Fintech Insider Podcast by 11:FS
00:36:42 · Sarah Kocianski, Benjamin Ensor, Kate Moody
[00:36:42] S4: I think we have given the producers ideas for many, many different shows throughout the course of this episode, so I don't know whether they will be praising us or cursing us. Benjamin, how about you? What do you think is the biggest barrier to ensuring AI benefits customers? [00:36:58] S6: I I think the biggest barrier is, I mean, problem is the bad actors. The reason that bad actors can get at customers and cause harm is because currently, there's no regulation that I'm aware of preventing non financial firms from using AI to provide financial advice. So let's take Meta as an example. Meta is a big company and have big AI engines, but it's not regulated as a financial intermediary. Yet Meta's muse is allowed to provide financial advice and guidance. So just it's riding a coaching horses through the regulatory infrastructure that's developed in countries all around the world. So I think the first thing you've got to do is you've got to say, Well, if you're providing financial advice or guidance through AI, you need to be regulated. If you're not regulated, that is illegal. But that requires action by legislatures all around the world. But that would be my wish. [00:37:58] S4: Perfect. Okay, I think we've covered an awful lot today. I just want to check if anybody has any final thoughts, any final wishes you didn't get a chance to tell us about today? Basically, I'm just giving the producers the next episode's, talking points. So anybody got any final wishes? [00:38:16] S2: Oh gosh. I mean, we allowed to just go into them in detail or just at high level?
00:38:16 · Kate Moody, Sarah Kocianski, Ross Gallagher
[00:38:16] S2: Oh gosh. I mean, we allowed to just go into them in detail or just at high level? [00:38:21] S4: You've got two minutes. So [00:38:22] S2: Oh, right. [00:38:23] S5: Do with [00:38:23] S4: what that what you can. [00:38:24] S2: Well, mean, if we had a a unlimited amount of time, sure there's all sorts of things we could cover. I feel like when we were like bouncing ideas before the show, I think I've just talked about trying to make pensions less boring. So I felt like that's that feels like it's something that again, we probably, probably couldn't probably have in the past, spent a lot more time talking about, but yeah, that would be, that would be, I mean, wish number one, obviously reduce household spending, wish number two, make it easy to talk about money, wish number three, pension's less boring. [00:38:48] S4: Ross, any others on your top three that had to be culled for the sake of time? [00:38:52] S5: Well, actually, going off the strength, Sarah, of your performance, my wish is gonna be that we bring you back into the hosting seat on a... An ongoing and permanent basis because I've I've thoroughly enjoyed this. [00:39:04] S4: Well, that's very kind of you. Thank you very much, Ross. I think what people who listen to this podcast or watch panels fail to appreciate is actually really quite hard to host. So I very much appreciate your kind words. Benjamin, how about you? Any final wishes?
00:39:04 · Sarah Kocianski, Benjamin Ensor
[00:39:04] S4: Well, that's very kind of you. Thank you very much, Ross. I think what people who listen to this podcast or watch panels fail to appreciate is actually really quite hard to host. So I very much appreciate your kind words. Benjamin, how about you? Any final wishes? [00:39:19] S6: Well, this is gonna be quite a nerdy one, but I've had a number of people in on the B2B side of financial services just saying, god. I wish ISO 20,022 was universally adopted, which I know is one for kind of finding of the geeks, but something like that would actually make quite a big difference to an awful lot of companies and save an awful lot of time. So better adoption of API standards and data standards would save an awful lot of people an awful lot of work. So it's boring plumbing, but important. [00:39:48] S4: Well, thank you very much all of you for being such gracious guests. I think we've given the Fintech Fairy godmother quite a lot of work to do. Thankfully, it will not be me next time around. We've talked about changing the incentives behind banking, making money easier to talk about, using technology to tackle long standing problems, and rethinking some of the rules of financial services. Before I hang out my magic wand, I have one final question for all three of you. If we came back to these three wishes at episode 1,200, which one do you think would actually be closest to achieving?
00:39:48 · Sarah Kocianski, Benjamin Ensor, Kate Moody, Ross Gallagher
[00:39:48] S4: Well, thank you very much all of you for being such gracious guests. I think we've given the Fintech Fairy godmother quite a lot of work to do. Thankfully, it will not be me next time around. We've talked about changing the incentives behind banking, making money easier to talk about, using technology to tackle long standing problems, and rethinking some of the rules of financial services. Before I hang out my magic wand, I have one final question for all three of you. If we came back to these three wishes at episode 1,200, which one do you think would actually be closest to achieving? [00:40:23] S6: I'm going to say Ross is one. I think getting the banks and the financial services industry more widely rewarded for helping customers build better financial futures is hard, but not as hard as preventing harm from AI or getting uptight British people to talk about money. [00:40:40] S2: Hey, my wish was global. It was not just about the British. It's it's it's global. [00:40:45] S4: So that's that's my fault. I brought the British into this. [00:40:48] S5: I'm I'm inclined to agree with Benjamin, and I think I go back to that point about, I think, pretty much across the board, whether it's, you know, Fintechs, challengers, the the big incumbents. I think culturally, the mindset has shifted significantly in the way of thinking about the best outcomes we can possibly deliver for customers. I think that is, you know, culture is always half the battle. So it feels like we've already made some real progress hopefully we can continue to build on that momentum.
00:40:48 · Ross Gallagher, Kate Moody
[00:40:48] S5: I'm I'm inclined to agree with Benjamin, and I think I go back to that point about, I think, pretty much across the board, whether it's, you know, Fintechs, challengers, the the big incumbents. I think culturally, the mindset has shifted significantly in the way of thinking about the best outcomes we can possibly deliver for customers. I think that is, you know, culture is always half the battle. So it feels like we've already made some real progress hopefully we can continue to build on that momentum. [00:41:19] S2: Well, I'm going to disagree in a way like, I'm trying to do the maths now. Episode 1,200 is not that far away, right? Really in the grand scheme of it's not that far away. And so which of these initiatives is showing the most aggressive pace of change? It probably is AI. [00:41:32] S5: I don't know, it's taken us a decade to get to eleven eleven. [00:41:36] S2: It's only like an extra [00:41:38] S5: 900 episodes. Anyway, [00:41:40] S2: we're not doing live maths, this isn't gonna reflect well on any of us. Basically- [00:41:44] S5: No true actually, you're right. No, I've done terrible
00:41:44 · Ross Gallagher, Kate Moody, Sarah Kocianski, Benjamin Ensor
[00:41:44] S5: No true actually, you're right. No, I've done terrible [00:41:46] S2: The non mathematical point I wanted to make was, I think we're seeing for better or worse, we're seeing the fastest pace of change in the AI space. So in terms of whether we'll actually have resolved it or not, know, think Benjamin's wish around AI, we've got to face into really, really quickly. So yeah, I think the other things actually in many ways are connected to the outcomes of this debate around AI as well. It's gonna feed into the types of products and services that companies can offer to help people with their financial futures. It's probably going to actually provide new ways for people to talk about their finances that maybe are less intimidating and are easier to embrace. So yeah, I think it's probably gonna be Benjamin's. [00:42:26] S4: All right. Well, you'll have to tune in for episode 1,200 to see which one's made the most progress. But on that note, that's all we've got time for today. A huge thank you to Ross, Kate and Benjamin for joining me and for being such good sports. Where can people find out more about you, Ross? [00:42:41] S5: As ever, Gallagher on LinkedIn. [00:42:43] S2: Kate? Yep. Also LinkedIn, Kate Moody. And Benjamin. [00:42:46] S6: I'm Benjamin Ensor, also on LinkedIn, and you can find out more about the team as a whole at 11fs.com.