Hi Timothy, please tell us about your fintech journey so far.
Combining my career-long love of finance with a passion for innovation, I am so excited to be on this fintech journey! After spending many years building and launching new businesses for major corporations, leading Marygold & Co. into the digital future is a tremendous honor. The opportunity to take Marygold from concept to launch is extremely fulfilling! We are in beta testing now, and the feedback from our testers is thrilling as we look forward to launching in the Apple and Google app stores in the next few months.
Could you share any two fintech applications/products which you consider as the best of the Marygold ideas to redefine the private banking experience?
At Marygold & Co., we aim to help clients think differently about managing their finances. Instead of thinking about products, they should be thinking about their financial goals. Our unique app teaches our clients the right questions to ask to achieve their financial goals — whether that’s buying a new home, going on vacation or a date night fund. Of course, we all have different plans and aspirations, so we start by asking the right questions.
Instead of having one investment/brokerage account, we encourage our clients first to define their goals and then set up a Money Pool savings account for each goal. People can define as many goals as they want and create a Money Pool for each, gaining clarity on progress toward achieving each goal while streamlining and simplifying money management.
Marygold & Co. has announced plans to release its app, which promises financial education, assistance and a platform to invest and save smartly from phone. What are your expectations?
If you look overseas, this idea of using apps to provide all of your financial needs is much more prevalent. Europe and Asia are further along than the U.S. in this regard. But younger Americans see the value and ease of utilizing apps to meet their needs. The fintech business model is very efficient, utilizing cutting-edge technology, and we can pass those savings on to the end client.
For Marygold & Co., an important goal is helping clients understand what information they should consider when making financial decisions. Consumer education is core to who we are as a company. At Marygold, we understand that if we ask the right questions, we’ll get better outcomes! Realizing the future of mobile banking will be a multiyear journey, we expect a gradual transition as people grow increasingly comfortable with managing their finances straight from their smartphones. Some of the helpful financial information will come straight from us, and some of it will involve teaching our clients the right questions to ask in any situation.
How is AI and ML playing their role for the banking and financial services app?
AI and ML will be important to most Fintech providers.
Utilizing the latest technology helps provide more robust data and information and often does so cost-efficiently. Greater utilization of machine learning means providing clients with the information they need to make good decisions — how they want to receive it. But there will always be a human component to helping people achieve their financial goals. Managing our financial lives is important to us all, whether we are just out of school or getting ready to retire. But the information we need to make good decisions at each stage of the financial journey changes. AI and ML unlock the ability to provide clients with the information they need, when they need it and in the manner they want to receive it.
Could you talk about some of the other innovative fintech apps and platforms in the industry that according to you are set to be new game-changers for this niche?
Most of the fintech apps I’ve looked at do excellent work. The fundamental business model of fintech allows for more cutting-edge products and services — at lower price points — ensuring the fintech pie will continue to grow. The old-school bank and brokerage firm business model does not allow traditional players to compete in the same manner, so fintechs will continue to take market share from these companies.
What tech are you using for customized money pool and automated funding for your clients?
We built the majority of our technology platform in-house. Agile engineering is important , so we built our state-of-the-art solutions from scratch. But we do work with a few excellent partners for custody and banking. The build vs. partner decision is important for every fintech.
What are some of the biggest challenges you face when marketing your new fintech product and trying to better the overall customer experience for them?
Much of our marketing will be through social media. Our content will initially focus on teaching and providing information that clients need to make good decisions to manage their financial lives. There will always be value in that. As a startup in the booming fintech space, perhaps the biggest challenge will be reaching the right audience with the right message.
What are some of the top FinTech trends you’re seeing get more attention in 2023?
As I stated earlier, the fintech pie is growing, and for a good reason: The value provided by fintech companies is clear. One of the trends I’m excited about is to see people in their 40s, 50s and 60s discover the value of digital banking and working with fintech firms. This transition will take time since inertia is a powerful force in finance, but people will discover that they are getting more value, with much more client-friendly pricing, in the fintech space. We are in the early innings of that evolution, so it is exhilarating to see!
Thank you, Timothy! That was fun and we hope to see you back on globalfintechseries.com soon.
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Timothy has spent 30 years building new businesses for large financial corporations, including exchange-traded funds, mutual funds and retirement plan organizations, and is excited to bring his experience to the next generation of financial innovation at Marygold & Co. His educational background includes a master’s degree from NYU’s Stern School of Business and executive education coursework at Harvard and the University of Pennsylvania’s Wharton School.