Name: Exploring the impact of automation in finance
Uploaded: 2024-10-25T13:43:49.123Z
Duration: 447.25
Description: Join Matt Geiger, Director of Sales for Financial Services at ShareFile, as he discusses how ShareFile helps financial organizations streamline workflows, ensure data security, and enhance collaboration. Learn about the role of automation in finance, balancing security with user experience, and how technology can mitigate macroeconomic risks.

FF.SP.01 - Matt Geiger - v3.mp4

ShareFile helps you deliver a modern client experience with collaboration and workflow technology that is secure, easy to use, and made to fit your organization. Designed with highly regulated industries in mind, ShareFile offers secure, digital technology to simplify workflows and improve collaboration. ShareFile works with your existing technologies, and gives you added visibility, speed, and efficiency without having to sacrifice security.

ShareFile

FinovateFall 2024

Back

Or filter by your interest

Browse all our content

Finovate

Unlock all the content with only {{price}}

FF.SP.01 - Matt Geiger - v3.vtt

English

{{00:00:04}}
Hi, I'm David Penn, Research
Analyst with Finovate.

{{00:00:06}}
We're here at Finovate
Fall 2024 in New York City.

{{00:00:09}}
And joining me is Matt Geiger.

{{00:00:10}}
He's the Director of Sales with
Financial Services with ShareFile.

{{00:00:13}}
Matt, thanks for joining us today.

{{00:00:14}}
Yeah, thank you, David.

{{00:00:15}}
Good to be here.

{{00:00:16}}
Great.

{{00:00:16}}
Let's start right off the top.

{{00:00:17}}
How does Sharefile help financial
services organizations streamline

{{00:00:19}}
workflows, keep sensitive data organized?

{{00:00:22}}
And Secure, and Support
Effective Collaboration.

{{00:00:24}}
It's going to make it easier for you to
deliver an exceptional client experience.

{{00:00:28}}
Yeah, so this is something that we focus
a lot on, obviously in our organization.

{{00:00:33}}
And I think there's a lot of
different ways to do that.

{{00:00:35}}
One of the things that I think is
unique about where we're at in our

{{00:00:38}}
journey is we've seen enough customer
workflows that we're actually starting

{{00:00:43}}
to build some customer templates.

{{00:00:44}}
You might be a financial
organization and say, Hey, we need

{{00:00:47}}
to get documentation for a loan.

{{00:00:50}}
And if you look at any other bank that
process is going to be fairly streamlined.

{{00:00:54}}
There's not going to be a
lot of differentiation there.

{{00:00:57}}
So we're building templates around that.

{{00:00:59}}
That creates a really interesting
automated workflow for our customers.

{{00:01:02}}
Then the other side of that, that I
think is really interesting, is that

{{00:01:05}}
we can then do something specific.

{{00:01:07}}
So you might have a workflow that's
very unique to your organization, or

{{00:01:13}}
a revenue generating idea that you
want to create a workflow around.

{{00:01:16}}
And ShareFile is doing that too.

{{00:01:18}}
So this place where we can be both
generic and specialized, I think,

{{00:01:22}}
is a super interesting time for us.

{{00:01:24}}
And it's a place that we're really
doubling down on in the future.

{{00:01:27}}
You mentioned automation a moment ago, and
that's something that's a big topic here.

{{00:01:31}}
Obviously, with AI, it's
been a hyper fueled topic.

{{00:01:33}}
And I'm curious, could you talk a
little bit more about how automation

{{00:01:35}}
is reshaping the world of finance,
making it easy to deliver, manage,

{{00:01:38}}
and customize a variety of services?

{{00:01:41}}
And how are companies benefiting
from all this automation?

{{00:01:43}}
In some ways, automation is awesome.

{{00:01:46}}
Because we can take these custom
workflows and have our people

{{00:01:50}}
focus on more specialized activity.

{{00:01:52}}
If you remember back in the day,
you probably don't, I don't know,

{{00:01:55}}
we were talking history earlier.

{{00:01:57}}
In the history of the world, when
the ATM was first invented in

{{00:02:01}}
banking, everyone was so afraid
that the local branch was going to

{{00:02:04}}
shut down because the ATM was there.

{{00:02:06}}
But what we found is that
the ATM provided a level of

{{00:02:09}}
functionality that was automated.

{{00:02:11}}
And the bank teller was still
needed, like there's still a level

{{00:02:14}}
of high interaction with customers
that the bank teller needs to have.

{{00:02:18}}
Automation is becoming that
throughout all of our organizations.

{{00:02:21}}
There's going to be some low level
things that are going to be automated,

{{00:02:24}}
and there's going to be some high level
things that can never be automated,

{{00:02:27}}
that our customers are going to still
need to be doing in interaction.

{{00:02:30}}
And the place that I think we need to
find when we're talking about automation

{{00:02:34}}
is to find that balance between the two.

{{00:02:36}}
What should I automate?

{{00:02:37}}
And what should I have as a personal
customized experience that's not

{{00:02:40}}
automated, that where humans can interact
with each other, and we need to have

{{00:02:44}}
a balance of both of those things.

{{00:02:46}}
Yeah, it's fascinating, it's funny, for
all the talk of different ways people

{{00:02:49}}
try to explain how automation works
and doesn't do some of the displacement

{{00:02:51}}
that people think it is, I've never
heard anybody use the ATM example.

{{00:02:54}}
And it's one of the most,
probably one of the ones easiest

{{00:02:56}}
for most people to access.

{{00:02:56}}
Exactly.

{{00:02:57}}
All these ATMs.

{{00:02:58}}
And there was a real fear.

{{00:02:59}}
There was a lot of bank tellers at that
time that they were like, Hey, this

{{00:03:02}}
is going to put us out of business.

{{00:03:04}}
But what we find is that
didn't put us out of business.

{{00:03:07}}
It didn't put banks out of business.

{{00:03:08}}
It just created a higher
level of functionality that

{{00:03:12}}
those people needed to have.

{{00:03:13}}
Absolutely.

{{00:03:13}}
If I can't imagine anybody.

{{00:03:15}}
Now, who uses an ATM, even
imagining that was, if they

{{00:03:18}}
hadn't been around that was even a
conversation that took place, right?

{{00:03:20}}
It wasn't gonna, yeah, time.

{{00:03:21}}
That's yeah.

{{00:03:22}}
And so you see that throughout
all of history, right?

{{00:03:24}}
There's a lot of automation that happens
and people get really scared nervous.

{{00:03:28}}
Oh, no, I'm gonna lose my job Or I'm
not gonna have work to do But we as

{{00:03:32}}
human beings always find that next
level of thinking that we need to

{{00:03:35}}
do That keeps the human interaction.

{{00:03:38}}
I think we're built to
have human interaction.

{{00:03:41}}
And automating only takes the low
level things out, and keeps the

{{00:03:46}}
high level, customized interaction,
and that's never going to go away.

{{00:03:52}}
It's just never going to go away.

{{00:03:53}}
Absolutely.

{{00:03:53}}
I want to talk a little bit more
about technology, particularly the

{{00:03:55}}
idea of technology as a tool for
financial institutions to deal with

{{00:03:58}}
one of their biggest boogeymen, which
is macro level uncertainty and risk.

{{00:04:02}}
What are some of the ways that technology
can help them maybe mitigate or at least

{{00:04:04}}
better manage and navigate some of this?

{{00:04:06}}
My response is going to be a
little counterintuitive, actually.

{{00:04:08}}
One of the things that I think
is super interesting in the world

{{00:04:11}}
is, banking, businesses, wealth
management, they've actually

{{00:04:15}}
somewhat been hampered by success.

{{00:04:17}}
And let me tell you what I mean by that.

{{00:04:18}}
When things are going well, people
don't really want to change.

{{00:04:21}}
We want to lessen the innovation
when things are great.

{{00:04:24}}
When we see these macro level pieces
of uncertainty coming to the market,

{{00:04:29}}
All of a sudden, businesses and banks
and wealth management organizations,

{{00:04:32}}
they start going, okay, wait a minute.

{{00:04:34}}
We've got some uncertainty here.

{{00:04:35}}
There's going to be some pain.

{{00:04:36}}
And with pain usually comes change.

{{00:04:38}}
And some of that change
is really good change.

{{00:04:41}}
Is things that, you know, like with the
automation we were just talking about.

{{00:04:43}}
In order for automation to happen,
something has to be broken.

{{00:04:47}}
We have to try to do more with less.

{{00:04:50}}
We have to try to get to a
different place than we were before.

{{00:04:53}}
And with success, we don't
really want to go there.

{{00:04:56}}
But when we have a little bit
of uncertainty, all of a sudden

{{00:05:00}}
our innovation accelerates.

{{00:05:01}}
So I think it can be a good thing in terms
of how we revolutionize the way we think

{{00:05:06}}
about how we interact with our customers.

{{00:05:08}}
One of the things I think is
also interesting in talking about

{{00:05:11}}
technology has to do with security
and the idea that we need a certain

{{00:05:14}}
amount of security just in order to
function effectively and efficiently

{{00:05:17}}
and keep things secure, of course.

{{00:05:18}}
But, of course, the other side of that is
the friction that comes along with it and

{{00:05:21}}
sometimes the idea of a customer who's
a right customer all of a sudden being

{{00:05:24}}
treated like a wrong customer and that
can really create some negative feelings.

{{00:05:27}}
What is your thought about how to
navigate that particular balance?

{{00:05:30}}
I've been doing this for 25 years.

{{00:05:33}}
I come from the IT world and
so coming from the IT world.

{{00:05:36}}
There's this idea that security that
comes from the IT department out

{{00:05:40}}
to the edge makes it hard to use.

{{00:05:43}}
But for instance at Sharefile,
we do it the other way around.

{{00:05:45}}
We think about the customer
experience and then work our

{{00:05:49}}
way back toward the data center.

{{00:05:53}}
So both of those methodologies are
important, but when you come from the

{{00:05:57}}
customer back, you think about how can
I secure an interaction but make this a

{{00:06:04}}
really streamlined customer experience.

{{00:06:06}}
And if you think about it that way,
then security becomes something

{{00:06:09}}
that customers want to do.

{{00:06:12}}
And this is not a knock at IT security.

{{00:06:14}}
I think there's really great
things that come from IT security.

{{00:06:17}}
But it's not often thought of
as how is my end user going to

{{00:06:22}}
interact with this security level?

{{00:06:23}}
I just need to have something secure and
they're going to have to figure it out.

{{00:06:27}}
If you change that mantra and you think
about, Security that is actually creates

{{00:06:32}}
streamlined processes and makes it easy
for people to use, then they're not trying

{{00:06:36}}
to work around the security solution.

{{00:06:38}}
They actually want to implement it.

{{00:06:39}}
They want to adopt it.

{{00:06:41}}
And you get the benefit of both.

{{00:06:43}}
You get security and ease of use.

{{00:06:45}}
Which is the balance that you
want to thread when you're talking

{{00:06:47}}
about distributed solutions.

{{00:06:48}}
Absolutely.

{{00:06:49}}
Very interesting stuff.

{{00:06:50}}
It's really great to sit down
and talk with you a little bit.

{{00:06:51}}
Welcome to Finovate.

{{00:06:52}}
You mentioned before this is the
first time ShareFile has been here.

{{00:06:54}}
We're happy to have you.

{{00:06:55}}
And again, enjoyed very much your
your keynote not too long ago.

{{00:06:58}}
I thought that was very informative.

{{00:06:59}}
Folks will get an opportunity to
hear that on the recording as well.

{{00:07:01}}
But again, thanks for joining us.

{{00:07:02}}
And we'll look forward to seeing
more from ShareFile in the future.

{{00:07:04}}
It was a pleasure.

{{00:07:05}}
Thank you very much.

{{00:07:05}}
Yeah.

{{00:07:06}}
And thank you.

{{00:07:06}}
Thanks for having me.

Hi, I'm David Penn, Research
Analyst with Finovate.

We're here at Finovate
Fall 2024 in New York City.

He's the Director of Sales with
Financial Services with ShareFile.

How does Sharefile help financial
services organizations streamline

workflows, keep sensitive data organized?

And Secure, and Support
Effective Collaboration.

It's going to make it easier for you to
deliver an exceptional client experience.

Yeah, so this is something that we focus
a lot on, obviously in our organization.

And I think there's a lot of
different ways to do that.

One of the things that I think is
unique about where we're at in our

journey is we've seen enough customer
workflows that we're actually starting

You might be a financial
organization and say, Hey, we need

And if you look at any other bank that
process is going to be fairly streamlined.

There's not going to be a
lot of differentiation there.

That creates a really interesting
automated workflow for our customers.

Then the other side of that, that I
think is really interesting, is that

So you might have a workflow that's
very unique to your organization, or

a revenue generating idea that you
want to create a workflow around.

So this place where we can be both
generic and specialized, I think,

And it's a place that we're really
doubling down on in the future.

You mentioned automation a moment ago, and
that's something that's a big topic here.

Obviously, with AI, it's
been a hyper fueled topic.

And I'm curious, could you talk a
little bit more about how automation

is reshaping the world of finance,
making it easy to deliver, manage,

And how are companies benefiting
from all this automation?

Because we can take these custom
workflows and have our people

If you remember back in the day,
you probably don't, I don't know,

In the history of the world, when
the ATM was first invented in

banking, everyone was so afraid
that the local branch was going to

But what we found is that
the ATM provided a level of

And the bank teller was still
needed, like there's still a level

of high interaction with customers
that the bank teller needs to have.

Automation is becoming that
throughout all of our organizations.

There's going to be some low level
things that are going to be automated,

and there's going to be some high level
things that can never be automated,

that our customers are going to still
need to be doing in interaction.

And the place that I think we need to
find when we're talking about automation

And what should I have as a personal
customized experience that's not

automated, that where humans can interact
with each other, and we need to have

Yeah, it's fascinating, it's funny, for
all the talk of different ways people

try to explain how automation works
and doesn't do some of the displacement

that people think it is, I've never
heard anybody use the ATM example.

And it's one of the most,
probably one of the ones easiest

There was a lot of bank tellers at that
time that they were like, Hey, this

But what we find is that
didn't put us out of business.

It just created a higher
level of functionality that

Now, who uses an ATM, even
imagining that was, if they

hadn't been around that was even a
conversation that took place, right?

And so you see that throughout
all of history, right?

There's a lot of automation that happens
and people get really scared nervous.

Oh, no, I'm gonna lose my job Or I'm
not gonna have work to do But we as

human beings always find that next
level of thinking that we need to

I think we're built to
have human interaction.

And automating only takes the low
level things out, and keeps the

high level, customized interaction,
and that's never going to go away.

I want to talk a little bit more
about technology, particularly the

idea of technology as a tool for
financial institutions to deal with

one of their biggest boogeymen, which
is macro level uncertainty and risk.

What are some of the ways that technology
can help them maybe mitigate or at least

My response is going to be a
little counterintuitive, actually.

One of the things that I think
is super interesting in the world

is, banking, businesses, wealth
management, they've actually

FinovateFall

Expert Insight

Join Matt Geiger, Director of Sales for Financial Services at ShareFile, as he discusses how ShareFile helps financial organizations streamline workflows, ensure data security, and enhance collaboration. Learn about the role of automation in finance, balancing security with user experience, and how technology can mitigate macroeconomic risks.