GlobalFintechSeries Interview with Griffin McGahey, President at HC3
Griffin McGahey, President of HC3 a company that empowers financial service organizations to give their customers a fully customizable document experience joins us in this Global Fintech Series interview to share his thoughts on the latest fintech developments, especially those that will have a strong impact on banking and the payments industry.
Read on to know more about Griffin’s thoughts on the influence of fintech across industries, and what he prefers doing is his free time!
Can you tell us a little about yourself Griffin (including your hobbies!) and your professional experience so far.
I received my BA in History from Duke University and my Master of Business Administration from Vanderbilt University.
In my current role at HC3, I ensure that the goals and vision of the CEO are executed by HC3’s executive team. Previously at HC3, I served as Vice President of Strategic Initiatives where I developed products and services for the design and multi-channel delivery of critical documents. Before working with HC3, I served as a Product Manager at IACT, a software provider for the Dental and Orthodontic industries.
In my free time, I enjoy spending time with my family. Both of my sons play soccer, so I spend my time at the soccer field. We travel a lot for soccer, so we are pretty busy on the weekends. I also enjoy travelling with my family, and we are getting ready to take a trip to Washington D.C. for Spring Break. In my free time, I like to exercise and watch FI racing.
What are some of the top FinTech trends (in terms of adoption of fintech solutions) you’re seeing get more attention in 2020?
One of the most important developments in fintech I believe will have the strongest impact on the banking industry is the rapid growth of the payments industry, particularly the development of contactless payments. This technology has the potential to open up new opportunities to test drive applications and use cases within the industry outside of point of sale payments.
I also believe that the influence of the fintech industry, outside of the technology and finance industries, cannot be overstated. This specialized technology that interacts with, and often competes with, the finance industry has taken this industry out of its comfort zone. Because of this influence, we are seeing bankers developing and adopting new solutions and taking a much more aggressive stance on innovation. This has caused rapid evolution for customer experience, which I believe is a positive development.
Can you talk about some of the most innovative fintech tools/features/solutions in B2B/Banking that will be game-changers for the industry?
Some of the most innovative technology has developed from partnerships between technology companies and traditional financial institutions. In my opinion, the recent announcement of Cache, due to the collaboration between Google, Citi Bank and Stanford Federal Credit Union represents an ideal example of how the industry is changing. There will certainly be pain points to address as these collaborations evolve. For Google, the industry is wondering, is this a convenient opportunity to improve Google Pay? Or will this be the first example of many major technology companies who could be poised to take over financial relationships with consumers.
Similarly, consumer expectation has begun to drive many technology developments within the banking industry. P2P transactions through many outside fintech solutions have become so easy and secure that financial institutions are only just catching up years later. Will consumer demand transform other bank operations, as other technology and industries transform consumers’ expectations?
How do you see AI impact how Finance Technology Solutions will evolve?
Artificial intelligence is naturally one of the major technological innovations driving change within the finance industry. Specifically, I believe that AI deployed through RegTech has proven to be an ideal opportunity for financial institutions to reduce the cost of compliance. By automating the management required for regulatory change, financial institutions can save personnel valuable time, while reducing the risk of non-compliance for the organization as a whole.
Furthermore, financial institutions have successfully deployed AI to offer consumers a more personalized banking experience. Chatbots, customized communications, automated marketing and payments are just a few of the channels that have evolved due to the influences of AI. It is very clear that this technology is only just beginning to show its true potential to transform the banking industry.
What are some of the challenges that you see in teams embracing new fintech solutions? What advice would you give to them?
Trying to recreate edge case manual processes when implementing new solutions.
During implementation, if financial institutions try to recreate manual processes, they often encounter serious challenges that could jeopardize the strategic value of the project. Similarly, if in early stages of implementation financial institutions try to address unique problems, instead of focusing on the big picture, they can quickly bring the project to a halt. In order to address these common issues, financial institutions should have realistic expectations about the project and try to think about success in stages. By laying out the groundwork and most common use cases in stage one and only then addressing unique workflow challenges in stage two, the project will remain focused and progress naturally. Financial institutions should also ensure that the right executives are involved throughout the process. Higher level executives will help keep the project on track and can easily provide strategic guidance on which uses are worth focusing on immediately, and which ones can be addressed later.
Tag (mention/write about) the one person in the fintech industry whose answers to these questions you would love to read!
I truly admire Ron Shevlin, managing director of fintech research at Cornerstone Advisors, mainly because he cuts through all the business-speak too common in the banking industry.
Your favorite FinanceTech quote
“If banks cannot truly be customer intimate, they are doomed to be just dumb commodities, acting behind the scenes.” – JP Nicols
Tell us about some of the top FinTech/Other B2B events that you’ll be participating in (as a speaker or guest!) in 2020!
You can see HC3 at any of the following conferences: AFT, Jack Henry Annual Conference, Q2 Connect 20 Conference, MEA Conference, CUNA Marketing and Business Development Council Conference.
HC3 is a data-driven tech company delivering customer communications for our clients. By managing complex data generated from multiple client systems, it helps financial companies communicate with their customers in meaningful ways.
Griffin McGahey serves as the President of HC3, a data-driven tech company delivering customer communication for financial services companies. Currently, he ensures the goals and vision of the CEO are executed by HC3’s executive team. Mr. McGahey received his BA in History from Duke University and his Master of Business Administration from Vanderbilt University. In his free time, he can be found watching his sons play soccer.