Name: CJ Conrad on why regtech is hot and why BNPL is cold
Uploaded: 2023-11-02T12:41:29.764Z
Duration: 168.33
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 CJ Conrad, SVP, Operations and Innovation, Middlesex Federal.

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{{00:00:09}}
I think it's hot because just judging
from what I've seen today, that horse has

{{00:00:13}}
left the barn, so if you're not on it, you
probably are going to be running after it.

{{00:00:23}}
I don't have any idea, to be honest.

{{00:00:25}}
I know my two teenagers that are probably
much more versed in all of that stuff

{{00:00:30}}
than I am and I'm hoping that they'll
learn enough to be able to take care

{{00:00:34}}
of me in the metaverse when I'm old.

{{00:00:42}}
I'm cold on that I just think, I don't
know, there's so many ways to pay now

{{00:00:47}}
and like real time finances, I think
people want to know what they have in

{{00:00:52}}
their account and if they don't have
it, they won't use it, but I get weirded

{{00:00:56}}
out when I see four dollars Something,
I'm buying something for 4 and I can

{{00:01:00}}
pay for it 1 at a time each week.

{{00:01:02}}
It's just weird.

{{00:01:09}}
Definitely hot on that.

{{00:01:10}}
As a banker and as a financial
institution, I think that's one

{{00:01:13}}
of the ways where we can bring
our services to places where it's

{{00:01:16}}
relevant to people in their lives.

{{00:01:18}}
Especially things like bank at work
and stuff like that and it right

{{00:01:21}}
embedded right into their payroll
service or something like that.

{{00:01:30}}
I'm a little bit lukewarm on it.

{{00:01:32}}
I think it's interesting.

{{00:01:34}}
I think also though that really one of
the things that works is our centralized

{{00:01:39}}
banking system and for a few reasons
human greed trust and security.

{{00:01:45}}
I think we tried decentralized finance
just before we centralized the bank and

{{00:01:50}}
it didn't really work so well then either.

{{00:01:57}}
I think I'm very hot on that.

{{00:01:59}}
I think we have a lot of
room for improvement in terms

{{00:02:01}}
of inefficiencies and...

{{00:02:03}}
Regulations, and how we comply with them.

{{00:02:11}}
I'm definitely hot on automation.

{{00:02:13}}
Again, a lot of inefficiency
in what we do and review.

{{00:02:16}}
There's a lot of promise in the
AI and what that can do looking at

{{00:02:21}}
large data sets and stuff like that.

{{00:02:23}}
Very hot on that.

{{00:02:30}}
Oh, I think open banking's great.

{{00:02:32}}
I was able to port my telephone number.

{{00:02:35}}
20 years ago, and I'd love to be able
to import my accounts around with me and

{{00:02:39}}
all of my financial data and have some
control over who has it, when, and why.

I think it's hot because just judging
from what I've seen today, that horse has

left the barn, so if you're not on it, you
probably are going to be running after it.

I know my two teenagers that are probably
much more versed in all of that stuff

than I am and I'm hoping that they'll
learn enough to be able to take care

I'm cold on that I just think, I don't
know, there's so many ways to pay now

and like real time finances, I think
people want to know what they have in

their account and if they don't have
it, they won't use it, but I get weirded

out when I see four dollars Something,
I'm buying something for 4 and I can

As a banker and as a financial
institution, I think that's one

of the ways where we can bring
our services to places where it's

Especially things like bank at work
and stuff like that and it right

embedded right into their payroll
service or something like that.

I think also though that really one of
the things that works is our centralized

banking system and for a few reasons
human greed trust and security.

I think we tried decentralized finance
just before we centralized the bank and

it didn't really work so well then either.

I think we have a lot of
room for improvement in terms

Regulations, and how we comply with them.

Again, a lot of inefficiency
in what we do and review.

There's a lot of promise in the
AI and what that can do looking at

20 years ago, and I'd love to be able
to import my accounts around with me and

all of my financial data and have some
control over who has it, when, and why.

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 CJ Conrad, SVP, Operations and Innovation, Middlesex Federal. 