Fintech Impact

Jason Pereira talks to Art Harrison, Co-founder and Chief Growth Officer of Daylight. It helps companies automate their data processes and create greater efficiencies around things like onboarding, documented population etc. Episode Highlights:0.34: Daylight’s mission is to enable companies to improve any interaction between people in the process. 10.50: To build a new platform or process, the developer starts from the inside and says, let’s build the data model or the data lake, and then we are going to build this new suite of tools that will change onboard everything, and then we will finally have clean data, and we see that still as a struggle.11.38: If you are always looking at that automation first, you are often not solving the root of the problem. We focus on breaking apart a traditional term that organizations use, digitization and automation.18.11: The challenges are the people on the front lines don’t know how to speak the language of the people who are building technology stuff, says Jason.20.23: In terms of daylight, what Art and his team have done is they focus on the guardrails that are needed to bring the most value without letting even those frontline people overstep their bounds. 22.09: Daylight gives the users an ability to participate without overstepping their bounds, and then gives the other groups the ability to govern the release cycle and data flow in and out of the application.22.48: For Art and his company it was that separation of the experience from the data and really focusing on the different audiences that will participate in making the ideal experience for any process.24.31: Daylight kind of mirrors randomized approach to like how do we bring value today without burdening you with problems in the future?25.20: Daylight is focused on providing low code in terms of the process build. The SME is the expert but still empowers the IT folks to focus on what they want to do.31.19: Most people focus on doing the one thing they are told to do in front of them. They don’t necessarily understand that this is what is possible is feasible and just the enormous benefits to it.3 Key PointsDaylight is a workflow engine that provides the tools for putting workflow together for the end-user and all the intelligence, execution, and deliverables that go into it.Art tells the listeners about the origin - what was the genesis of daylight automation, and how did it come to be?When building a digital ideal customer experience, 95% of the use cases are always exceptions. When you get into the room and technology, some pragmatism gets lost with some people, says Art.Tweetable Quotes“In a busy business, you are moving so fast, and you don’t necessarily have time to think or map processes out, but then you pay the price in the long run.” - Jason“We have kind of found this happy medium where it who is skeptical about some end user focused solution.”- Art Harrison“It is interesting because of the mindset shift there because it stops becoming about the ones who control and action everything and it’s a relinquishing your control to ones who basically steward the efforts of the entire organization.” - Jason Resources Mentioned:Facebook – Jason Pereira’s FacebookLinkedIn – Jason Pereira’s LinkedInWoodgate.com – Sponsor Hosted on Acast. See acast.com/privacy for more information.

Jason Pereira talks to Sheldon Brow, founder of Pocket Finance; a platform for greater collaboration between clients and advisors giving them a personal financial management app on their phone that not only helps track their wealth but also educates them.Episode Highlights:1.04: Pocket finance is a dual interface fintech platform that could be a personal finance management tool for the consumers to help them safely and successfully navigate finance. 4.03: If a user has an average balance of 10,000 or more for six months or longer than they are making the minimum payment or low payment, you populate a notification that says you might want to change this to a different product to drop the interest rate in half to pay it off a lot sooner, says Sheldon5.01: The problem with banks is that the high-pressure sales that they have in there, it is this constant product dumping and doesn’t always mean it is a meaningful product for the client. 10.48: Being able to aggregate the data as one thing, any company can set up aggregate data pretty quickly through all of these different conduits that exist. There are a lot of them out there, but then what are you able to do with that data in a meaningful way? And then how are you engaging the different relationships that there needs to be in that conversation and enhance that collaborative advice?12.21: The single biggest obstacle to getting financial plans done is data collection, and the number doesn’t matter how much money they make, says Jason.15.29: Sheldon wants their app’s notification to not just be a notification in front of a user’s eyes. He wants it to be clickable and actionable for the next best. 17.12: Technology doesn’t need to be scary to adapt and increase engagement, and you can automate and personalize some of it very easily.18.33: As per Sheldon, there are so many things that need to be changed in the industry one is opportunities to collaborate on advice.22.01: Everybody thinks they are an expert, and there is a reason why somebody goes sideways. 26.01: If the system puts a tremendous amount of onus on the individuals to not get hosed or screwed, then that is a predatory system.3 Key PointsSheldon launched Pocket Finance by taking inspiration from two sides - one is the consumer side and the other one is the advisor side. Sheldon Brow shares details of his career growth and how he noticed major problems in clients’ financial transactions, and how he helped to resolve big payment issues. He also shares what motivated him to launch Pocket Finance. Sheldon talks about the importance of data within the financial conversation and how he enables that.Tweetable Quotes“There are some advisors who believe that the heavy lifting is their value proposition” – Jason“Even creditor insurance on a credit card for independent advisors is a meaningful and quick conversation.” - Sheldon Brow“Almost everything that matters to us in the modern day, especially digitally, lives as an icon on our phone.” – JasonResources Mentioned:Facebook – Jason Pereira’s FacebookLinkedIn – Jason Pereira’s LinkedInWoodgate.com – SponsorPocket Finance – Website  Hosted on Acast. See acast.com/privacy for more information.

Jason talks to Sarah Morton, Chief Strategy Officer at MeetAmi. MeetAmi is a company working to bring digital assets to Canada’s traditional wealth management space. We have brought her to this show to discuss how she will help evolve the industry into the digital asset space. Episode Highlights:00.35: MeetAmi is the company that Sarah has built to help advisors engage directly with digital asset investing on behalf of their clients. The company was founded a couple of years ago as they recognized the growth opportunities in the digital asset space, starting with cryptocurrencies but broader digital asset investing.1.37: We built our first product Ami Pro, a software platform to enable advisors to manage their client accounts and invest directly in digital assets on behalf of their clients, says Sarah.12.06: Sarah is launching inlearn which is our learning series. We have a fantastic head of learning, our Chief Learning Officer Chuck Hamilton, and he has been a thought leader in learning and blended learning for the last 20 years.15.04: We see a shift, and younger investors are making a lot of money in the crypto world, but they need advisors who can help them navigate that and recognize the tax implications and how to reinvest it, says Sarah18.24: It is important to orient where you are in the digital asset world and where your clients are, and if this is something your clients want today or they want tomorrow, it is  time to start thinking about it.23.09: The challenge is the objections in the market to keep things the way they are versus adopting how they come, says Sarah.3 Key PointsMeetAmi is the only multi custodian platform in the market to address the different use cases. The custodians will be different depending on how quickly the advisor may need to access the asset.It is important to orient where you are in the digital asset world and where your clients are, and if this is something your clients want today or they want tomorrow, it’s time to start thinking about it, says Sarah.ETF is an interesting model, and it provides you exposure. But with our model and cost structure, the advisor can hold the asset directly for their clients, and they can make the management fee rather than the ETF making the management fee, and the client holds the asset.Tweetable Quotes“Ami is your crypto friend, and the whole MeetAmi family of products is designed to help and be the co-pilot on the journey into digital assets as we transform into that world.” - Sarah “It is fundamental to enable the advisor to process the trades through a simple interface and then receive that data into their wealth management system or portfolio management system.” – Sarah“I don’t want you to throw your clients under a bus, but I will say the management of broker-dealers is not typically the leading edge of the sphere on innovation.” - Jason Resources Mentioned:Facebook – Jason Pereira’s FacebookLinkedIn – Jason Pereira’s LinkedInWoodgate.com – SponsorSarah Morton – Linkedin | Website   Hosted on Acast. See acast.com/privacy for more information.

Jason talks to Seth Ross, General Manager for Dayforce Wallet and Consumer Services at Ceridian. Ceridian is one of the powerhouses of payroll worldwide, and Dayforce Wallet is a payroll tide banking and pays as you earn platform.Episode Highlights:0.46: It is an app and a debit card. The app allows you to see how much you have earned at any given point in between your pay cycles, and the debit card will enable you to go and spend it, says Seth. 2.16: Seth talks about the genesis of Dayforce Wallet and the challenge and opportunity that Ceridian saw, and why it stood up to this kind of extension? 3.27: It was always in the mind of David, CEO of Ceridian, that having real-time visibility on payroll would ultimately not just end with making things more convenient for the payroll manager but bringing that to the end-user and allowing them to get paid on demand, explains Seth.7.25: You are potentially the bank for some people, so talk to me about where you guys hope to take it from today, says Jason.9.10: Visibility is an under appreciated benefit. If you never actually take your payment on-demand, just having visibility in a spotless and easy place is helpful for people as well, Seth. 15.01: Five years from now, you won’t be the best employer to work for the list if you are not providing your employees with options and flexibility and how and when they get paid, says Seth.16.37: One thing that Seths wants to be changed in our company is that we would have 100,000 clients instead of 5000 clients so that we could access more workers and bring this to more people. 18.01: Seth hears great stories every day about people saying I will be tight on cash and my kid had a game and needed new pair of basketball shoes, and having this product allowed me to tap a button and buy my kid a new pair of shoes. It is just really motivating, and that is what gets me up in the morning.3 Key PointsWe want to help individuals take control of their financial lives and avoid costly debt traps. We’re going to put a tool in the hands of employees that allows them to access earnings as they already earned at no fee, says Seth.The relationship between earnings volatility and the desire to get paid as you go there has to be a correlation there, says Jason.The payroll industry at its heart is pretty conservative because you have one job to make sure everybody gets paid and no one gets paid the wrong amount, says Seth.Tweetable Quotes“We are all about making any day payday and giving average workers access to their earnings whenever they need it.” – Seth“Looking at data, I am finding that the typical range on payday loans is between 100 to $1000, with the average being somewhere below the hundreds.” - Jason“We see that the adoption skews to the larger companies. Ceridian averages about 1000 employees per company for each client that we work with, and on Dayforce wallet, it is a bit higher.” - SethResources Mentioned:Facebook – Jason Pereira’s FacebookLinkedIn – Jason Pereira’s LinkedInWoodgate.com – SponsorSeth Ross – Linkedin | Website  Hosted on Acast. See acast.com/privacy for more information.

Today we have Fidelma McGuirk, founder, and CEO of Payslip. Payslip is an Ireland-based payroll company that does work all around the world. She is on the show to discuss the challenges of working with multi jurisdictions and other complexities. Episode Highlights:1.10: Payslip enables a multinational company to integrate all their IT systems and payment providers in different countries into a payslip. All the data flow is secure, structured, and standardized across other countries, says Fidelma.8.49: We want to have one standard way of working worldwide. We want to have useful tools to automate manual work and reduce the risk. And then, we want to have one system of record for our global payroll data so that we know we’re managing it carefully. So, I set the payslip as that central global parallel management technology, says Fidelma.10.16: The traditional services aggregator model is an American model. For example, if you find experienced payroll leaders in the US, 4 out of every five payslips in the US are issued to the ADP platform, says Fidelma.12.29: In Europe, there is a default outward approach to looking at why you are going to build your business, why you are going to have to be ready for it, and what gross efficiency looks like. It means you have to have an agile operational model. 17.15: A multinational employer has different payroll service providers. They don’t want to be logging into different software that each service provider built just for their part of the process of their own country. They wanted to decide how they automate their whole process from the beginning to the very end.24.52: When you are an entrepreneur for five years, and it is pretty established, then your job actually kind of changes. You get to do the piece you are good at, which is like keep finding more spaces to innovate to make it even better, and that’s most exciting, Fidelma.3 Key PointsFidelma founded the payslip in 2016, and her previous life involved the setup and management of operations across 21 countries for a tax company that she was leading.What our technology does is help unify the data model at the global level and help standardize the process at a global level. We have a workflow automation engine standardized across all the different countries but has lots of flexibility, says Fidelma.Payroll is a bit like IT tech support for people. It is challenging to be recognized until something goes wrong, and if you don’t hear anything about it usually means that it’s all running very well.Tweetable Quotes“Payroll is a systematic process. It requires every pay period in every country.”  - Fidelma“More often, most jurisdictions, especially large ones, use engineer solutions solely for their jurisdiction. They don’t necessarily do multi custodial or multijurisdictional.” - Jason“You need to prove the validity of the system, credibility of your company, and the longevity of it, but that’s a bit tricky.” - FidelmaResources Mentioned:Facebook – Jason Pereira’s FacebookLinkedIn – Jason Pereira’s LinkedInWoodgate.com – SponsorFidelma McGuirk – Linkedin | Website  Hosted on Acast. See acast.com/privacy for more information.

Jason talks to Daire Burke, head of Canada for Swoop Funding. Swoop Funding is an Irish-based company that works in multiple countries. It provides companies with access to a platform that aggregates lending solutions to meet their needs from various commercial blenders. Episode Highlights:00.46: Swoop is an online marketplace for small businesses looking to find funding for their business. We are giving business owners a tool to quickly find and compare funding products from right across the market, says Daire. 04.24: In Canada, over a million companies are turning over less than $10 million, and those are the businesses that can probably benefit from our platform the most. The important point in the design is that this is a free-to-use service for businesses.09.30: This is a real challenge, especially in Canadian banks, unless it is a small business loan backed by BBC, which the government backs, they’re not going to take a risk, but there are alternatives out there for funding, says Jason.10.43: We have a range of other digital lenders, non-bank lenders, grant writing agencies, angel groups, and we are trying to ensure we have a marketplace to fit all the financing needs of smaller and medium business owners would have, says Daire. 15.40: We have done white label projects with some of the biggest banks and their subsidiaries in the UK and NatWest, and that’s allowed them to serve their clients with other products that they wouldn’t ordinarily be able to, like grants or equity, explains Daire. 22.31: Access to publicly available data on companies would benefit so many different areas of this industry. When you’re getting information on the business directors, the filings, the financials, and kind of proliferation of data have so many benefits, not just in transparency but also in designing new products and meeting the needs of businesses, says Daire. 3 Key PointsSwoop Funding is trying to make small businesses get the most value from their data, empowering them to use data to find all of the products out there that can create value for their business. For the lenders in the Canadian SME lending space, the growth they have had over the last number of years has been very high, and you have to look at the reasons why that happens.Daire explains that they have a massive period of growth for their business in covid because they were acquiring all new users trying to figure out what type of government funding programs they could be available. It enabled them to serve their users the best way that they could at that moment. Tweetable Quotes“There are some green sheets on opening up with digital, fintech, and non-bank lenders that use different models to make decisions.”- Daire Burke“The corporate beneficial ownership registry has been a real sticking point in an issue for a while and many standpoints.” – Jason Resources Mentioned:Facebook – Jason Pereira’s FacebookLinkedIn – Jason Pereira’s LinkedInWoodgate.com – SponsorDaire Burke – Website | Linkedin  Hosted on Acast. See acast.com/privacy for more information.

Jason talks to Lori Weir and Jeff Harvie. They are going to specifically talk about how they have helped advisors and firms deal with implementing new systems to help them better support themselves in this new regime CFR. Lorie started the company in 2015, and they set out to help investors feel more confident that they were invested in products that met their risk tolerance and financial goals.Episode Highlights:4.04: CFR is one of the biggest regulatory changes we have seen probably in the last 20 years, says Jason5.28: When we looked at the opportunity with our platform or open architecture, the way we use data, we looked at the CFR requirements and said we could help firms scale the requirements so that they can demonstrate that they're meeting the obligations, says Lori.13.21: There are so many permutations around selecting equity, and that really falls into what the role of the advisor is now, says Jeff.23.01: One of the things that we have proven out in the last 12 months is that we can prototype and roll-out required modules because we’re sitting on top of the data, and we can move to rollout a module without changing the advisor experience, says Lori.28.57: We do provide the ability to drift monitoring. We can provide an indication to advisors like are they red, orange, green, or where are they sitting in terms of the spectrum of client portfolio and can they take on or take off risk from the call the road forward, says Jeff.3 Key PointsJeff started out doing suitability oversight, and suitability oversight requires an understanding of the client’s risk profile to make comparisons for securities transacted on a client account.There have been so many standalone processes, and we have been digitizing them and simply replicating in multiple places. So, if you are inputting something once it gets used across the process and can be viewed by anyone, says Lori.Our platform can help firms organize RTQ and score to 100 via risk scoring within our applications that are proprietary to us so that we can score individual securities and compare those two at a client or an account level from a security selection perspective, says Jeff.Tweetable Quotes“Our solution set is built around the back, mid and front office to enable a seamless experience for the investor, the advisor, and the head office folks providing oversight.” - Lori “We just make it easier to collect, update, and monitor client information, which is vital.” - Lori “We really strive to make sure that the client information is as up to date as possible so that you can do a true reconciliation on, where the client is at from a risk appetite.” - Lori Resources Mentioned:Facebook – Jason Pereira’s FacebookLinkedIn – Jason Pereira’s LinkedInWoodgate.com – Sponsorhttp://www.foureyes.financial/https://www.linkedin.com/in/loriweir/https://www.linkedin.com/in/jeffharvie1/?originalSubdomain=ca Hosted on Acast. See acast.com/privacy for more information.

Jason talks to Louis Retief, Co-founder and CEO of Hubly. Hubly is an advisor workflow automation tool that helps take information from CRM’s and create actionable and easy to develop and implement workflows for advisors.Episode Highlights:1.41: New consumer financial products disrupt how people interact with their finances. But what we care about at Hubly is how this product innovation in new consumer products disrupts your professional service workers in financial services to serve their clients, says Louis.9.23: As per Louis, tools providers in the advisory space think about the financial advisor as to the end-user, but advisors don’t use half the tech in their business. 14.44: Louis says that they have been trying to find where there is room for standardization across the advisory industry.15.36: There is a massive bottleneck around the scheduling process of getting clients scheduled in for their review or check-in. The preparation component for those meetings and tracking all the follow-ups and the advisors’ promises. 19.29: Louis says that they see the CRM as the redundant compliant database for the client Ledger. So, they push activities back into the CRM to ensure they have that complaint history that is very important for regulators.23.23: Louis explains that they are limited in their ability to develop best practices, so they are working towards a future where they can have user-generated content on best practices workflows. 24.09: We want to spotlight the back-office workers. There is a lot of focus on the advisor and many tech bills for the advisor. However, they are not the main users of any software in a product or a firm, says Louis26.19: Our success is measured by how many more end-clients can access our advisors’ services, says Louis3 Key PointsIn the financial advisory business, you provide one of the most complex services. Unfortunately, people don’t realize how complicated a service you are delivering to your clients, so we built a robust solution, says Louis.You built a workflow engine essentially to integrate with different CRMs, pull that data in, and build simple to create, implement, and manage workflows that help advisors run their practices, says Jason.Louis explains that they have already built a couple of things into Hubly, making the ongoing service component a lot easier in their workflows. A user can create a workflow rule called a recurring rule.Tweetable Quotes“Hubly has many features that allow for personalization on a client level that CRM workflow technology does not qualify for.” - Louis Retief“Advisors want to have the one-ring version of the software, but no software package in the world is world-class at everything.” - Jason“We are very much focused from a cultural standpoint as a company. Focus on processes and workflows for our own business.” - Louis RetiefResources Mentioned:Facebook – Jason Pereira’s FacebookLinkedIn – Jason Pereira’s LinkedInWoodgate.com – SponsorLouis Retief – Linkedin | Website  Hosted on Acast. See acast.com/privacy for more information.

Jason talks to Marc Pickren, CEO of The Americas for TurnKey Lender. A global financial technology SaaS that has created and deployed the world's most impactful embedded finance platform since 2011. Episode Highlights:1.40: After having a conversation with Elena, Marc came on board as an advisor Slash unpaid CEO for a few weeks to try and see if there was a good relationship there and then eventually accepted the position as CEO for the Americas with the goal of moving their headquarters eventually from Singapore to the United States. 4.03: If you see an opportunity within a nation for some form of alternative lending, you have the audience or whatever it is. You can always try to build it all yourself from scratch, but being able to count on something that is proven to work in multiple jurisdictions, I can't imagine having little nuances of how different countries handle things differently, says Jason.5.00: The reason why we originally based out of Asia pack is because the kind of end of currency digitization of wallets. Then telecommunications is much further ahead in some of those countries, like in some of those countries you never really see anybody change paper currency, It is all electronic, says Marc. 08.40: Since digital lending has been around since 2014, the band Magic had the top hit rude that date; digital lending has been around that long. You have 2022, and now suddenly, all of these companies are realizing. "Well, how is the auto finance? The automotive industry survived?" says Marc. 13.56: The biggest challenge we are solving in 2022 is reformatting our home page to simplify understanding that this is a company. You can spend 20 minutes of your PowerPoint with lots of words and graphs, and people say we still don't know what you do, so we're trying to simplify in terms of our positioning, says Marc. 3 Key PointsThe Americas is a global company with 180 clients, 50 countries, and over 50 million people on the platform, and The TurnKey Lender was founded to solve a big challenge and something that is even looming heavier, which is the democratization of finance for North Americans and other parts of the world. The biggest challenge that we are solving is just explaining that lending is not something that people should be afraid of; they should embrace it because of the multitude of positives that come from it, explains Marc.Subprime to prime sub-lenders will do loans down to lower credit levels. So if you were in a situation like a veterinarian and care credit turns you down, you could partner with a third party that would ensure that no matter what the lender's kind of position is, you are willing to lend, particularly in a healthcare situation says Marc. Tweetable Quotes"The democratization of money is something that is catching on globally." - Marc Pickren"When you encounter a problem in a new country, odds are you've seen that trick before in a different way." - Marc Pickren"The number one reason why most people are coming to us is just because of customer data." - Marc PickrenResources Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – Sponsor Hosted on Acast. See acast.com/privacy for more information.

Jason talks to Dimitri Dadiomov, CEO of Modern Treasury. Modern Treasury is a payments architecture system that focuses explicitly on payments and payment automation. She talks about how they differentiate themselves and dominate payment automation within this space.Episode Highlights:1.14: Jason asks, what were you trying to accomplish in the first place as related to automation functionality, and what was the origin of the modern treasury?2.39: The collection part has mainly been solved in the online payment, but much more goes into it beyond just collecting that money, says Jason.8.19: The significant part of making the money movement easy is to hold onto the context of payment from the moment it initiated through to its final resting place in the general Ledger, says Dimitri.11.39: Dimitri says that they help companies by providing better information, visibility, and alerting things. But they are very focused on delivering the best software experience, and there is enough complexity in that. 15.10: Dimitri says that they hope to provide better data tracking, workflow, and process. Every team that they engage with finds some new feature and use case where different types of users are engaging with the system.18.49: Jason asks if you had one wish or something that could change in your company or the industry as a whole, what would it be? 20.36: Dimitri says that when you have something that is pretty critical, companies tend not to want to buy that from a startup because that scares them. So, the hardest thing for them has been buying, earning, and preserving the trust as they scale up their operations. 22.02: Watching our customers grow means whatever they’re trying to bring into the world, and our business, in some ways, is pegged to them that’s exciting and refreshing to watch, says Dimitri.3 Key PointsThe Internet is messing with new parts of the economy that haven’t been messed with before. Many companies are building automated clearinghouse (ACH) infrastructure. Wire infrastructure is not core to what they are trying to put in the market, says Dimitri.Every transfer uses modern treasury software and API in the company we are working with. They built their company on top of our product, and it is exciting to watch them grow and not have to build a whole department which is our focus, says Dimitri.Dimitri thinks that the broad adoption of real-time payments and instant transfers would make an enormous difference. A lot of the problems that companies face today are using 50-year-old technology for the core payment processing pieces of the banking system.Tweetable Quotes“If you zoom out and look at what has been happening with the web economy, it’s been penetrating and messing with different sectors of the economy.” - Dimitri Dadiomov“Magical software is not something you have to use all the time, and it might not work for you.” - Dimitri DadiomovResources Mentioned:Facebook – Jason Pereira’s FacebookLinkedIn – Jason Pereira’s LinkedInWoodgate.com – SponsorDimitri Dadiomov – Linkedin | Website  Hosted on Acast. See acast.com/privacy for more information.