Year In Review with Jason Pereira | E257

A look back on the year.

On today's episode of the Fintech impact, Jason is going to talk to Guy Anderson. They are going to have a conversation about what happened in these past years of 51 episodes other than this one. As per Jason When it came to technology innovation, it was the bigger issues that were looked at first, but now we are looking at the smaller problems.

Episode Highlights

  • 1.59: Jason shares what was his top pick for the most interesting fintech solution for 2022. 

  • 2.04: As per Jason the closest thing to the most revolutionary, coolest thing he has seen wasn't in Fintech and that is GPT chat. This year more than any product he was rather impressed by good execution. 

  • 04.02: Jason really appreciates Nudge; it is a tool for automating client communication and collaboration. Then there is Hubley a checklist or process mapping system. 

  • 06.09: There is a software now that ensures that everything involved with settling an estate is done first and foremost, but also as fast and as painlessly as possible. 

  • 09.40: Historically the distribution of financial products followed specific channels where you typically go to one person for one thing your investment guy, your insurance guy all that and we have seen that slowly expand out with multi licensing.

  • 10.15: Jason explains how and why the number of financial decisions that people face on a day-to-day basis is increasing.

  • 11.00: Jason says some people assume that with the advancement in technology clients will increase, but that is not the case because at the end of the day, our brains aren't upgraded. We can only a limited number of many relationships.

  • 13.48: There is a certain type of person who is going to listen to a robot running their financial life start to finish. That's the reality of it, says Jason.

  • 15.24: We don't see changes happen day-to-day, but sooner or later you look back and realize how far you have come and that's the world we are heading to. All of these integrations, all this stuff that will eventually come together and it's not going to be easy. Data passing between two places is still a difficulty. Canada is still way behind on this stuff, but there is incremental gain happening every year, says Jason.

  • 16.28: If we keep on talking about being the future of this business, that is going to be the differentiation point because that is not going to be what is basically done, says Jason.

  • 20.00: Jason explains how GPT chat works. It helps in the creation of content for marketing, client communication, answering questions and that's just the beginning. It is a tool of application that when it's pointed towards large companies that have databases of protocols and procedures and how things get done and our libraries and how things work, being able to scan all that and actually be the service agent. So, this is another potential for heavy lifting that gets removed from the advisor world. 

  • 21.49: Crypto is a technology that is unfortunately that is useful and unfortunately that use is lost and rampant speculation in most cases.

  • 23.32: In a lot of ways the crypto purists will tell you your mistake was leaving it on someone else's wallet, says Jason.

  • 26.02: Jason talks about his initial plans in 2023 and how he is going to bring in new and some of the old guest in the upcoming podcasts. 

3 Key Points

  1. Fintech is going to revolutionize, and it has already started to revolutionize our business. Jason shares his views on where does he sees revolutionizing is going to impact advisors versus all the other aspects of the fintech space?

  2. Jason shares how much of this Fintech filters down into the hands of individuals and what impact does that have on the advisory business? 

  3. GPT chat is a function of GPT 3 which is a general-purpose technology artificial intelligence that has been being experimented with and now they have kind of opened it up and it allows people to ask whatever question they want of it or to ask it to compose whatever text it wants. 

Tweetable Quotes

  • "I saw some really you know I think some products out there that are straightforward but at the same time are going to basically solve some really good problems for us." – Jason

  • "One of the things that we have talked about before is about how narrow these products can be, how broad can fintech be too, because like fintech mean the definition is broadly speaking it's financial technology." – Guy

  • "Buy now, pay later is still most hated but best example of embedded finance." – Jason

  • "I see a lot of issuances coming to the business and building up deeper relationships with your clients and just being able to be better and just be being better advisors' long term." - Guy

  • "Any new technology is always met by a bunch of scam artists." - Jason 

Resources Mentioned

Fintech ImpactJason PereiraFintech