163 episodes

Fintech Impact is an exploration of the fintech world where we interview different fintech entrepreneurs about what they do, their story, and what their impact is on consumers, incumbents, and the industry is as a whole.
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Fintech Impac‪t‬ Jason Pereira

    • Business
    • 2.7 • 3 Ratings

Fintech Impact is an exploration of the fintech world where we interview different fintech entrepreneurs about what they do, their story, and what their impact is on consumers, incumbents, and the industry is as a whole.
See acast.com/privacy for privacy and opt-out information.

    Open Banking 5: Wrap Up with Clayton Feick | E163

    Open Banking 5: Wrap Up with Clayton Feick | E163

    In this 163rd episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host interviews Clayton Feick (Flinks) to go over the fundamental concepts of Open Banking!
    Episode Highlights:
    1:33 – Clayton Feick gives an update on his role at Flinks.3:07 – Jason and Clayton discuss the leveraging of data with Open Banking.4:01 – What is Open Banking in layman's terms?5:22 – Clayton explains screen scraping as a way to access data.6:45 – Jason and Clayton break down the current barriers to user data.11:10 – Clayton discusses the banks’ struggles to adapt to a new environment.14:01 – Was there anything of note that came up during Clayton’s global panel?16:15 – Jason and Clayton discuss innovation and regulation coming together on a global scale.20:34 – Jayson and Clayton dive into the responsibilities of regulators and legislators surrounding data rights.22:31 – How does the Open Banking framework go about its security?25:54 – If Clayton could change one thing about the industry, what would it be?27:37 – What has been the biggest challenge in getting Flinks to where it is today?28:52 – What excites Clayton the most about what he is working on?
    3 Key Points
    In laymen’s terms, Open Banking gives individuals the ability to access and share their financial data for their own benefit.Over the past 12 months, the pace of change in the Canadian banking system has sped up, forcing banks to rethink their business models.Regulators and legislators around the world must focus on staying patriotic and doing what is right for the data rights of their citizens.
    Tweetable Quotes:
    “The industry just wants good clean reliable data that they can work with to power new use cases and drive innovation.” – Clayton Feick“There’s really a lot of value in moving good clean reliable data from one place to another to eliminate some of those paper processes.” – Clayton Feick“I think the innovative banks will start to see themselves more and more as a platform and start to think about their customer base and the services they provide in that way in order to be competitive in this new environment.” – Clayton Feick“Innovation has not arisen from legislation; it’s arisen from startups and innovators that are trying to do things differently with tech that’s available today.” – Clayton Feick 
    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 FinancialFlinks.io – Website for Flinks
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    • 31 min
    Open Banking 4: Global Contrast with Edward Berks, Davyde Wachell, & Chad Davis | E162

    Open Banking 4: Global Contrast with Edward Berks, Davyde Wachell, & Chad Davis | E162

    In this 162nd episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host interviews Edward Berks (Xero), Davyde Wachell (Responsive AI), and Chad Davis (LiveCA) on what works and doesn’t work with Open Banking in different countries around the world!
    Episode Highlights:
    1:03 – Everyone introduces themselves and their companies.4:06 – What market has done the best job of moving Open Banking forward?8:44 – Where have we seen the biggest struggles throughout the world?13:40 – David explains how North American banks are actively slowing down the process of Open Banking.17:00 – Everyone weighs in on TD’s current lawsuit against Plaid.21:05 – What is the correlation between market competition and outcomes?27:00 – Jason compares the American financial psyche with the Candian one.28:03 – Everyone discusses streamlining access to capital during COVID in Canada.33:30 – Why does the Canadian government continue to push timelines for Open Banking?37:30 – David discusses the opportunity that exists for financial regulators in Canada.39:30 – What is the timeline in Canada for the next thing that financial institutions should be excited about?41:10 – What would each guest change in the world of Open Banking?
    3 Key Points
    Though Canada has PIPEDA, which guarantees people’s right to their data upon request, the banks have made the process a nightmare for the requester. Canadian banks colluded to ban Apple Pay in Canada in a manner that would be considered illegal in other countries.In Canada, Fintech was completely boxed out of the situation of providing relief during COVID, something it could have done much quicker than the major banks.
    Tweetable Quotes:
    “Australia has always been a little further along on the accounting and banking spectrum than Canadians and Americans and the UK. I think they’re going to be pretty well positioned to roll this out right as well.” – Chad Davis“Every time we give a password, we’re violating our fraud protection. That’s just a nonsensical stance to take.” – Jason Pereira“Whether or not you’re China or whether or not you’re a Canadian bank, the more you try to stop the flow of information, the more that information is going to flow.” – David Watchel“I think that there’s a herd instinct in well–established banks in most jurisdictions, and once you get that first domino toppling, it’s difficult for the other banks not to follow.” – Edward Burke
    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 FinancialXero.com – Website for XeroLiveCA.ca – Website for LiveCAResponsive.ai - Website for Responsive AI

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    • 46 min
    Open Banking 3: Canada with Ben Harrison, Andrew Moor, & Daniel Eberhard | E161

    Open Banking 3: Canada with Ben Harrison, Andrew Moor, & Daniel Eberhard | E161

    In this 161st episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host is joined by Ben Harrison (Portag3 Ventures), Andrew Moor (EQ Bank), & Daniel Eberhard (KOHO) for part 3 of his series on Open Banking. This one is all about Canada!
    Episode Highlights:
    0:57 – Andrew Moor introduces himself and EQ Bank.2:25 – Ben Harrison gives insight into his role at Portag3.3:58 – Daniel Eberhard introduces himself and CoHo’s mission.6:15 – What is the current state of Open Banking in Canada?9:00 – How does this round of conversations surrounding Open Banking differ from conversations in the past?12:49 – Jason discusses the unprecedented urgency around regulatory reforms in Canada right now.14:19 – What kind of consideration is Canada’s advisory committee taking from markets that have already implemented Open Banking?18:12 – Everyone discusses the lack of data rights for consumers in Canada.23:28 – What does Open Banking mean to the future of KOHO, EQ Bank, and Portag3?30:39 – Who will be making the decisions for consumers’ financial lives with Open Banking?32:39 – Is there a concern about focusing on solely quantitative data and ignoring qualitative data surrounding consumer lives?38:30 – Jason explains how quality goes down every time a company adds a new product.40:48 – What is the one thing that everyone needs to know about why we need Open Banking?
    3 Key Points
    Currently, Canada’s 5 largest banks have the largest revenue to population ratio in the world, largely due to a sheer lack of competition.Unlike past conversations around Open Banking with the Canadian Minister of Finance, this time around there is an actual proposal.The fundamental push for Open Banking has been fueled by a lack of engagement by consumers. The hope is that Open Banking makes financial transactions and banking transparent and simple. 
    Tweetable Quotes:
    “This is a way to unplug the power of some very large institutions and deliver more value to the entrepreneurial community...everyone should be aligned on this kind of thing.” – Andrew Moor“The message that I take from the advisory committee’s work is they strongly believe that government absolutely needs to play an important role in designing the framework from a legislative standpoint.” – Ben Harrison“The real gating factor is actually the approval and I think that’s always been the biggest risk to this process. And now we have a framework through which to shape the discussion.” – Daniel Eberhard“The general how we’re going to do this hasn’t necessarily been fully addressed yet. It’s more so we need to do this.” – Jason Pereira“It is really hard to be good at tons of things.” – 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 FinancialPortag3 Ventures – Website for Portag3 VenturesEQ Bank – Website for EQ BankKOHO – Website for KOHO Financial
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    • 45 min
    Open Banking 2: U.S. with Frederik Mennes, John Pitts, & Yoseph West | E160

    Open Banking 2: U.S. with Frederik Mennes, John Pitts, & Yoseph West | E160

    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

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    • 47 min
    Open Banking 1: Europe with Hesus Inoma & Daniel Döderlein | E159

    Open Banking 1: Europe with Hesus Inoma & Daniel Döderlein | E159

    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 Points
    Accepting 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

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    • 58 min
    Upside Foundation with Jennifer Couldrey | E158

    Upside Foundation with Jennifer Couldrey | E158

    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 Points
    Canadian 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
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    • 32 min

Customer Reviews

2.7 out of 5
3 Ratings

3 Ratings

AJvalley ,

Best fintech podcast!

Glad I stumbled on to this after my friend told me how good it was. Def. worth a listen!

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