đ§The Fintech OG Series Season Two: Tom Brown and Edward Woodford
Nov 27, 2024
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Tom Brown, a pivotal figure in Visa's IPO and now investing in fintech at NYCA, joins Edward Woodford, founder of ZeroHash, focused on cryptographic technology infrastructure. They discuss the evolution of fintech into next-gen financial services, tackling challenges like regulatory roadblocks and identity security. The duo celebrates innovations such as Tap to Pay and earned wage access, sharing personal stories about their career journeys, favorite books, and quirky tales. Join them for an enlightening and entertaining perspective on the fintech landscape!
The podcast discusses the evolution of FinTech, particularly highlighting Tom's role in Visa's IPO and Ed's founding of ZeroHash.
Both speakers emphasize the significant regulatory challenges facing the industry, particularly the ongoing interchange litigation and slow legislative progress.
Deep dives
Evolution of FinTech Perspectives
The discussion highlights the significant evolution of FinTech, marked by Tom's experiences at Visa, where he played an instrumental role during its IPO, and Ed's journey leading to the founding of ZeroHash. Both share insights into how financial services are transforming, with Tom proposing the term 'next-gen financial services' to encapsulate these changes. They recognize the interplay between regulatory challenges and technological advancements that have shaped the industry, particularly noting how platforms like Tap2Pay are revolutionizing transactions and how earned wage access is reducing overdraft fees for consumers. This transformation indicates a shift in financial systems, creating opportunities for innovation and new player entrants in an increasingly complex landscape.
Regulatory Challenges in FinTech
Both speakers address ongoing regulatory hurdles that continue to affect the FinTech landscape, highlighting the protracted nature of interchange litigation that remains unresolved even after nearly two decades. Tom specifically points out how, despite assuming that regulatory issues would be settled by now, they persist, emphasizing the United States' inefficiency relative to other countries in modernizing financial regulations. The speakers also discuss the protracted wait for a final rule from the CFPB on banking data portability, expressing disappointment at the slow progress in legislation designed to enhance competition and reduce costs for consumers. These regulatory stagnations underscore the challenges startups face while navigating compliance, which can significantly hinder progress in the sector.
Transformative Successes in Financial Services
The conversation touches on notable successes within FinTech, such as how the introduction of earned wage access has significantly decreased Americans' reliance on overdraft fees. This achievement showcases the power of innovative financial solutions in protecting consumers and improving financial health. They reflect on the transformative nature of products that not only enhance access to funds but also present consumers with better management options. This serves as a positive indicator of the industry's capacity to adapt and thrive, even amid regulatory uncertainties and evolving market demands.
Personal Journeys and Industry Insights
Tom and Ed share personal anecdotes that reveal their motivations and reflections throughout their careers in FinTech. Tom recounts a challenging period at Visa when he realized he would not receive a coveted promotion, which ultimately redirected him to opportunities he cherishes today. Ed elaborates on the emotional rollercoaster of building a startup in the volatile market of blockchain and crypto, emphasizing the importance of maintaining a long-term vision amidst external turbulence. Their stories underscore the notion that resilience and adaptability are crucial traits for anyone navigating the complexities of the financial technology landscape.
Hey everyone, Julie here. Welcome back to another episode of the FinTech OG Season 2. Today I had the pleasure of sitting down with Tom Brown of NYCA and Ed Woodford of ZeroHash. In this episode, we get a front row seat to the evolution of fintech from Tom's early days at Visa, where he played a key role in its IPO, and Ed shares his entrepreneurial journey and how it led to him founding Zerohash.
We talk about how financial services are evolving into what Tom calls next gen financial services, and the challenges like regulatory roadblocks and identity security and celebrate wins like how Tap to Pay has transformed payments and earned wage access has cut down on overdraft fees.
They also share some personal stories about career highs and lows, favorite books, and even some fun quirks that they each have. Let's dive in.
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