Finance and technology are coming together to build a more secure and inclusive future.
Well, from FinTech accelerators helping startups grow to digital identity systems that could open a door for millions, the future of money is about more than just technology.
It is also about trust, access, and human impact.
Well joining me live from the York Stock Exchange this morning is Kristen Castel, managing director of Center for Accelerating Financial Equity.
Kristen, great to have you here.
Thank you so much for joining me.
Thank you so much for having me.
I'm so excited to be here.
Well, of course I do want to ask you about how fintech companies are actually improving access without sacrificing security.
So give us your perspective.
Yeah, so we work with CAE.
We work with a lot of the newest fintech innovations and companies that are building products that really get in the hands of people and help their lives, but they sell through more traditional financial institutions like banks.
And so when we bring them together, you know, number one is the regulation, security, and then access to people. financial products are really just a way to exchange value and how Get outcomes in people's lives to really improve their lives.
And so with CAE, we bring those banks and financial institutions together but really get the products in the hands of the end people to help them get access.
I think with technology now, it's there's so much, and especially with AI, there's so much personalization that can happen.
And then how do we keep it really focused on the human centric way of actually getting to the people where they're at and meeting them where they're at.
Yeah, and Kristen, we can't have a conversation about finance and technology without talking about regulatory landscape and of course legislation here.
So tell me what role you think policymakers should actually have when crafting and shaping digital identity systems.
Yeah, I think it's really important that they don't stifle innovation in terms of what banks can create and what fintechs can create.
These are really incredible people thinking, seeing a problem in the world, seeing what people need, and actually building some technology for them.
But I do think it's important that we protect people's, especially data, and keep their trust, right?
We don't want any kind of anything to happen there.
So I think there is an important role, and there's a fine.
Balance and so we work with the American FinTech Council and others that are bringing together financial institutions, fintechs, regulators to have those really hard conversations that really balances the human element and also what we're doing in the financial innovation.
Yeah, and I think innovation is the key term here, especially when we're talking about startups.
So how do you think startups can actually balance innovation as well as social impact at the same time?
Yeah, and that's what we do all day.
So I used to be in large finance with the largest asset managers and banks in my career, left to be a fintech entrepreneur and now run a nonprofit that really helps these fintechs grow.
But really it's all about how we making technology work for the people and specific in this case financial services.
And so the mission. founders that I work with every day are really considering, you know, they have to work within such a regulatory environment, but they also are really focused on what actually can get in the hands of people that really helps their lives.
And so it is that mission driven fintech that you know that we work to support and so I'm seeing more and more in the financial industry that that people are thinking this way, banks, investors, regulators, and people, how are we making the finance, you know, leveraging the new technologies?
How are we making it work for everybody?
And so that's, that's really, I think it takes all of those parties that we work with in CAE to come together and do that.
Yeah, and Kristen, you and I know that when it comes to inclusion, there's so many conversations that actually take place, but how do we actually ensure that digital identity becomes a bridge when it comes to financial equity and not a hindrance or a barrier?
Yeah, so there's so many technologies, and I especially think in blockchain technologies in addition to AI we have such an opportunity here to have a different way of looking at identity.
Now we haven't, I haven't directly worked with companies building that, but I know many companies are in terms of how do we use that in terms of making it more individualistic in the future and exactly what you said.
Actually understanding where people are coming from, actually identifying people in different ways, and then there's the whole question of the data and who owns the data, which is really on both sides really trust and responsibility.
So Kristen, it was great having you here at the New York Stock Exchange.
Thank you so much for joining me today and thank you so much for sharing all of your insights.
Yes, thank you so much, Rey.
I really appreciate it.
