The Fenergo FinTalks podcast is where we connect our listeners to the latest in regtech, compliance, and anti-money laundering (AML) activity.
In this episode, our host, Dhanum Nursigadoo, speaks to Brett King, Founder and CEO of the Futurists Network – who also founded the first US mobile app-based bank account, Moven.
We’re joined by Brett King, founder and CEO of the Futurist Network, author of multiple books, such as Bank 4.0, and The Rise of Technosocialism, host of the Breaking Banks podcast and founder of Provoke Management. Brett shares his expertise in AI, blockchain, and autonomous algorithmic banks. Brett delves into his views on what the future of fintech will look like.
When asked about the future of fintech and finance, Brett believes the next wave will be AI-based fintech applications. He notes that while some may say the "fintech era is over", many large fintech companies have emerged and are thriving. Compliance challenges for fintechs will need to address multiple issues to reduce financial crime including KYC and identity verification.
Brett and Dhanum explore the future of financial crime including:
- How the US has fallen behind countries like China in payments innovation
- Mobile wallets uptake in China compared to the US
- How identity will be the key to reducing financial crime
Brett envisions a future with autonomous, algorithm-driven banks that are regulated by AI. Quantum computing could break current encryption by 2030, so financial crime will need a network-based approach like how cybersecurity works today.
“That consultative approach is something that I've found consistently differentiates fintechs working with regulators across the market compared with traditional compliance teams and banks, they don't want to do anything they're not explicitly told they can do.” - Brett King, Founder and CEO of the Futurist Network
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