Episode 250 with Guest Host, Guy Anderson | E250
Looking back and ahead.
In today's 250th episode we have guest host, Guy Anderson to interview Jason Pereira. We brought him on the show to ask Jason what he has learned till now and where he is going from this point. There has been a couple of impressive technologies that have almost broken Jason's view of how things work. Financial planning software that was powered by artificial intelligence and made things super easy and what they showed Jason was better than what he had imagined.
Episode Highlights
1.32: Jason talks about the biggest take away that he has learned from episode one to 250.
2.08: 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.
7.50: Platforms that allow people to build apps and solutions without having to get down into base code can be a long-term plan, says Jason.
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.
10.21: When clients are introduced to a certain technology, they embrace it, and they like it.
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.
12.04: Insurance companies in Canada who went to digital delivery went back to paper delivery after a certain period of time in the middle of a pandemic.
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.
19.00: Many institutions will often focus on we can't fix that core problem so let's deal with other stuff and that's the wrong way to look at things, says Jason.
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.
26.07: On the go we are going to see much more mature financial institutions that look more similar to online financial institutions, says Jason.
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 Points
Jason 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
"Change happens slowly and not all at once. If I went back and pulled myself from four and half years to today then I would say, you got so many more cool toys because technology and we have moved at certain pace." – Jason
"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
"We are still dealing with systems that date back to the Fifties, 60s and 70s and it drives me insane on a daily basis." – Jason
"It's hard to teach an old dog new tricks sometimes." - Jason
"One of my colleagues from mortgage business is building something where all the steps from processes are automated and nudges the client along the way and the user interfaces is really friendly." - Guy
Resources Mentioned
Facebook – Jason Pereira's Facebook
LinkedIn – Jason Pereira's LinkedIn
Woodgate.com – Sponsor
LinkedIn – Jason Pereira's LinkedIn
Podcast Editing