Name: Jonathan Alloy on why embedded finance is hot and why BNPL is cold
Uploaded: 2023-11-02T12:01:11.212Z
Duration: 187.85
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 Jonathan Alloy, Financial Services Expert.

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ENGLISH

{{00:00:09}}
Generative AI is perhaps the hottest
thing we've got going on right

{{00:00:13}}
now, as long as it's done wisely.

{{00:00:16}}
So it has tremendous potential
to transform digital finance,

{{00:00:21}}
as long as we ensure that it's
safe and it's trustworthy.

{{00:00:25}}
That's really the key.

{{00:00:32}}
The metaverse is pretty cold to me.

{{00:00:34}}
I'm going to go out on a limb here and
say that if Mark Zuckerberg, with all of

{{00:00:38}}
his billions of dollars, can't make it
work, what hope do the rest of us have?

{{00:00:42}}
It really feels like a solution
in search of a problem.

{{00:00:51}}
Find out pay later has been very
popular because people want the

{{00:00:54}}
ability to get their products
today and pay for them tomorrow.

{{00:00:58}}
But there's some regulatory
challenges with it that make it a

{{00:01:01}}
difficult play in the long term.

{{00:01:04}}
I'm going to say that's cold.

{{00:01:11}}
Embedded finance is pretty hot.

{{00:01:13}}
Finding ways to reduce the friction
associated with closing deals or securing

{{00:01:19}}
transactions is a really crucial thing.

{{00:01:28}}
Decentralized finance is another situation
of a solution in search of a problem.

{{00:01:33}}
There are one or two use cases where the
ledger, the blockchain is legitimately

{{00:01:38}}
helpful, but most of the implementations
of it so far are just speculative.

{{00:01:44}}
I'm going to say cold.

{{00:01:50}}
RegTech is up there with AI as
one of the hottest of the hot.

{{00:01:54}}
Financial services as a whole is such
a regulatory driven environment that

{{00:02:00}}
anything that improves the ability
of financial institutions to better

{{00:02:05}}
manage their compliance and serve
customers is a really big deal.

{{00:02:15}}
I'm going to say that automation is pretty
hot because it's all about reducing costs

{{00:02:20}}
and increasing reliability of the system.

{{00:02:23}}
If we can get people away from doing
monotonous, repetitive tasks, assign

{{00:02:29}}
those to machines that do them with
higher accuracy and greater speed.

{{00:02:33}}
We can use our staff to do more
important, more value adding

{{00:02:36}}
activities for customers.

{{00:02:43}}
I think Open Banking is pretty hot because
it opens up the ecosystem and increases

{{00:02:48}}
the ability of financial institutions
to partner with third parties.

{{00:02:52}}
That makes it easier for customers
to manage their own finances and

{{00:02:57}}
makes it a smoother, less friction
oriented process to share data.

Generative AI is perhaps the hottest
thing we've got going on right

So it has tremendous potential
to transform digital finance,

as long as we ensure that it's
safe and it's trustworthy.

I'm going to go out on a limb here and
say that if Mark Zuckerberg, with all of

his billions of dollars, can't make it
work, what hope do the rest of us have?

It really feels like a solution
in search of a problem.

Find out pay later has been very
popular because people want the

ability to get their products
today and pay for them tomorrow.

But there's some regulatory
challenges with it that make it a

Finding ways to reduce the friction
associated with closing deals or securing

Decentralized finance is another situation
of a solution in search of a problem.

There are one or two use cases where the
ledger, the blockchain is legitimately

helpful, but most of the implementations
of it so far are just speculative.

RegTech is up there with AI as
one of the hottest of the hot.

Financial services as a whole is such
a regulatory driven environment that

anything that improves the ability
of financial institutions to better

manage their compliance and serve
customers is a really big deal.

I'm going to say that automation is pretty
hot because it's all about reducing costs

and increasing reliability of the system.

If we can get people away from doing
monotonous, repetitive tasks, assign

those to machines that do them with
higher accuracy and greater speed.

We can use our staff to do more
important, more value adding

I think Open Banking is pretty hot because
it opens up the ecosystem and increases

the ability of financial institutions
to partner with third parties.

That makes it easier for customers
to manage their own finances and

makes it a smoother, less friction
oriented process to share data.

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 Jonathan Alloy, Financial Services Expert. 