Upside Consulting with Amelia Young (Consultant) | EP30

How Fintech will drive the future of client engagement, and advisor processing to close the advice gap.

In this 30th episode of the Fintech Impact podcast, Jason Pereira interviews Amelia Young the Founder of Upside Consulting, which works within the fintech space, advising enterprises on how they can meet the challenges of the technology world and how it impacts finance.

●      00:49 – Amelia founded the Upside Consulting firm about 12 years ago.

●      01:33 – She started off her career an equity analyst and trader, did investor relations, and ended up in corporate strategy.

●      04:15 – The biases that are relevant to our financial well-being: Choice Overload,Doing Nothing, The Hangover Principle.

●      08:14 – She got involved in fintech because it opens u p a wealth of tools to simplify the process.

●      13:14 – Amelia is an Executive in Residence with the Scotia Bank Digital Banking Lab.

●      16:20 – Open Banking is that consumer bank information is their own property and that they have the right to share their information with who they want.

●      28:51 – Amelia completed a substantial research project on Millennials and Investing for the OSC.

●      38:06 – If you don’t have at least $100,000 for financial management, it is hard to find an advisor to spend the time with you.

●      39:40 – Complete Financial Advice: Insight into where you money is going, Savings Nudges, Goal Setting, and Construction and Maintenance of an Asset.

●      43:31 – People that live in the wealth business tend not to think about daily banking.

●      45:31 – She is excited about fintech’s potential to assist Canadian’s financial well-being.

●      48:54 – Financial literacy is highly important to teach kids and everyone in general.

3 Key Points:

1. Biases that effect our financial wellbeing:

2. The biases that are relevant to our financial well-being: Choice Overload, Doing Nothing, The Hangover Principle.

3. China is by far the world leader in fintech adoption and Canada was third from the bottom.

Tweetable Quotes:

-      “Our goal is to help our clients benefit from the transformation of the wealth   management industry.” – Amelia Young.

-      “Open banking, if done properly, should be more secure. But, people need to really get under the covers and understand what is involved in these things to get that.” – Amelia Young.

-      “Canada was one of the first adopters of contactless payment.” – Amelia Young.

Resources Mentioned:

LinkedIn – Jason Pereira’s LinkedIn

Facebook – Jason Pereira’s Facebook

Woodgate Financial – Website for Woodgate Financial

LinkedIn – Ameilia Young’s LinkedIn

Upside Consulting – Website for Upside Consulting