and its flagship product, Prioritize, emphasizing its focus on advisor productivity and insight.01:34: The discussion dives into the history of Responsive AI, starting from its initial concept to its pivot towards serving advisors.03:39: Explanation of the "next best action" concept and its various implications in financial advising.05:00: Insight into the difficulties of implementing AI effectively within the financial sector and the necessity for streamlined data.07:10: Challenges of integrating complex AI solutions in an industry struggling with disparate and unstandardized data systems.08:17: How Responsive AI seeks to complement and enhance Salesforce implementations with focused AI applications in finance.10:23: Discussion about the real-world impact and efficacy of Responsive AI's solutions in improving business processes and advisor-client interactions.14:19: A critique of the current state of AI hype and the real challenges still facing its application in the financial sector.18:42: Davyde shares his perspective on the future development of AI and its implications for financial services.24:48: A wish for the industry to make faster and more honest decisions regarding technology and client service.Key Takeaways Consolidation and improved decision-making are key for financial services to leverage AI effectively. AI's potential in finance hinges on addressing data quality issues and focusing on enhancing advisor-client relationships.Implementing AI solutions like Responsive AI's can lead to significant improvements in productivity and decision-making for financial advisors.The future success of AI in finance requires a balanced approach that combines technology with human expertise and insight.Tweetable Quotes "AI in finance isn't just about the technology; it's about enabling smarter, faster decisions for advisors and their clients.” - Davyde"Data is the fuel of AI, but without proper refinement and focus, even the most advanced AI can't drive financial services forward.” – Davyde"The best AI implementations work as a centaur model –combining the strengths of human expertise with the power of artificial intelligence.” - DavydeResources Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – SponsorPodcast Editinghttps://www.linkedin.com/in/davyde//https://www.responsive.ai/about