Thank you to Spiros Margaris for his illuminating insight on the world of fintech and AI on our AI Time Journal Podcast. Tune in to hear all about the role fintech has in shaping our world and budding advice for entrepreneurs looking to make headway into this industry right from one of the most influential Fintech experts himself. My name is Senthujan Senkaiahliyan and I'll be hosting today's podcast on AI Time Journal's Podcast. Today we're going to be talking to Spiros Margaris, one of the biggest FinTech influencers in the scene right now. Senthujan Senkaiahliyan: Spiros is a venture capitalist and senior advisor for many tech companies and has presented at numerous conferences around the world most notably being the first non-IBM keynote speaker at the biggest IBM event in Europe. Today, we'll be talking about the basic understandings of FinTech for our viewers and delve into some more interesting and emerging topics within the field. Thank you for being here today, Spiros. Let's just dive right into it.
The financial revolution is here. Here, we take a deep dive with one of the world's top FinTech venture capitalists, Spiros Margaris, founder of Margaris Ventures, into the way AI and related technologies are transforming a key industry. Spiros is a senior advisor to, and investor in, several fintech, insurtech, cybersecurity, health care, and AI sector companies, including two FinTech start-ups with valuations of over $1 billion. Q: What issues, shortcomings, or inequities with financial systems are potential areas for transformation? Margaris: The financial technology industry -- FinTech -- seems to originate from the need to provide for a democratized financial system, at least, the FinTech companies that interest me.
The title of this post was inspired by the 1996 documentary "When We Were Kings," about the heavyweight fight of 1974 between two boxing legends, Muhammad Ali and George Foreman. In the not-so-distant future, it will also be a fitting phrase for many in the banking and insurance industries. Readers may ask why I am talking about banking and insurance in such doomsday terms. My bleak forecast does not stem from the notion behind the common fintech (financial technology) and insurtech (insurance technology) industry pitch that they will change their respective industries with innovation and better customer experiences, although I firmly believe that some of the startups will cause significant pain to the incumbents and will indeed change their respective industries. One day, some of the existing and as-yet-unlaunched fintech and insurtech companies will also become incumbents that other startups aim to disrupt.
The impact of technology on the financial industry has been powerful. Traditional financial institutions, such as banks, have discovered that new technologies are indeed disruptive. This epiphany has forced age-old financial institutions to develop their own tech capabilities, and to stay ahead of the game, many have partnered with fintech startups or acquired promising new companies. However, the shorthand, "fintech," has become a buzzword, encouraging budding entrepreneurs to believe that they can simply hitch their ventures on to the bandwagon in order to make a quick buck. New businesses, especially in an emerging industry such as fintech, require careful planning and thought.