In this episode, Jason Pereira interviews Ben Borodach, co-founder and CEO of April, a FinTech company focused on integrating tax calculations into financial apps to help users make smarter financial decisions. Ben discusses his entrepreneurial journey, challenges faced when building April, and the importance of simplifying tax processes for consumers. The conversation delves into how April's technology leverages data to create a more efficient and seamless tax filing experience. It also touches on the potential for positive disruption in the financial industry by embedding tax-related services in financial apps.
Episode Highlights:
- 00:09: Introduction to the podcast and guest Ben Borodach of April.
- 00:55: Ben discusses his background and the creation of April.
- 01:46: His experience at Deloitte and the shift to financial tech.
- 02:33: Ventures into finance, technology, and company incubations.
- 03:25: The unbundling and re-bundling of financial services.
- 04:12: Tax as a neglected yet critical financial record-keeping tool.
- 04:53: Using tax data for better financial outcomes for consumers.
- 05:39: Identifying and acting upon the opportunity in tax technology.
- 06:26: Choosing technology as the path for building April.
- 07:10: Challenges in turning tax law into accessible code.
- 07:50: Creating a user-friendly tax engine.
- 13:09: Initial reactions from financial institutions to April's concept.
- 14:41: Addressing the question of core competencies in tax services.
- 16:05: Room for improvement in the tax filing user experience.
- 17:41: April's better, faster, and cheaper approach to tax filing.
- 19:19: Overview of the process and partner interactions with April.
- 22:09: April's goal to embed in major financial interactions.
- 23:40: Wish for improved technology partnership with the US government.
- 24:23: The biggest challenge faced: building the tax engine.
- 25:24: Excitement about contributing positively to the American economy.
Key Points:
- Embedding tax services within financial apps can simplify tax processes and leverage financial data. A technology-first approach is crucial for creating scalable, efficient tax solutions.
- Partnering with financial institutions presents both an opportunity and a challenge for Fintech innovations.
- There is significant room for improvement in the tax filing experience, aiming for user-friendly, real-time processes.
- April is positioned to reshape financial interactions by making tax services a core component of financial apps.
Tweetable Quotes:
- "Nobody was really doing a great job of everything altogether." - Ben Borodach
- "The tax code is more of an expression of our collective social fabric than just a taxation law." - Ben Borodach
- "Our incentives are aligned with delivering a great efficient tax experience." - Ben Borodach
- "We're part of the American story, contributing positively to its economy." - Ben Borodach
Resources Mentioned:
- Facebook – Jason Pereira's Facebook
- LinkedIn – Jason Pereira's LinkedIn
- Woodgate.com – Sponsor
- Podcast Editing
- https://www.linkedin.com/in/benborodach/
- https://www.getapril.com/
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