Fintech Impact

In this 160th episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host interviews Frederik Mennes (OneSpan), John Pitts (Plaid), & Yoseph West (Relay) to discuss the state of Open Banking in the United States! Episode Highlights: ● 0:50 – John Pitts introduces himself and Plaid. ● 1:32 – Yoseph West introduces himself and Relay. ● 2:08 – Frederik Mennes introduces himself and OneSpan. ● 3:22 – What is the state of affairs in the US for Open Banking right now? ● 5:52 – Frederik addresses the fundamental differences between the US and Europe in their approaches to Open Banking. ● 7:00 – How has the state of regulations in the US impacted Relay’s growth? ● 8:30 – What are the incentives and motivations for Plaid’s clients on the bank side? ● 11:34 – Frederick shares about OneSpan’s client education around security in Open Banking. ● 13:30 – John explains why he thinks that regulations are not as vital as some might think. ● 16:47 – What is going right and what needs to be fixed in the US situation? ● 24:49 – How do US companies regulate the risk of moving to APIs? ● 27:46 – Is it reasonable to draw a compliance line for customers with a certain value of assets? ● 29:48 – Jason and Frederick weigh the risk vs. reward of Open Banking for smaller banks. ● 31:39 – How much pushback does John see from Plaid’s screen scraping guidelines? ● 36:08 – Where does Yoseph feel constrained in the current system? ● 41:00 – Everyone shares the one key thing that they believe the US Open Banking system should focus on moving forward. 3 Key Points 1. While the US finds itself years ahead of Europe on the practice of Open Banking, it finds itself an equal amount behind Europe on regulations. 2. Open Banking companies in the US face the challenge of switching over to Application Programming Interfaces (APIs) without risking data and client rights. 3. Screen scraping, or consumer data extraction for automation of previously-manual actions, is still allowed under PSD2. It has actually been updated in its security measures. Tweetable Quotes: ● “It’s no secret that Europe has been pretty much at the forefront of the Open Banking initiatives around the world through initiatives such as PSD1 and PSD2.” – Jason Pereira ● “To actually deliver true open banking, the dream that we all think of...I think that’s a dream that will only exist as a result of Challenger or Neobanks.” – Yoseph West● “At this point, regulation is actually very helpful to create a level playing field for security. Regulation can help to make sure that all the players in the ecosystem...implement the right security technology.” – Frederik Mennes ● “The key thing that makes the US market special is that it is being driven by consumer demand.” – John Pitts Resources Mentioned: ● Facebook – Jason Pereira’s Facebook ● LinkedIn – Jason Pereira’s LinkedIn ● JasonPereira.ca – Sign up for Jason Pereira’s newsletter ● Woodgate.com – Website for Woodgate Financial ● Plaid – Website for Plaid ● OneSpan – Website for OneSpan ● Relay – Website for Relay Hosted on Acast. See acast.com/privacy for more information.

In this 159th episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host interviews Hesus Inoma and Daniel Döderlein. As 2 pioneers of Open Banking in Europe, Daniel and Hesus are here to discuss the current movements and innovations of world leaders in European Banking!Episode Highlights:0:18 – Jason explains why he is hosting a 5–part series on Open Banking.1:41 – Daniel Döderlein introduces himself and what he does.2:29 – Hesus Inoma introduces himself and his professional experience.3:32 – Daniel defines Open Banking for the layperson.9:16 – What is PSD2 and what was its impact?12:20 – Jason and Hesus break down how banks will win or lose with Open Banking.15:36 – Daniel explains how banks have been rotten and spoiled for so long.19:39 – What will happen to big banks in the future with Open Banking?26:46 – Jason, Hesus, and Daniel discuss the shift in innovation that is happening in banking right now.32:52 – What does the customer really want and where does the business lie?37:00 – Jason breaks down the varying bank concentrations in different parts of the world.39:45 – Hesus and Daniel share their thoughts on the Visa–Plaid deal and the recent antitrust lawsuit surrounding it.47:22 – What is not working and what needs to change?53:28 – Daniel lays out a concerning future dilemma and question.55:00 – Hesus shares his final thoughts on the future of Open Banking.3 Key PointsAccepting card payments comes at a cost, either handled by the business or a service provider, presenting a problem for businesses that operate outside of Open Banking.PSD2, a regulation for electronic payment services in Europe, is putting the banking system in its place while also assisting banks in adapting to new Open Banking technologies.Over 50% of countries have 3 banks controlling more than 66% of the entire country’s banking deposits. Tweetable Quotes:“For us, Open Banking is a journey that will lead from Open Banking to Open Finance to open the economy.” – Hesus Inoma“When you really think about it, banking is a highly–commoditized business.” – Jason Pereira“The smaller players have always been reliant on the large players in terms of infrastructure, access, and service rendering.” – Daniel Döderlein“Everyone hates at least one of the banks that we deal with in this country, loves to buy the stocks to get the dividends, but also thinks we need them because they’re safe.” – Jason Pereira Resources Mentioned:Facebook – Jason Pereira’s FacebookLinkedIn – Jason Pereira’s LinkedInFintechImpact.co – Website for Fintech ImpactJasonPereira.ca – Sign up for Jason Pereira’s newsletterWoodgate.com – Website for Woodgate FinancialBbvausa.com/ – Website for BBVAVisa–Plaid Deal – Article Discussing the Visa–Plaid DealDoderlein.com/ – Daniel Döderlein’s WebsiteLinkedIn – Hesus Inoma’s LinkedIn Hosted on Acast. See acast.com/privacy for more information.

In this 158th episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host interviews Jennifer Couldrey, the Executive Director of The Upside Foundation of Canada, an organization that enables equity donations by Canadian business founders who wish to make a positive impact on the future of their communities!Episode Highlights:1:20 – Jennifer Couldrey introduces The Upside Foundation.2:14 – How did Jennifer get into this business and how did The Upside Foundation get its start?3:52 – Jennifer breaks down The Upside model.5:56 – Why are these Canadian founders interested in donating equity?8:05 – Jason and Jennifer talk about how The Upside Foundation thrives in the long-game.9:07 – What does a typical deal look like and what factors play into these parameters?10:59 – Where are the donations being directed?13:01 – Is this a one-time donation or a continuously-managed fund?14:59 – Jason and Jennifer discuss how people view different charities.21:12 – What is the feedback that The Upside Foundation is receiving both before and after their clients’ exit events?25:57 – If Jennifer could change one thing in her industry, what would it be?29:12 – What has been the biggest challenge of getting The Upside Foundation to where it is today?30:25 – What motivates Jennifer to get up every day and push forward with The Upside Foundation’s mission?3 Key PointsCanadian founders use The Upside Foundation as a way to make a palpable impact in their communities.Companies are presented with the option of donating via stock options or personal proceeds to the cause of their choice.90% of charitable donations are donated to elite donations such as universities, hospitals, and larger organizations that decide where the money should be allocated. Tweetable Quotes:“It’s a way of embedding this charitable impact into your business from day one.” – Jennifer Couldrey“Part of the reason we have the flexibility to give through stock options or to give through personal proceeds is just to make that decision really easy for people.” – Jennifer Couldrey“Having the ability to course correct is a valuable luxury that I think that is afforded through having these endowments paying out small amounts over large amounts.” – Jason Pereira“When people think about charity, they usually think about helping the poor...but if you actually look at where charitable dollars go, 90% of charitable dollars are going to help elite institutions.” – Jennifer Couldrey“When you have something, it’s hard to give it up. The bigger that number is, the harder it is to cut that check.” – Jason Pereira Resources Mentioned:Facebook – Jason Pereira’s FacebookLinkedIn – Jason Pereira’s LinkedInFintechImpact.co – Website for Fintech ImpactJasonPereira.ca – Sign up for Jason Pereira’s newsletterWoodgate.com – Website for Woodgate FinancialLinkedIn – Jennifer Couldrey’s LinkedInThe Upside Foundation – Website for The UpsideUncharitable – BookBillion Dollar Loser – BookThis Could Be Our Future – Book Hosted on Acast. See acast.com/privacy for more information.

In this 157th episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host interviews Lil Roberts, CEO of Xendoo, an online accounting firm that aims to serve small businesses by simplifying the bookkeeping process!Episode Highlights:0:32 – Lil Roberts introduces Xendoo and its mission.0:56 – What was the inspiration behind the creation of Xendoo?1:36 – Lil shares her journey that led to the creation of Xendoo.3:22 – Jason and Lil talk about the importance of knowing your numbers when it comes time to scale.5:56 – Lil and Jason discuss the competition in the accounting industry.8:28 – Jason and Lil dive into the low bar of understanding for what people should expect from their accountant.11:40 – Lil explains why the concept of dropping off your paperwork is one of the past.13:48 – What tools are in Xendoo’s tech stack and why were those chosen?17:00 – Jason and Lil talk about the importance of being organized with your tax paperwork.18:45 – How much fun is it to make these tools work together nicely?20:42 – Jason discusses the digital lessons that have been taught by COVID.22:03 – What kind of feedback is Lil hearing from Xendoo’s clients?23:47 – If Lil could change one thing about the accounting industry, what would it be?26:22 – What has been Xendoo’s biggest challenge during its growth?27:04 – Lil discusses what motivates her to get up every day.3 Key PointsAs a serial entrepreneur, Lil Roberts hated that bookkeeping and accounting services were slow, expensive, and provided little transparency.Online bookkeeping and accounting services account for less than 1% of the industry as a whole.The days of dropping off your paperwork to your accountant are over. Everything is done online now and this helps business owners Tweetable Quotes:“No one gets in the business to do your bookkeeping unless you’re a bookkeeping business.” – Jason Pereira“I’m not concerned about the people that are doing the exact same thing that I’m doing; I’m concerned about the person doing something different that I’m not directly benefitting from.” – Jason Pereira“The magic does not happen after the year is over; the magic happens through the year.” – Jason Pereira“I can’t tell you how many times that we have seen somebody transpose numbers.” – Lil Roberts Resources Mentioned:Facebook – Jason Pereira’s FacebookLinkedIn – Jason Pereira’s LinkedInFintechImpact.co – Website for Fintech ImpactJasonPereira.ca – Sign up for Jason Pereira’s newsletterWoodgate.com – Website for Woodgate FinancialXendoo.com – Website for XendooXeroQuickBooksThe Coming of The Human Knowledge – Work Cloud – Article by Sam Lessin Hosted on Acast. See acast.com/privacy for more information.

In this 156th episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host interviews Zachary Dan, CoFounder and CTO of Act Analytics, a platform that helps financial advisors make better decisions around environmental, social, and governmental factors!Episode Highlights: 0:41 – Zachary Dan introduces Act Analytics.1:04 – What led Zachary to create Act Analytics.2:14 – Jason discusses the issues that exist in the ESG area.4:12 – How does Zachary score industries with ESG factors?8:09 – Zachary discusses the challenges presented by a high–level of customization in regard to customer experience.9:12 – What does the user experience look like from start to finish?11:14 – How often is the data updated?11:38 – Zachary dives into the sources of data that Act Analytics utilizes.14:01 – What has the feedback been like from Act Analytics’s earliest users?16:00 – Zachary shares his thoughts on future innovations for the platform.17:49 – If Zachary could change one thing about his industry, what would it be?19:17 – What has been the biggest challenge for Act Analytics during its growth?22:46 – Zachary explains what excites him about natural language processing.3 Key PointsZachary saw that neither the data nor the ratings were constructed in a way that served most people, so he created a tool that utilizes both in a way that translates to the end-user.At the moment, Act Analytics has about 20 paying clients with most logging on every day and utilizing the news–analytics feature of the platform.Zachary hopes to see the commoditization of ESG and financial data, making it widely available for everyone to choose how to use that information for themselves.Tweetable Quotes:“If companies in all sectors are being pressured to change over time and everyone’s doing this, that’s one way to change the world.” – Zachary Dan“I think one of the mistakes of what’s out there is this idea that you can become the standard scoring methodology for ESG because...it’s different for everybody.” – Zachary Dan“There’s lots of opportunities to include more built–out portfolio construction and AI that helps people build portfolios using both ESG and financial considerations.” – Zachary Dan“You can’t fully fit on a spreadsheet about just how ethical a company is but you have to figure out how to measure that in real-time.” – Jason Pereira“If someone doesn’t have a belief in something, why are you forcing it on them?” – Jason Pereira Resources Mentioned:Facebook – Jason Pereira’s FacebookLinkedIn – Jason Pereira’s LinkedInFintechImpact.co – Website for Fintech ImpactJasonPereira.ca – Sign up for Jason Pereira’s newsletterWoodgate.com – Website for Woodgate FinancialAct-analytics.com – Website for Act AnalyticsTruvaluelabs.com/ – Website for Truvalue Labs Hosted on Acast. See acast.com/privacy for more information.

In this 155th episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host interviews Christopher Doyle, the CEO of Billd, a vendor–financing company that allows contractors to purchase materials via credit so they can take on bigger projects!Episode Highlights:0:32 – Christopher Doyle introduces Billd and its role in the construction industry.1:17 – How did Billd get started and what motivated it?3:47 – What were the challenges of trying to make this platform work with being able to profile the clients accurately?6:27 – Why is commercial construction way worse than individual contractors?9:00 – Jason and Christopher discuss the risks involved in this business.10:55 – What does the process look like for contractors looking to work with Billd?13:06 – Where is the money coming from when it’s time to get paid back?14:23 – What kind of feedback is Billd getting from its clients?15:44 – Christopher discusses what has surprised him the most.18:15 – Jason and Christopher discuss the innovative tech that is being deployed in the construction industry.19:48 – What change would Christopher make in his business right now?22:00 – Christopher dives into the biggest growth problems that Billd has faced.24:11 – What excites Christopher the most about what he is working on?3 Key PointsBy providing a system of material credits, Billd allows contractors to pay for their materials upfront, allowing them to take on projects that would otherwise be too large to bid on.Most of the time, when Billd has to get involved for payment, it’s because they haven’t been paid for the work. In this case, Billd gets to act as the bad guy for the contractor.Even with a slow adoption curve, more and more innovative technology is being used in the construction industry, such as robot learning and 360-degree job site digital views. Tweetable Quotes:“In construction, contractors rely so much on those upfront payments and often times it’s a limiter to growth and starting the business altogether.” – Christopher Doyle“What we’re really talking about here is the reduction of burden for working capital within a business.” – Jason Pereira“If we’re going to burden someone in that process, it’s the supplier...We try to keep our contractor doing what they do best.” – Christopher Doyle“When you have a small group of people working tightly to build something from scratch, those little things actually will annoy the heck out of you.” – Jason PereiraResources Mentioned:Facebook – Jason Pereira’s FacebookLinkedIn – Jason Pereira’s LinkedInFintechImpact.co – Website for Fintech ImpactJasonPereira.ca – Sign up for Jason Pereira’s newsletterWoodgate.com – Website for Woodgate FinancialBilld.com/ – Website for Billd Hosted on Acast. See acast.com/privacy for more information.

In this 154th episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host is interviewed by Guy Anderson about what has been going on for the last 12 months!Episode Highlights:0:57 – Guy and Jason touch on Jason’s podcast rankings and success in 2020.2:40 – There are many subcategories in the Fintech industry.3:24 – What episodes did people like the most this year?5:48 – Are there any past guests that have made changes that Jason wants to have back on?7:12 – What are some exciting new technologies in the Fintech space?9:20 – Jason breaks down Cinchy’s strategies for connecting data with bilateral communication.10:37 – What is Jason looking forward to in 2021?11:40 – Jason dives into no-code platforms that are changing tech.14:28 – Would you spend $120/year for software that would save you 1 minute every day?17:25 – Jason discusses how automated software is benefiting businesses everywhere.19:48 – Guy and Jason talk about the painful process that used to be required to sign up for financial software.20:42 – What does the future relationship look like between the stock exchange and blockchain technology?21:57 – Is there anything coming down the pipe for the podcast that excites Jason? 3 Key PointsIn 2020, Fintech Impact has become #2 on Apple and #1 on Spotify for podcasts in the Fintech category.Crypto and blockchain technologies have gone from speculation and hype to large applications that have begun to deliver.Automated software provides the opportunity for exponential gains by saving users time.Tweetable Quotes:“Each day is the same...This is the year of groundhog days.” – Guy Anderson“Now we’re starting to see real applications of blockchain, and it’s exciting to actually start to see this stuff that had so much promise actually start to deliver.” – Jason Pereira“Once you wrap around what you can do, the number of problems in your life you can start to solve with these platforms is just nuts.” – Jason Pereira“The stuff that used to take a team of 5 can now probably be done by 2 in the same amount of time.” – Jason PereiraResources Mentioned:Facebook – Jason Pereira’s FacebookLinkedIn – Jason Pereira’s LinkedInFintechImpact.co – Website for Fintech ImpactJasonPereira.ca – Sign up for Jason Pereira’s newsletterWoodgate.com – Website for Woodgate FinancialFpalpha.com/ – Website for FP AlphaCinchy.com/ – Website for Cinchy Hosted on Acast. See acast.com/privacy for more information.

In this 153rd episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host interviews Sara Green Broderson from Canaree, an online projection tool that holds the hands of startups by building their financial model and providing financial advice!Episode Highlights:0:36 – Sara Green Broderson introduces Canaree.1:38 – What is Sara’s history before and with Canaree?4:31 – How does the Canaree end-user experience look from start to finish?6:06 – Has Canaree involved API connections to accounting software or data aggregation?6:50 – Jason vents about his frustration with Canada’s lack of an open–banking policy.7:46 – What drives fundraising? Choice or demand?10:02 – What are the plans for further development of Canaree?11:17 – Where does Canaree get its current benchmark data?12:03 – What is the early feedback from Canaree’s clients?14:09 – Jason and Sara discuss what it’s like being a female founder in the Fintech industry.22:01 – How would Sara change the financial industry as a whole?23:10 – What has been the biggest challenge for Canaree during its growth?24:40 – Why does Sara get out of bed every morning?3 Key PointsLess than 10% of Excel’s functionalities are commonly utilized, making it an ineffective tool to make financial projections and giving way to companies like Canaree.One of the biggest pain points for startups is not having their finances planned out, thus driving the need for fundraising and projections.Though there is a lack of gender diversity amongst female founders in the Fintech industry, Sara has found that being one of the few has been a positive experience and the industry is moving in the right direction. Tweetable Quotes:“The time to model out your business is now because you’re probably facing unprecedented financial stress.” – Jason Pereira“Anyone would think that when you start a company the first thing you would do is sit down and make a budget or a plan for your cost, but people don’t.” – Sara Green Broderson“When we started out we thought it would be founders and non–finance people coming on board, but we’re actually seeing quite a lot of finance individuals signing up.” – Sara Green Broderson“Never discount simplicity and the value of it even to the most complex users.” – Jason Pereira“A worthy cause, entrepreneurship is the lifeblood of any economy.” – Jason Pereira Resources Mentioned:Facebook – Jason Pereira’s FacebookLinkedIn – Jason Pereira’s LinkedInFintechImpact.co – Website for Fintech ImpactJasonPereira.ca – Sign up for Jason Pereira’s newsletterWoodgate.com – Website for Woodgate FinancialCanaree.co – Canaree’s WebsiteLinkedIn – Sara Green Broderson’s LinkedIn Hosted on Acast. See acast.com/privacy for more information.

In this 152nd episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host interviews Richard Owen, VP of Sales for Retail Wealth Management in North America for Ortec, a company that projects out returns for a variety of asset classes through the use of sophisticated econometric models! Episode Highlights: ● 0:39 – Richard Owen introduces Ortec and the services it provides. ● 3:02 – How did Richard come to be involved with Ortec? ● 4:32 – Jason and Richard compare Monte Carlo analysis and Ortec’s analytical strategy. ● 7:28 – Richard and Jason break down the differences between financial projection companies in Canada and Ortec. ● 11:17 – Jason and Richard discuss Ortec’s core capability of providing a realistic view of the future. ● 16:06 – How often do Ortec’s algorithms shift and adjust with the market? ● 18:18 – Richard breaks down just how specific of information their models bring to advisors. ● 20:11 – How do Ortec’s clients feel about its methods and projections? ● 22:02 – What are the real-life deployment cases for Ortec’s software on a retail level? ● 24:53 – What kind of feedback does Ortec get from institutions and advisors? ● 28:30 – Jason and Richard discuss the tendency for businesses and individuals to have the wrong goals. ● 30:06 – What would Richard change in the financial planning industry? ● 31:08 – Richard explains the biggest challenge for Ortec in North America. ● 32:07 – What excites Richard the most about what he is doing? 3 Key Points 1. Ortec creates large economic models, up to 40 years out, for both companies and individuals throughout the European and North American markets. 2. Most large financial institutions make the mistake of solely looking backward to historical data to project for the future, while Ortec uses historical data and current trends to make its projections. 3. Ortec deploys its software in 3 different ways: client-facing API, integration with existing systems, and integration with Salesforce. Tweetable Quotes: ● “Historical data has biases...it doesn’t necessarily give you a good view of what the future looks like.” – Richard Owen● “It’s very very hard to operationalize those capital market models...The assumptions that you’ve built into the plan then need to change because the portfolio has changed.” – Richard Owen ● “Really, a lot of this is about driving what is the next best action for the advisor.” – Jason Pereira ● “You tell us the asset allocation and portfolio value, we’ll project out that future returns. What you do with that really depends on the use case.” – Richard Owen Resources Mentioned: ● Facebook – Jason Pereira’s Facebook ● LinkedIn – Jason Pereira’s LinkedIn ● FintechImpact.co – Website for Fintech Impact ● JasonPereira.ca – Sign up for Jason Pereira’s newsletter ● Woodgate.com – Website for Woodgate Financial ● Ortecfinance.com – Website for Ortec Hosted on Acast. See acast.com/privacy for more information.

In this 151st episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host interviews Matthew Unger, the CEO of iComply, a company that deploys intelligent compliance management services! Episode Highlights: ● 0:35 – Matthew Unger introduces iComply. ● 1:18 – What was the origin of iComply and why did Matthew create it? ● 5:21 – How is iComply different from its competition? ● 8:49 – Jason translates iComply’s platform into layman’s terms. ● 10:15 – Matthew discusses the growing possibilities of client-side processing. ● 15:10 – How does iComply protect the user experience? ● 17:00 – Matthew breaks down the validation problems of current API–based KYC data services. ● 20:57 – What would Matthew change about his industry as a whole? ● 23:08 – Matthew discusses the biggest challenge in getting iComply to where it is today. ● 25:02 – What excites Matthew the most about what he does? 3 Key Points 1. COVID has forced people and businesses out of brick–and–mortar services and into the future of financial tech. 2. iComply sends verification programming to the devices of the end-users rather than having them come into a store to do facial verification. 3. API–based KYC workflows have taken the human element out of the data input process, allowing users to make it to the end of the process before informing them that there is a problem. Tweetable Quotes: ● “Things like KYC, things like compliance need to have a fresh look at how we handle user data and user privacy, and that’s really what led us down this path.” – Matthew Unger ● “What we actually do is we send the verification program into the browser of the client, so all of their data stays on their device.” – Matthew Unger ● “At the end of the day, you’re still pushing some form of data into the cloud to feedback something to verify.” – Jason Pereira ● “We can perform initial validation on the date the user’s inputting, and when the user inputs data that doesn’t seem to check out, we can immediately ask the user to correct it while they’re sitting at that form field.” – Matthew UngerResources Mentioned: ● Facebook – Jason Pereira’s Facebook ● LinkedIn – Jason Pereira’s LinkedIn ● FintechImpact.co – Website for Fintech Impact ● JasonPereira.ca – Sign up for Jason Pereira’s newsletter ● Woodgate.com – Website for Woodgate Financial ● iComplyis.com – Website for iComply Hosted on Acast. See acast.com/privacy for more information.