Chad Otar, the CEO of Excel Capital Management, has recently gone on record to state his belief in the transformative potential of fintech. In fact, he explained his view that fintech is destined to become the future of finance.
Chad – who originally hails from Budapest, Hungary but currently calls the US his home – launched Excel Capital Management alongside Nathan Abadi the president almost six years ago. The company offers unsecured business funding to a range of businesses. His prominent position within the company and the rapid growth of the enterprise has kept Chad at the forefront of the finance industry.
The team has swelled to include over 108 finance professionals and this group has become renowned for the wealth of industry-specific knowledge that it possesses. In fact, under the guidance of Chad, the blog has grown to become one of the top 100 small business blogs on the web, and a reference for the finance industry.
Visitors can find insights and resources that help them to navigate the often complex world of finance, which is still dominated by older technologies. Looking at the finance industry, Chad does believe in the bright future of fintech.
Singling out the key reasons for optimism, Chad pointed towards the global trend towards AI for voice. He believes that one of the big barriers to finance for most people is interfacing with complex and outdated UI’s. As the trend towards voice continues in a range of areas, Chad believes that the potential for A.I.-powered banking to assist with simple banking functions is huge.
As this frictionless experience becomes the norm, the complex and daunting world of finance will become simpler and more accessible to the average person.
Chad has also seen an interesting potential for collaboration which he believes will help fintech to spread quickly and comprehensively over the next few years. The industry is replete with agile and enthusiastic startups which regularly encounter the same issues around regulations and customer acquisition. These are the companies with the hot innovations, but they can’t access the market.
At the same time, the big banks have the reach and regulatory approval, but find that their size makes it difficult to innovate and roll out those new features which will help the world of finance continue to grow.
Chad believes that there is the potential for synergies and collaboration here. Once the floodgates are opened and this type of collaboration becomes the norm, we can expect to see exciting new applications of fintech on the market regularly.
The world of blockchain technology is, of course, another exciting prospect that is infused with a huge amount of utterly transformative potential. Chad believes that the insertion of blockchain technology into traditional banking is going to be further instill the technology within the common consciousness of consumers.
The rapid demise of bitcoin has been unfortunate for some, but it also represents that the technology is starting to be better understood and its true potentials are going to be unearthed over the coming years. Indeed, Chad believes that 2019 is going to see blockchain technologies enter a new phase of maturity.
Chad concluded his musings on fintech and the future of finance by explaining how financial inclusion in emerging markets is where the real action is happening. New technologies can get to market faster in these locations, and these new solutions are paving the way forward and opening the eyes of consumers and financial institutions in developed markets.
The solutions being developed in emerging markets are dynamic and imaginative, helping to not only produce great results for financial institutions but make life more comfortable and seamless for consumers.
There are bright times ahead indeed.