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Systelos with Jad Chehlawi (CEO) | E76

Ep. 76

Summary:

In this 76th episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host interviews Jad Chehlawi, CEO of Systelos. Systelos is a platform for improving advisor and client communication and collaboration as well as providing intuitive feedback to improve client development and experience. Jad explains the objectives and benefits of Systelos, how the fear of change affects the industry, and how financial advising can improve. 


Episode Highlights: 

● 00:37: – Jad Chehlawi explains what Systelos is all about. 

● 01:21: – How did Jad evolve from a financial advisor to a fintech owner? 

● 03:57: – Which trends are driving the need for technological changes? 

● 06:42: – Coaching behavior gets clients towards having a real financial plan. 

● 10:32: – What is the importance of positive feedback loops? 

● 11:34: – Which three elements are coalescing within the dynamics between clients and advisors? 

● 13:13: – What problems does Systelos solve? 

● 16:05: – How does Systelos handle communications? 

● 22:00: – How can digital become a tool that enriches the in-person interaction? 

● 26:27: – How is financial planning becoming a team sport as an industry? 

● 33:03: – Change is not easy even though it is the only constant in life. 

● 36:26: – What are systematic things that should be automated? 

● 40:39: – If there is one thing that Jad could change in his business or in the industry what would it be? 

● 42:05: – What is Jad’s viewpoint on giant companies entering the fintech space? 

● 44:33: – What has been the biggest challenge that Jad’s company has had? 

● 46:47: – What makes Jad the most excited everyday? 


3 Key Points: 

1. The role of a financial advisor is to be an objective set of eyes on a subjective situation and help clients create the right tradeoff for the impact they desire. 

2. Advisors need to create a positive feedback loop with their clients and an understanding of what is working in that relationship. 

3. 50% of Canadians don’t have wills set up. 


Tweetable Quotes: 

● “Systelos is a platform that is enabling advisors to shift their value proposition from only managing investments to inspiring actions that create more wealth, more wellbeing, and a bigger social impact for clients.” – Jad Chehlawi 

● “Technology is commoditizing investment advice. But this should never happen to human relationships.” – Jad Chehlawi 

● “The real value I create is not communicated on an investment statement. It’s when I have this meaningful conversation that transforms the way that someone behaves with their money, and transforms their life.” – Jad Chehlawi 


Resources Mentioned: 

● Facebook – Jason Pereira’s 

● LinkedIn – Jason Pereira’s 

● FintechImpact.co – Website 

● Jad Chehlawi –Linkedin 

●mysystelos.com

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Ep. 162
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Open Banking 3: Canada with Ben Harrison, Andrew Moor, & Daniel Eberhard | E161

Ep. 161
In this 161st episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host is joined by Ben Harrison (Portag3 Ventures), Andrew Moor (EQ Bank), & Daniel Eberhard (KOHO) for part 3 of his series on Open Banking. This one is all about Canada!Episode Highlights:0:57 – Andrew Moor introduces himself and EQ Bank.2:25 – Ben Harrison gives insight into his role at Portag3.3:58 – Daniel Eberhard introduces himself and CoHo’s mission.6:15 – What is the current state of Open Banking in Canada?9:00 – How does this round of conversations surrounding Open Banking differ from conversations in the past?12:49 – Jason discusses the unprecedented urgency around regulatory reforms in Canada right now.14:19 – What kind of consideration is Canada’s advisory committee taking from markets that have already implemented Open Banking?18:12 – Everyone discusses the lack of data rights for consumers in Canada.23:28 – What does Open Banking mean to the future of KOHO, EQ Bank, and Portag3?30:39 – Who will be making the decisions for consumers’ financial lives with Open Banking?32:39 – Is there a concern about focusing on solely quantitative data and ignoring qualitative data surrounding consumer lives?38:30 – Jason explains how quality goes down every time a company adds a new product.40:48 – What is the one thing that everyone needs to know about why we need Open Banking?3 Key PointsCurrently, Canada’s 5 largest banks have the largest revenue to population ratio in the world, largely due to a sheer lack of competition.Unlike past conversations around Open Banking with the Canadian Minister of Finance, this time around there is an actual proposal.The fundamental push for Open Banking has been fueled by a lack of engagement by consumers. The hope is that Open Banking makes financial transactions and banking transparent and simple.Tweetable Quotes:“This is a way to unplug the power of some very large institutions and deliver more value to the entrepreneurial community...everyone should be aligned on this kind of thing.” – Andrew Moor“The message that I take from the advisory committee’s work is they strongly believe that government absolutely needs to play an important role in designing the framework from a legislative standpoint.” – Ben Harrison“The real gating factor is actually the approval and I think that’s always been the biggest risk to this process. And now we have a framework through which to shape the discussion.” – Daniel Eberhard“The general how we’re going to do this hasn’t necessarily been fully addressed yet. It’s more so we need to do this.” – Jason Pereira“It is really hard to be good at tons of things.” – 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 FinancialPortag3 Ventures – Website for Portag3 VenturesEQ Bank – Website for EQ BankKOHO – Website for KOHO Financial
2/9/2021

Open Banking 2: U.S. with Frederik Mennes, John Pitts, & Yoseph West | E160

Ep. 160
In this 160th episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host interviews Frederik Mennes (OneSpan), John Pitts (Plaid), & Yoseph West (Relay) to discuss the state of Open Banking in the United States!Episode Highlights:● 0:50 – John Pitts introduces himself and Plaid.● 1:32 – Yoseph West introduces himself and Relay.● 2:08 – Frederik Mennes introduces himself and OneSpan.● 3:22 – What is the state of affairs in the US for Open Banking right now?● 5:52 – Frederik addresses the fundamental differences between the US and Europe in their approaches to Open Banking.● 7:00 – How has the state of regulations in the US impacted Relay’s growth?● 8:30 – What are the incentives and motivations for Plaid’s clients on the bank side?● 11:34 – Frederick shares about OneSpan’s client education around security in Open Banking.● 13:30 – John explains why he thinks that regulations are not as vital as some might think.● 16:47 – What is going right and what needs to be fixed in the US situation?● 24:49 – How do US companies regulate the risk of moving to APIs?● 27:46 – Is it reasonable to draw a compliance line for customers with a certain value of assets?● 29:48 – Jason and Frederick weigh the risk vs. reward of Open Banking for smaller banks.● 31:39 – How much pushback does John see from Plaid’s screen scraping guidelines?● 36:08 – Where does Yoseph feel constrained in the current system?● 41:00 – Everyone shares the one key thing that they believe the US Open Banking system should focus on moving forward.3 Key Points1. While the US finds itself years ahead of Europe on the practice of Open Banking, it finds itself an equal amount behind Europe on regulations.2. Open Banking companies in the US face the challenge of switching over to Application Programming Interfaces (APIs) without risking data and client rights.3. Screen scraping, or consumer data extraction for automation of previously-manual actions, is still allowed under PSD2. It has actually been updated in its security measures.Tweetable Quotes:● “It’s no secret that Europe has been pretty much at the forefront of the Open Banking initiatives around the world through initiatives such as PSD1 and PSD2.” – Jason Pereira● “To actually deliver true open banking, the dream that we all think of...I think that’s a dream that will only exist as a result of Challenger or Neobanks.” – Yoseph West● “At this point, regulation is actually very helpful to create a level playing field for security. Regulation can help to make sure that all the players in the ecosystem...implement the right security technology.” – Frederik Mennes● “The key thing that makes the US market special is that it is being driven by consumer demand.” – John PittsResources Mentioned:● Facebook – Jason Pereira’s Facebook● LinkedIn – Jason Pereira’s LinkedIn● JasonPereira.ca – Sign up for Jason Pereira’s newsletter● Woodgate.com – Website for Woodgate Financial● Plaid – Website for Plaid● OneSpan – Website for OneSpan● Relay – Website for Relay