Firoz Patel Shares His Insights on the FinTech Industry

New York City NY

02 June, 2022

7:21 AM

Description

Firoz Patel is one of the most well-known voices in fintech, and his insights are highly sought after by those in the industry. Expert in financial technology with over three decades of experience in the field, he has always been a forward thinker, long before the term 'fintech' was coined. A pioneer in the field, he has remained a thought leader and innovator. In this interview, Firoz Patel offers his insights on the current state of fintech, its future, and how businesses and individuals can thrive in this rapidly changing environment. With his extensive knowledge and experience in the fintech industry, Firoz Patel is well-equipped to offer insightful commentary on the current state of financial technology and its prospects. You can read Firoz Patel's valuable insights on fintech here, but also be sure to check out his blog. What made you want to get involved in fintech? Firoz Patel: I was intrigued by the boundless potential of fintech. The digital space is teeming with opportunities, and is a very inspiring place to innovate. The fact that there are still so many areas of fintech that haven't been addressed yet, so many vertical industries that haven't experienced the full benefits, motivates me to keep working. The fintech space, as a whole, is growing and maturing in a rather unconventional way, with no 'school of fintech' - instead, it is the innovators who are defining the sector. Moreover, fintech enables engineers to innovate at will without being restricted by archaic industry frameworks. This allows them to test themselves at the highest level and develop solutions that can address industry-wide pain points, which is extremely rewarding." What excites you the most in the field of financial technology right now? Firoz Patel: I am enthusiastic about the new developments in data science enabling financial institutions to leverage new underwriting tools and gain a much more nuanced and accurate picture of their clients' risk profiles. There should never be a 'one-size-fits-all' approach to risk assessment. Custom-designed insurance for this growing - yet underserved - market segment makes a lot of sense, but it requires data-rich business insights and sophisticated risk assessment capabilities. Where do you see the biggest opportunities for the industry moving forward? Firoz Patel: So far, the industry has focused on solving problems associated with banks. The opportunity is to focus on things that banks don't do. As an alternative to focusing on what banks do today - credit, loans, savings, investments, payments, transactions - why not focus on what they don't do - financial inclusion, education, serving the unserved, and more? That's where I see the biggest opportunity. If a brand wanted to work with you, which activities would you be most interested in collaborating on? Firoz Patel: Podcasts, webinars, whitepaper, speaking opportunities, product innovation, video interviews. What would be the best way for a brand to contact Firoz Patel? Firoz Patel: Email or DM on LinkedIn.