IAFP: Fintech & The Future of Finance with Jason Pereira (Host) | E91

The past, present, and future of fintech, and how to survive.

In this 91st episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host speaks at the IAFP Conference on Fintech & The Future of Finance.

Episode Highlights:

  • 02:35: – What is Fintetch? Two words: financial technology.

  • 04:20: – There are more than 48 Fintech “unicorns,” or private companies worth over $1 billion.

  • 05:00: – Digital banking is being challenged by startups.

  • 06:42: – The biggest global giant companies have also been making moves into financial services.

  • 10:10: – Companies are re-engineering their systems to build compliance into their process.

  • 11:20: – Companies are discovering new ways to leverage and monetize data with AI to detect fraud.

  • 17:00: – Lending Circle collected enough data on loan payback based on FICO scores that they were able to take it and build their own risk scoring system.

  • 19:51: – An insurance company in China that has existed for 3 years has over 400 million customers, 53% under the age of 35, by existing entirely in the cloud and on platforms millennials frequent, like WeChat.

  • 21:30: – There is a fourth industrial revolution coming, that will blur the lines between the physical, digital, and biological.

  • 23:00: – Engineers at Google have supposedly achieved quantum superiority, using a quantum computer to solve in 3 minutes and 20 seconds a problem that a current supercomputer would have taken 10,000 years to finish.

  • 24:06: – CRISPR technology allows scientists to go inside your DNA and make genetic alterations to cure diseases.

  • 24:50: – Other examples of fourth industrial revolution technologies are 3D printing, the Internet of Things, and power generation.

  • 26:33: – Facebook created their own cryptocurrency which threatens countries’ abilities to control their own currency.

  • 29:50: – Domino’s Pizza reinvented themselves by removing all friction from their purchase path and overall experience, and they now see themselves more as a tech company than a food franchise.

  • 35:02: – Technology can do the work of multiple people, saving you money and increasing your efficiency, but there is a learning curve to using it.

  • 39:36: – After implementing an automated appointment scheduling system at his company, he saved his assistant enough time that he could instead have her invest time in social media marketing, which made up for the cost of the calendar software in new business.

  • 43:12: – The most effective way to implement technology into your business processes is to identify where you and your employees are spending time on things that are not client-facing and find ways to automate.


3 Key Points

  1. We are approaching a fourth industrial revolution that will once again change our technological infrastructure in ways we can’t predict.

  2. Investing in technology not only helps you with efficiency in the short term but it puts you ahead of your competitors for future developments.

  3. You can accomplish massive changes and increase your company’s productivity by taking small steps.

 

Tweetable Quotes:

  • “Facebook, the company that’s proven we can’t trust them with pictures of our dogs, wants us to trust them with our money. And they have created their own cryptocurrency called Libra.” –Jason Pereira

  • “In the future there will only be two types of companies: Tech companies and dead companies. If you fail to leverage technology, everyone else will have an advantage over you.” –Jason Pereira

  • “We have a lot of challenges coming our way & failing to adapt is only going to put you behind the 8-ball more every year. You don't need to reinvent your practice overnight. Take small, incremental steps that will one day have a very large impact on your firm.” –Jason Pereira

 

Resources Mentioned:

Jason PereiraAutomation, Fourth Industrial Revolution, Fintech