Name: Barry D’Souza on why DeFi is hot and why the metaverse is cold
Uploaded: 2023-11-02T12:30:38.284Z
Duration: 284.62
Description: What’s hot and what’s cold in fintech? We spoke to financial institutions, fintechs, and innovation experts at FinovateFall to understand what they’re most excited about. This time, we hear from Barry D'Souza, VP Digital Strategy, Interra Credit Union.

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{{00:00:09}}
Right now, hot.

{{00:00:12}}
But I think like most things, we're
going to see that bell curve is

{{00:00:15}}
going to die down after a while.

{{00:00:23}}
I think it's a transitionary
phase, if you will.

{{00:00:27}}
And I think that's what's going
to happen with the metaverse.

{{00:00:32}}
We're going to come full circle.

{{00:00:33}}
People are going to go through the whole
evolutionary cycle with the metaverse.

{{00:00:37}}
Unless we have a quantum
leap from there to Neuralink.

{{00:00:43}}
where the metaverse is just rendered
obsolete and at that point we don't

{{00:00:47}}
need a metaverse because we're
all hooked into the system, right?

{{00:00:51}}
That's my take.

{{00:00:58}}
So if implemented properly, I
think there's a lot of value.

{{00:01:02}}
Upfront buy now pay later
decision also flies in the face

{{00:01:05}}
of financial wellness, which is...

{{00:01:09}}
a huge focus for credit unions.

{{00:01:11}}
We put our members first, so we always
want to make sure that they're making

{{00:01:14}}
the right financial decisions, which may
not always be the best thing if they're

{{00:01:19}}
buying something that they can't afford
up front, so we like to coach our members.

{{00:01:23}}
However, with a buy now pay
later debit, that's a much more.

{{00:01:28}}
Responsible way to look at financing.

{{00:01:38}}
Very hot.

{{00:01:40}}
Who wouldn't jump on that bandwagon?

{{00:01:42}}
It's an established infrastructure.

{{00:01:45}}
Most things are
standardized in that space.

{{00:01:48}}
If I can go in on the back end and say, I
would love to have my members work solely,

{{00:01:56}}
or at least have the option to work solely
with us because they love us and they're

{{00:02:00}}
telling us that, but right now they can't
because they don't have that option.

{{00:02:04}}
Why wouldn't I do that and why
wouldn't my members want to do that?

{{00:02:07}}
Because myself, thinking as a
member, being a member of a credit

{{00:02:10}}
union, I would love to always bank.

{{00:02:14}}
and have all my transactions run
straight through my credit union.

{{00:02:17}}
But there's times when I just can't
because there's a few extra steps required

{{00:02:23}}
just because, let's say, Discover might
have an embedded relationship with Amazon

{{00:02:29}}
and just makes it that much easier.

{{00:02:30}}
So yeah I think, that's the
future at least for now.

{{00:02:34}}
Thank you for watching.

{{00:02:40}}
Very hot.

{{00:02:42}}
I think...

{{00:02:43}}
A decentralized ledger based system is the
future, but our existing infrastructure

{{00:02:50}}
is not going to go down without a fight.

{{00:02:52}}
There's too many legacy incumbents
that have a lot to lose.

{{00:02:58}}
I think it's going to take a minute
for this infrastructure to evolve and

{{00:03:03}}
be comfortable with the idea of DeFi.

{{00:03:06}}
The very fact that we're talking
about it is a good sign, but I believe

{{00:03:10}}
that at some point it's going to
it's going to topple and replace

{{00:03:15}}
our existing way of doing business.

{{00:03:22}}
With finite models and finite amounts
of data, so regulatory stuff, I think

{{00:03:29}}
it makes a whole lot of sense to use AI
within the RegTech universe because it's

{{00:03:36}}
just ripe for innovation, as we know.

{{00:03:41}}
It's just such a good fit for
things like automation and

{{00:03:44}}
AI, so yeah, I think it's hot.

{{00:03:53}}
I think automation is very hard, always
has been, something that is inevitable.

{{00:03:57}}
Everyone will, at some point,
jump on, if they haven't already.

{{00:04:06}}
I'm gonna go with, it depends.

{{00:04:09}}
The opportunities that open banking
presents are very promising.

{{00:04:14}}
Taking steps towards that goal.

{{00:04:16}}
It makes a lot of sense, but only
if everyone else is also taking

{{00:04:22}}
steps in the same direction.

{{00:04:24}}
The technology exists for us to be able
to do things like this, but the regulatory

{{00:04:29}}
infrastructure and also the collaborative
environment that's required to make

{{00:04:34}}
this a fertile breeding ground it's,
going to take a minute, but hot, yes.

But I think like most things, we're
going to see that bell curve is

I think it's a transitionary
phase, if you will.

And I think that's what's going
to happen with the metaverse.

People are going to go through the whole
evolutionary cycle with the metaverse.

Unless we have a quantum
leap from there to Neuralink.

where the metaverse is just rendered
obsolete and at that point we don't

need a metaverse because we're
all hooked into the system, right?

So if implemented properly, I
think there's a lot of value.

Upfront buy now pay later
decision also flies in the face

We put our members first, so we always
want to make sure that they're making

the right financial decisions, which may
not always be the best thing if they're

buying something that they can't afford
up front, so we like to coach our members.

However, with a buy now pay
later debit, that's a much more.

Most things are
standardized in that space.

If I can go in on the back end and say, I
would love to have my members work solely,

or at least have the option to work solely
with us because they love us and they're

telling us that, but right now they can't
because they don't have that option.

Why wouldn't I do that and why
wouldn't my members want to do that?

Because myself, thinking as a
member, being a member of a credit

and have all my transactions run
straight through my credit union.

But there's times when I just can't
because there's a few extra steps required

just because, let's say, Discover might
have an embedded relationship with Amazon

So yeah I think, that's the
future at least for now.

A decentralized ledger based system is the
future, but our existing infrastructure

There's too many legacy incumbents
that have a lot to lose.

I think it's going to take a minute
for this infrastructure to evolve and

The very fact that we're talking
about it is a good sign, but I believe

that at some point it's going to
it's going to topple and replace

With finite models and finite amounts
of data, so regulatory stuff, I think

it makes a whole lot of sense to use AI
within the RegTech universe because it's

It's just such a good fit for
things like automation and

I think automation is very hard, always
has been, something that is inevitable.

Everyone will, at some point,
jump on, if they haven't already.

The opportunities that open banking
presents are very promising.

It makes a lot of sense, but only
if everyone else is also taking

The technology exists for us to be able
to do things like this, but the regulatory

infrastructure and also the collaborative
environment that's required to make

this a fertile breeding ground it's,
going to take a minute, but hot, yes.

FinovateFall

Trend

What’s hot and what’s cold in fintech? We spoke to financial institutions, fintechs, and innovation experts at FinovateFall to understand what they’re most excited about. This time, we hear from Barry D'Souza, VP Digital Strategy, Interra Credit Union. 